A thought provoking prediction from fund manager, Baillie Gifford, in Forbes; 

“COVID-19 is likely to be the catalyst to a massive digitally-powered landgrab with the winners anointed over the next two to three years versus what might have ordinarily taken 10+ years”

This quote greatly resonates with the Financial Services industry, and in particular Wealth Management and Insurance. The industry has been slow to embrace true digital change, often citing legacy technology, big implementations that have not yielded desired results and complex processes/products as reasons not to invest in digital transformation.

The pandemic has shone a light on the FS industry, it can no longer shy away from the fact that the time for digital acceleration is now.

The Financial Services organisations that will likely thrive in a post COVID-19 world, are those that will use the impact of the pandemic as the catalyst to embrace digital experiences, truly understand their customers, utilise automation and future proof their operating models by investing in data and digital technologies.

Who will take first mover advantage? It will be an intriguing 24 months - watch this space.