The existing business models of financial service providers are under existential threat due to global trends, pressure from customers, price-pressured solutions from external industry service providers, and because of a shift in today’s age structures. In addition, the industry is changing as a result of digitalization.
So now more than ever, competitiveness must be created by cost efficiency and creative product and service concepts. The focus on a flexible and ‘living and breathing’ culture of innovation will be a major differentiator in the future. This means there needs to be a permanent readjustment and refinement of not only products and services, but also management processes, connected work structures and culture.
After all, transactions involving money and data require an approach built on trust, security and sensitivity. For h&z Management Consulting is the solution pathway to successfully master the challenges faced by our clients in the Banks and Insurance industry.
Transformation in digital worlds
Branch offices in the area of banking and insurance continue to die. They are replaced by new, integrated concepts. This is not only the birth of the branch office of the future, but a development for a new approach to financial business. Today’s customer service is characterized by availability, no matter when, how and where – the customer has multiple options, he decides how we will make contact and how the purchase is processed. There is a demand for new ideas and flexible concepts. This is also reflected in the insurance area, for example when it comes to vehicle policies. Here, we see a trend towards increasing individualization of the insurance service based on behavior-specific data. Together with our network partners, we create a profound understanding for these developments as well as new business areas such as telematics, networked car and E-Mobility. But above all, the digitalization is an opportunity for banks and insurances to make their actions transparent on the internet and thus create trust.
Being able to do something really well doesn’t only mean being efficient, effective, value-adding, and productive. It’s a matter of much more, namely the achievability of the highest level of performance of a company. That is precisely where our strength becomes apparent: clearly increasing product and service quality on one hand, and decreasing costs on the other. A primary lever is the IT support of business processes, and the process design itself in particular. However, our expertise in operational excellence also lies in identifying decisive technological and social trends in the banking and insurance industries and their consequential realignment, and in material cost optimization, loss analysis and segmentation, and lean management.
Ensuring sales success is increasingly a matter of addressing a hybrid customer who needs to be appealed to both in a classic manner as well as digitally. Digitalization will support the classic business more and more comprehensively, and even displace it in part. In order to meet this trend and the changed usage behavior, a realignment of the company’s sales structures is usually required. This is a continuing task in small steps that requires the courage for reduction. All existing processes and resources must be questioned on a regular basis and new measures must be reviewed. Small steps instead of big hectic jumps make this process flowing and harmonious. The key to continuous improvement is often the simplification of complex structures and measures. Our repertoire covers all areas of sales activation and controlling, sales compensation, sales realignment/restructuring and optimization of sales support all the way to the rollout of sales concepts.
In a clearly changing environment, new growth and business models emerge. A change in the company structure is inevitable in most cases, since it leads to more insights and knowledge by introducing a structured process. When further developing into an organization that can react flexibly to external requirements, employees are the key success factor. We accompany the very important way of a transformation or reorganization towards a new company culture. By offering measures such as the development of shared service concepts, claim companies and service innovations, we are putting your company goals on the right path. We will train the service mindset of your employees in tailor-made employee training courses and communication concepts
Target setting, visions and the determination of principles at management level are elementary for the realignment of a company. Developing company and department visions, but also leadership principles and tools are the core of our strategic action and also the key for successful interaction across the whole company. Due to our many years of experience, we are extremely well-positioned to deal with strategic questions. The growth strategies we have developed encompass product, payment, support, and process/service perspectives as well as structural visions and solid business plans.