The majority of banks and other financial institutions today only see one direction for development. The digital one. And while this is doubtlessly the right decision the actual path to achieving the goal is different for every organization as banks and insurance companies enter the process at different levels of maturity.

Digital - An Opportunity for Luxembourg

Consumers in Luxembourg are certainly amongst the most digitally savvy, typically having access to the latest technology and some of the best connectivity in Europe.

As the main emphasis in digital transformation has been on retail banking, corporate banking may seem far removed from the digital disruption, but the Boston Consulting Group’s recent worldwide survey conducted with corporate clients reveals that this area will be shaken up as well.

The future of technology lies in human language. Conversation is the new interface and “bots are the new apps.” What are chatbots? Very simply, bots are computer programs that simulate human conversation. They enable two-way real-time communication between companies and their client base. This is not science fiction, it’s something that most companies can use today to deliver better customer service and user experience and improve efficiency.

 “Omni banking strategy” is not a term the financial services industry can dismiss as a buzzword - it’s a real business necessity for the companies that want to survive the digital disruption. An effective omnichannel strategy provides customers with a consistent experience across all physical and digital channels – ensuring seamless access to financial products and services wherever, whenever, and however customers want to engage.