NTT Data recently
surveyed 471 companies in financial services, including insurance. The impact of new technologies such as blockchain, AI, machine learning and IoT was the number one impacting trend cited by 53% of respondents.
The changing competitive environment closely followed that at 46%. Executives are seeing and anticipate new entrants from both fintech startups and technology giants. 83% believe that new entrants could become significant competitors.
Of the big tech companies, Amazon is seen as the biggest threat by a long way (65%) in all regions apart from Japan. That’s compared to Apple, Alibaba, Walmart, Facebook and Tencent. However, the survey only covered executives in the U.S., U.K., Germany, Spain, Italy and Japan. Also the executives were decision-makers, influencers or aware of budgets for Digital Business Platforms. So they may be biased towards tech.
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