New realism, new haste - from digital steps to digital footprint

Digital transaction management is finding a place on every insurer’s and bank’s roadmap. Driven by the desire to build a truly 21st century rooted business, improve customer engagement or simply to operate more efficiently, digitization takes many guises. The real benefit for incumbents and disrupters is to be had when live transactions are digitized in terms of cost savings and customer delight. Less manual intervention positively impacts the internal bottom line, and true online delivery will delight – or at the very least not irritate – the customer trying to onboard a new company, open a new service or close a document transaction.

So why is it that still today in the various countries around Europe people can book a holiday in three clicks, order, ride and pay in one but have to take many, many steps to do the same in financial matters. National regulation? Compliance? Because we are used to automating existing processes rather than designing new customer experiences?

This survey addresses the appetite for speed in digitization processes, measures and drivers for success, what customers need and want and what the future could hold for further and deeper digitization. Is it starting today with small footsteps spending tactical money or a first step towards a strategic and connected digital footprint? Participate and get priority access to the results.

The survey will be used to produce a report that will feature only anonymized and aggregated data. Individual responses are strictly confidential and your details will not be passed on to any third parties.

Participants working for a regulated financial services company will be entered in to a draw to win an Apple MacBook Air.

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* 1. The need for speed in digital transactions. Please indicate your level of agreement with the following statements -

	Completely Disagree	Disagree	Slightly Disagree	Slightly Agree	Agree	Completely Agree
I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Completely Disagree	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Disagree	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Slightly Disagree	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Slightly Agree	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Agree	I believe that it is inevitable for existing financial institutions to rapidly digitize their processes so as to at least have a fighting chance in winning millennial business Completely Agree
The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Completely Disagree	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Disagree	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Slightly Disagree	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Slightly Agree	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Agree	The majority of existing core technology in a bank or insurance company can no longer support the current needs of its own internal (business) users - too rigid, too slow Completely Agree
We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Completely Disagree	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Disagree	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Slightly Disagree	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Slightly Agree	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Agree	We cannot digitize our bank or insurance firm without a full overhaul of our IT infrastructure Completely Agree
I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Completely Disagree	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Disagree	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Slightly Disagree	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Slightly Agree	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Agree	I believe we can make great strides in customer satisfaction with our current customer base if we digitze our contract processes from onboarding to signature and exchange of contracts Completely Agree
If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Completely Disagree	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Disagree	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Slightly Disagree	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Slightly Agree	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Agree	If we do not digitize our client facing processes, we will lose market share year on year to the new entrants that are digital only and have no business left in 3 years time Completely Agree
In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Completely Disagree	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Disagree	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Slightly Disagree	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Slightly Agree	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Agree	In the current market conditions cutting internal cost is the most important driver to move very rapidly to digital transactions wherever we can Completely Agree

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* 2. Strategic drivers for digitization success - please rank from 1 (most) to 6 (least important)

Client centricity - creating an optimal and efficient customer experience - the way the customer wants to be dealt with

Stakeholder centricity - creating an optimal working environment for both the customer as well as business owners internally and - where applicable - our broker and third party network

Operational efficiency and cost cutting - the cost of manual labour, intervention and exception management must go down in order for our business to operate competitively

Organizational flexibility - our long term vision and strategy simply demands a 360 degree digital organization, so we must start today

We must modernize our systems and process environment to comply with constant regulatory change

Our institution aims to be a fully digital and open industry player connecting to our clients and partners in a fully digital ecosystem

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* 3. What customers want, what customers need. Please indicate your level of agreement with the following statements -

	Completely Disagree	Disagree	Slightly Disagree	Slightly Agree	Agree	Completely Agree
Customers want simplicity over a rich user experience	Customers want simplicity over a rich user experience Completely Disagree	Customers want simplicity over a rich user experience Disagree	Customers want simplicity over a rich user experience Slightly Disagree	Customers want simplicity over a rich user experience Slightly Agree	Customers want simplicity over a rich user experience Agree	Customers want simplicity over a rich user experience Completely Agree
Customers want a secure and careful transaction and value this more than ease of use and access	Customers want a secure and careful transaction and value this more than ease of use and access Completely Disagree	Customers want a secure and careful transaction and value this more than ease of use and access Disagree	Customers want a secure and careful transaction and value this more than ease of use and access Slightly Disagree	Customers want a secure and careful transaction and value this more than ease of use and access Slightly Agree	Customers want a secure and careful transaction and value this more than ease of use and access Agree	Customers want a secure and careful transaction and value this more than ease of use and access Completely Agree
Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Completely Disagree	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Disagree	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Slightly Disagree	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Slightly Agree	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Agree	Customers value the services of live brokers and agents but for advice, not for support in completing administrative transactions Completely Agree
Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Completely Disagree	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Disagree	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Slightly Disagree	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Slightly Agree	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Agree	Customers are willing to sacrifice some ease of use in return for enhanced security when it comes to transactions such as closing new contracts and onboarding Completely Agree
Customers actively abort processes and interactions with our firm if they are not digitized	Customers actively abort processes and interactions with our firm if they are not digitized Completely Disagree	Customers actively abort processes and interactions with our firm if they are not digitized Disagree	Customers actively abort processes and interactions with our firm if they are not digitized Slightly Disagree	Customers actively abort processes and interactions with our firm if they are not digitized Slightly Agree	Customers actively abort processes and interactions with our firm if they are not digitized Agree	Customers actively abort processes and interactions with our firm if they are not digitized Completely Agree
Customers want to have the same insight (view) and access to data as their bank or insurance company	Customers want to have the same insight (view) and access to data as their bank or insurance company Completely Disagree	Customers want to have the same insight (view) and access to data as their bank or insurance company Disagree	Customers want to have the same insight (view) and access to data as their bank or insurance company Slightly Disagree	Customers want to have the same insight (view) and access to data as their bank or insurance company Slightly Agree	Customers want to have the same insight (view) and access to data as their bank or insurance company Agree	Customers want to have the same insight (view) and access to data as their bank or insurance company Completely Agree

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* 4. Barriers to digitization. Please indicate your level of agreement with the following statements -

	Completely Disagree	Disagree	Slightly Disagree	Slightly Agree	Agree	Completely Agree
Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Completely Disagree	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Disagree	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Slightly Disagree	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Slightly Agree	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Agree	Our firm wants to address digitization only as a strategic overhaul process; this is a timely process and there is no room for tactical first steps like digital authentication, signature or onboarding Completely Agree
The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Completely Disagree	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Disagree	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Slightly Disagree	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Slightly Agree	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Agree	The culture in our firm is too siloed and not ready to embrace a customer-centric digitization programme Completely Agree
Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Completely Disagree	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Disagree	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Slightly Disagree	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Slightly Agree	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Agree	Our staff are used to the existing processes and systems and will resist change as they have a vested interest in maintaining the status quo Completely Agree
Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Completely Disagree	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Disagree	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Slightly Disagree	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Slightly Agree	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Agree	Our firm lacks a strategic digitization roadmap that embraces both the business as well as the IT infrastructure Completely Agree
It is very hard to identify the right business owner or sponsor for digital transactions	It is very hard to identify the right business owner or sponsor for digital transactions Completely Disagree	It is very hard to identify the right business owner or sponsor for digital transactions Disagree	It is very hard to identify the right business owner or sponsor for digital transactions Slightly Disagree	It is very hard to identify the right business owner or sponsor for digital transactions Slightly Agree	It is very hard to identify the right business owner or sponsor for digital transactions Agree	It is very hard to identify the right business owner or sponsor for digital transactions Completely Agree
Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Completely Disagree	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Disagree	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Slightly Disagree	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Slightly Agree	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Agree	Our firm is too busy with regulation and compliance and does not link those needs to speeding up the digitization process Completely Agree

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* 5. A future of open and shared digital transactions. Please indicate your level of agreement with the following statements -

	Completely Disagree	Disagree	Slightly Disagree	Slightly Agree	Agree	Completely Agree
In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Completely Disagree	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Disagree	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Slightly Disagree	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Slightly Agree	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Agree	In order to win the millennial customer, digitization of transactions is not enough, they will also demand digital closed loop interaction across all channels Completely Agree
Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services.	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Completely Disagree	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Disagree	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Slightly Disagree	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Slightly Agree	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Agree	Despite popular belief, customers still trust their bank or insurer with their identity and as such they are best positioned to offer digital authentication, identity and signature services. Completely Agree
In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity)	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Completely Disagree	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Disagree	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Slightly Disagree	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Slightly Agree	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Agree	In the very near future digital transactions will lead to digital content, repositories and vaults that banks and insurers can make available to other parties at the customers' request (API connectivity) Completely Agree
Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Completely Disagree	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Disagree	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Slightly Disagree	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Slightly Agree	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Agree	Digitizing existing client transactions and portfolios in time will save the day for incumbent players and buys time to build a fully digital organization Completely Agree
Too much digitization is not good for our industry - we are a people business	Too much digitization is not good for our industry - we are a people business Completely Disagree	Too much digitization is not good for our industry - we are a people business Disagree	Too much digitization is not good for our industry - we are a people business Slightly Disagree	Too much digitization is not good for our industry - we are a people business Slightly Agree	Too much digitization is not good for our industry - we are a people business Agree	Too much digitization is not good for our industry - we are a people business Completely Agree
The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Completely Disagree	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Disagree	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Slightly Disagree	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Slightly Agree	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Agree	The benefits open API/appstore style insurance & banking cannot be achieved without digital IDs Completely Agree