{"id":66665,"date":"2024-11-08T14:52:16","date_gmt":"2024-11-08T13:52:16","guid":{"rendered":"https:\/\/www.blueway.fr\/?page_id=66665"},"modified":"2025-03-27T11:22:15","modified_gmt":"2025-03-27T10:22:15","slug":"banking-and-insurance","status":"publish","type":"page","link":"https:\/\/www.blueway.fr\/en\/industries\/banking-and-insurance","title":{"rendered":"Banking and Insurance"},"content":{"rendered":"

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Banking and Insurance<\/span>
Digital transformation for IS resilience and customer satisfaction<\/h1>

Since the late ’90s, the financial industry has been a pioneer in digital transformation<\/strong>. For banks and insurance companies alike, the need to keep pace with changing customer expectations in terms of dematerialized customer relations quickly became a competitive factor. This dynamic has profoundly altered the way the ecosystem operates<\/strong>, particularly in terms of product and service distribution, while at the same time acting as a formidable gas pedal for innovation: new payment methods, virtual branches, tokenization of assets, and so on.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tRequest a demo<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tTalk to an expert<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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And yet, despite the fact that the process began a quarter of a century ago, there is still a long way to go. Indeed, most players in the industry still face a number of obstacles to effective digitalization initiatives<\/strong>: legacy systems, some of which date back to the very beginnings of IT<\/a>, the unrivalled extent of application portfolios, the siloing of business lines with specialization of structures and use of dedicated tools, the phenomenon of concentration through M&A, which complicates the unification of information systems…<\/p>\n

By the very nature of their business, banks and insurance companies alike maintain relationships, often on a daily basis, with customer numbers that can exceed one million<\/b>. To manage these relationships as effectively as possible and maintain customer satisfaction levels, they need to create and manipulate phenomenal quantities of data<\/b>. The proliferation of data in these organizations, further accelerated by digital transformation, generates its share of risks and opportunities. To master the former and capitalize on the latter, it is essential to equip oneself with tools to facilitate and operationalize data governance<\/b>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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\n\t\t\t\t\t\t\"In order to implement automated scans of our data wells, track the evolution of certain KPIs over time, and make appropriate decisions based on trends, we chose the French solution MyDataCatalogue for its know-how and proximity.\"\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\tPhilippe PROVOST <\/span>Information Systems Security Manager - La Banque Postale Asset Management<\/span><\/cite>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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The challenges of change and digitalization
\nin the banking and insurance sectors<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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For both banks and insurers, the core of the customer promise implicitly lies in mastering prudential issues, so as to guarantee that they will be able to cope at all times with any need to mobilize assets<\/b> (massive withdrawals from sight deposit accounts for banks, exceptional claims experience for insurers). It’s hardly surprising, then, that the authorities have set up specific bodies of rules for the financial industry, and that these have been regularly adapted to an increasingly digital environment<\/b>: BCBS 239 for banks, for example, or Solvency II for insurers.<\/p>

However, increasing digitization, by its very nature, creates more fluid operating conditions and thus profoundly alters the risk profile<\/b>, as the Basel Committee on Banking Supervision points out in its May 2024 report entitled Digitalisation of finance<\/a>: \u201cWhile digitalisation can benefit both banks and their customers, it can also create new vulnerabilities and amplify existing risks to banks, their customers and financial stability\u201d. Against this backdrop of heightened vulnerability, data management is naturally identified as a key issue.<\/p>

Faced with these new or exacerbated risks, which recent examples have shown are unfortunately anything but theoretical (witness the brutal bankruptcy of Silicon Valley Bank SVB in March 2023), the regulator is obliged to adapt and raise its standards. While we can only agree with the principle of these new constraints, embodied, for example, in the DORA (Digital Operational Resilience Act)<\/b>, we must also recognize that the implications for the financial sector are both major and difficult to satisfy, and that, in any case, they require every player to have a better understanding of their information assets and the ability to automate the exploitation of this knowledge<\/b>.<\/p>

A common characteristic of banks and insurance companies is that their customers entrust them with matters of paramount importance: their finances and therefore their livelihoods, the protection of the property and people they care about, and so on. The level of expectation is therefore legitimately very high in relation to the way these players manage their business, and any visible failure in terms of compliance or data leakage is immediately punished by a <\/b>heavy image deficit and loss of trust.<\/p>

Additionally, it is important to note that this defensive approach to data governance is compatible with an offensive approach, at the service of innovation and greater customer satisfaction<\/b>. On the contrary, knowledge of the organization’s data enables it to be linked and shared, in order to create the conditions for a more personalized and dynamic customer relationship.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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