ISG Study: AI, Customer Experience Are Top 2024 Spending Priorities for Banking, Financial Services & Insurance
Banking, financial services and insurance (BFSI) institutions plan to leverage AI and other technologies to meet their top 2024 goals of improving customer experience, complying with regulatory requirements and optimizing costs, new survey research from leading global technology research and advisory firm Information Services Group (ISG) (Nasdaq: III) finds.
ISG will present the full study findings at the ISG TechXchange: Banking, Financial Services and Insurance event, December 5 at etc.venues, 360 Madison Avenue, New York City. Experts from Chubb, Allstate, Nationwide, Credit One Bank, Zions Bancorporation, Everyday Life and Hagerty will be among the speakers joining ISG advisors in exploring the technology and business strategies that will most impact the BFSI sector in the coming year.
"Economic uncertainty has put a laser focus on costs," said Owen Wheatley, ISG lead partner for Banking and Financial Services and co-host of the event. "Tech modernization and transformation are key to growth and to defending against non-traditional BFSI competitors. To square the circle, enterprises intend to leverage cost optimization in their managed services agreements to fund 2024 transformation and modernization programs in customer experience and AI."
More than half the respondents to the ISG Buyer Behavior Study of global banking leaders said they plan on investing in customer data and/or experience platforms in 2024.
Similarly, the ISG Year-End 2023 Insurance Study finds insurance carriers are updating their core technology platforms, modernizing digital sales and underwriting, and utilizing AI and other automation initiatives to fend off new competitors and overcome growing macroeconomic challenges.
"As policyholders seek fast, personalized services, data-driven technology opens doors for hyper-personalized offerings," said Dennis Winkler,Insurance practice lead for ISG and co-host of the event. "In this digital era, carriers cannot modernize all customer channels working in isolation. Instead, they are increasing their use of vendor-driven ecosystems to advance the collaborative development of new technologies."
Julie Dillman, executive vice president, Chubb Group, and senior executive, Operations and Technology, and digital transformation officer of Chubb, will deliver the event's industry spotlight presentation, focusing on achieving alignment with operations and technology business partners, while balancing concurrent automation, customer experience, core modernization, cybersecurity and cost optimization initiatives.
Strategies for lowering costs without negatively impacting customer experience will be the focus of a panel discussion, "Cost Optimization Initiatives to Improve Operations & Costs," featuring Erin McClintock, director of Life Underwriting Innovation, Nationwide Financial; Rajaram R.K., senior vice president, Infinite, and Kevin Abramson, president, Cover Whale.
A separate panel discussion, "Automation & AI: Secure & Protect the Customer Experience," will ask Tami Fisher, senior vice president and director, Technology, Strategy and Governance, Zions Bancorporation, and Vineeta Kumar, VP, BFSI, Hitachi, how automation, AI and large language models (LLMs) are being used to protect organizations and customers across a highly connected ecosystem.
Another session will explore strategies for managing culture change, with Bhupesh Trivedi, head of Enterprise Architecture Services at Guardian Life; Kemi Nelson, vice president of Data Products and Strategy, Liberty Mutual, and Emily LeMay, chief operating officer, Global Atlantic Financial Group. Still another session will examine the differing approaches to customer experience taken by "born AI" and traditional enterprises, with Dipali Trivedi, chief technology officer and head of product, Everyday Life; Donald Jones, senior vice president of Auto Claims at Allstate Insurance; Vineeta Kumar, vice president, BFSI, Hitachi, and Russell Page, chief information officer, Hagerty.
Additionally, Jason Mariasis, vice president of Digital Products & CX, Credit One Bank, will participate in a discussion on using partnerships, open communication, and a culture of continuous improvement to adapt an ecosystem to changing market conditions and customer needs.
The ISG TechXchange: Banking, Financial Services and Insurance event is sponsored by Hitachi Vantara, Infinite, IBM and Xebia. CIOInsights, CIOReview, Artificial Intelligence and Applications and the Technology Business Management (TBM) Council are media partners.
Additional information and registration are available on the event website.
ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world's top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,600 digital-ready professionals operating in more than 20 countries-a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry's most comprehensive marketplace data. For more information, visit www.isg-one.com.
Keynote Presentation by Avaya
Generative AI Solutions Showcase Session
Continental Breakfast Served