Living and Wellbeing Post COVID-19: Opportunities for Financial Services

Building digital ecosystems to go beyond banking and insurance

The COVID-19 pandemic is changing customer engagement in the banking, financial services and insurance (BFSI) industry. The crisis is offering BFSI firms an opportunity to build banking ecosystems aimed at meeting customers’ living and wellbeing needs in the post COVID world. By building purpose-driven digital ecosystems in partnership with adjacent industries, BFSI firms are tapping into opportunities beyond core financial business to extend their scope of operations.

To equip themselves for such future banking trends, firms must participate in customers’ lives by building a digital ecosystem focused on meeting the underlying purpose that drives customers – a key prerequisite to extending customer relationships beyond finance. Firms will also need to identify their role in such an ecosystem, which could span:

• Service enabler: launching new services through the existing platform

• Aggregator: aggregating new players into the ecosystem

• Technology provider: combining financial capabilities with new technologies

• Disruptor: building platforms or partnering with fintechs