The complete picture of the lasting impacts from a macroeconomic perspective of the COVID-19 pandemic are still emerging but a few things are clear - customer needs, expectations and buying habits have changed, businesses need to run digitally in order to survive and increased operational efficiencies will be vital to meet these new expectations.
Pre-pandemic, emerging technology adoption was becoming a key driver for success in most financial services sectors, creating new opportunities and having a significant impact on the way companies operate and thereby improving business outcomes. But progress was slow – no more so than in the Broker sector. Other priorities were numerous, resources were limited and with competing prescribed requirements, non-essential wholesale operational changes were not prioritised. However, the last year has escalated digital operation much further up the priority chain. This article sets out some key emerging trends that are very relevant to the Broker market, supported by insights from experience of supporting clients in their digitalisation journeys. It will also discuss some key challenges that may lie ahead for any firm setting out on their digital roadmap and key criteria for success.