YOUR AREAS OF ACTIVITY
Banks & Insurance

Context

The financial industry has evolved significantly in recent years. For retail and private banks, as well as for insurance companies, these evolutions are marked by profound transformations that are the result of an increasingly demanding regulatory framework, structuring climatic stress tests, increased competition, and global health and economic crises, all of which herald new expectations on the part of consumers and employees.

In this context of uncertainties and geopolitical events, financial services must be prepared to meet the following challenges:

Make deep changes in development of business and distribution models
Integrate the customer at the heart of new business strategies and practices – “phygitalization”, “selfcare” while meeting customers and employees’ new expectations
Align with regulations (local and international) and conduct regulatory monitoring to maintain competitive advantage

OUR KNOW-HOW

In order to meet the new needs and requirements of this sector, Finegan supports all market players – banking (private, retail, specialized financial services) and insurance – in this transition, through the design, preparation and implementation of successful strategies.

The group supports its clients in their four major challenges: Market, Customer, Products and Services, and Regulations.

I/ Market

Define tomorrow’s bank business model (advisory, banking, brokerage) whilst taking into account new opportunities through digital technology.
Develop cross-selling strategies in order to limit the contraction of margins.
Implement a differentiation strategy in a highly competitive market
Redefine the role, skills and global compensation scheme of employees and bankers.

II/ Clients

Renew the business by deploying strategies to win over new entrants.
Deploying a digital strategy to adapt to changes in customer behavior while maintaining a close relationship with bankers (phygital customer path)
Deploying strategies to support different customer segments (young active customers, senior, premium, professionals, private or public companies, etc.)
Maintain or recreate a relationship of trust with your customers in a context of regulatory inflation and increased competition

III/ Products & services

Develop new billing models that integrate regulatory and business changes
Reduce price sensitivity and preserve margins by improving the perceived quality of services provided to customers.
Make the most of the different customer segments through the development of robot-advisors and the digitization of processes.
Designing new financial savings products integrating new customer preferences

IV/ Regulation

Supporting regulatory changes from a business, tools, IT and change management point of view for both employees and clients
Relaunch a sales dynamic after several years marked by regulatory changes
Giving meaning to regulations and transforming regulatory changes into business opportunities.
Transparency on fees: take responsibility and give meaning to the pricing of services to the client, understand how to set one’s prices like a notary or a lawyer

Groupe Finegan

Key figures

New disruptive players are positioning themselves on the most profitable elements of the value chain : payments (about 25% of retail banking NBI) certain forms of credit (about 20% of revenues) and savings (about 50% of NBI).

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74% of Luxembourg consumers do not want to let a computer program make investment decisions for them. Nevertheless, 35% say they are willing to use it if the program only makes suggestions.

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57% of individual investors are influenced by CSR when choosing insurance

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Despite the 30% increase in net income compared to 2020, almost 20% of banks are not profitable in Luxembourg (Source: ABBL, 2022)

Feedback

Universal Bank

Management of the strategic business and IT transformation plan.

Context: The bank launched a transformation plan on all its business lines with the aim of putting the customer and CSR at the heart of its strategy in order to conquer new market shares.
Our intervention: Management of the business transformation plan to support the implementation of the strategic vision.
Our added value: Provision of an expert team familiar with C-Suite projects and committees.

Specialized Financial Services

Accompaniment in the acquisition of new market shares.

Context: Creation of a new service in order to conquer new customers.
Our intervention: Our team intervened in order to set up a new service that could be easily deployed within all the entities to support the business development ambition of the strategic plan.
Our added value: support for the different teams in compliance, legal, marketing and reporting, risk and IT in order to guarantee the compliance and quality of this new service.

Life insurance

Definition of the ESG roadmap and implementation of current regulations.

Context: Compliance of processes with recent ESG guidelines.
Our intervention: Definition of the roadmap at the local level in order to align with the strategy issued at the group level.
Our added value: Detailed review of all the elements in place, ongoing projects, market trends and upcoming regulatory requirements.

European Management Company

Selection and implementation of a content management tool.

Context: The management company wished to integrate a solution to design and distribute compliant content to all of its clients automatically.
Our intervention: framing of the need and realization of a benchmark of possible technological solutions.
Our added value: Follow-up throughout the implementation and the taking in hand of the tool by all the impacted teams.