It is clearly seen in a report this month that the changes are getting faster and faster. Within long-term savings it was a big challenge to get the batch-orientating system to answer questions from customers who received answers directly via computers or internet portals. Insurance companies and banks are challenged by Internet brokers like Nordnet and Avanza who in just a few years reached the same size of premiums as established players. Now we are seeing Swedish banks competeing with other organisations, to be the first with payments via apps in smartphones. Credit card companies are one of the winners with completely new types of business models like Payson, Paypal and of course Google with Google Wallet.
But the challenges don’t end with payments. Smartphones mean that we are changing what we do and how we do it…
This report from Business Insider is American but nonetheless takes up a couple of interesting aspects based on the behaviour of savers’ behaviour with regard to long-term savings:
- In 2011, sales of smartphones exceeded sales of PCs. And we have only seen the beginning. How does this affect the way consumers do their banking?
- Today the owner of a smartphone is a “young adult”. Within a few years it will be all age categories. How does this affect the behaviour of different customer segments?
- How has the usage of smartphones changed? Searching information, making purchases and making payments are increasing the most popular usage. But how does this affect the extent of self-service and what information must the business make available to become evaluated in ZMOT?
We make the analysis that what is becoming increasingly important is being able to offer opportunities for the self-payment of products relating to long-term savings. We are convinced that a number of savings products (Individual Pension Savings, endowment insurance, collective agreement occupational pensions, occupational pensions) in the same software IT support:
- simplifies the integration with digital platforms, bank accounts and customer service
- reduces the number of systems and technology and staff dependence
- lowers administration costs by employees being able to work more efficiently
- Makes it simpler to meet customers in the same way irrespective of which savings product customers choose to save in
- In a simpler way provides an assembled picture of the transaction with the customer
At Itello we have since early 2001 been run by streamlining the administration of long-term savings.