The world’s citizens have always been beset by risks of different types, but the frequency and intensity of risks from a variety of sources are increasing, especially for emerging economies in Latin America and the Caribbean. Insurance is the preferred recourse for those suffering from unfortunate events beyond their control, but even insurance has its limitations. What are the most effective risk-management tools available today?
Successful e-commerce is as much about the customer experience as anything else. Choices need to be clear but abundant; payment quick and easy—or customers will move on. Having become accustomed to purchasing goods and services seamlessly through digital channels, customers expect the same from their providers of financial products and services. Banks need to employ a lesson or two from the e-commerce giants to meet customer expectations.
The banking and insurance industries are dominated by well-known companies that are deeply embedded in the consumer consciousness. However, as technology has evolved, the competition from startups has intensified.
Organizations are developing creative strategies to better deal with threats against the balance sheet. Alternative risk solutions, such as captives, are gaining relevance as firms search for cost efficient methods to adequately cover exposures, both traditional and unique.
It’s been a rocky decade for customer experience executives in the financial services industry. They continue to rebuild consumer trust and confidence, recover from the financial crisis, and adapt to the dynamic fintech sector.