InsurTech

Bancassurance – The Impact of Re-Bundling in Finance

MEDICIGlobal Head of Content

The great unbundling of finance has been a big theme for a number of years as ~12,000 FinTech startups emerged to offer standalone solutions for every bank service. Superior UX/CX, standalone solutions, however, do not necessarily resonate with the needs of consumers. Unbundling touched a range of industries – television, insurance, education – but finance appears to be the industry that will make a full circle back to re-bundling – in a new form – despite a greater specialization than other industries.

The re-bundling in finance

Re-bundling in the form of integrations or partnerships is believed to have a multitude of benefits for businesses involved. A global survey of business executives conducted by The Economist Intelligence Unit three years ago asked business executives about the ROI or areas of improvement that their organizations have seen from their most significant digital partnerships. Here are some of the responses:

  • 26% said their businesses were able to develop new products/services

  • 26% – increased profitability

  • 26% – acquired new customers/products/services

  • 24% – enhanced their capabilities

  • 23% – improved customer satisfaction

  • 23% – entered a new market

  • ...

Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.