Going paperless and digital adoption

3 minute read 10 Aug 2021
Authors
Preetham Peddanagari

EY EMEIA Digital Insurance Leader

Digital leader in insurance. Passionate believer in leveraging technology to improve businesses. Sports lover. Dad.

Anita Kimber

EY EMEIA Business Transformation Leader

Open banking champion. Passionate about facilitating better customer experiences through innovation and creativity. Dedicated to building a better working world.

3 minute read 10 Aug 2021
Related topics Financial Services

When navigating your digital transformation, is paper the elephant in the room?

The UK financial services industry continues to be disrupted. Ongoing regulatory pressures, continuous technology innovation, new market entrants and an ever-evolving FinTech ecosystem is challenging traditional business models and the ability to remain relevant to changing customer expectations. In a digital era, banks, insurers and wealth managers seek new ways to retain or increase competitive advantage, while improving profitability.

As we enter the 4th industrial revolution, it would seem there is little need or place for paper. But why is it still in demand?

The amount of paper flowing through organisations and being sent to the end-customer is still significant. A paperless world is in fact, far from becoming a reality.

Investment in new digital capabilities to improve engagement with customers has been carried out in parallel with under-investment in traditional analogue communication channels. This often creates a digital divide; increasing inefficiencies and affecting the ability to optimise customer journeys and other trade flows. While omni-channel capabilities continue to emerge, they remain slow to take-off because of the legacy value of paper.

28%

EY – is paper the elephant in the boardroom?

EY’s 2018 survey of the financial services industry throws light on paper’s continuing importance in financial services and explains the drivers behind its continued use. It also explains the barriers it creates for improved interaction across multiple parties, and digital transformation on a broader level.

This survey was conducted among leading financial services organisations, grouped into sub-sectors across general insurance, commercial and specialty insurance, life pensions and wealth management, and banking.

We also reflect on the history of paper and suggest that this may present a key to understand how we can digitise best. Understanding how we interacted in the pre-digitalised world will inform us of how we can communicate better in the future.

Sector Snapshot

Annual customer report

Want to know more?

We conducted our survey with a number of leading UK financial services organisations.

Detailed benchmark statistics have been formulated by the financial services sector, covering inbound and outbound paper journeys, barriers and blockers, and strategic initiatives being undertaken to increase digital adoption and competitive advantage.

Here we look at the survey’s first year’s findings. It will become an annual benchmark, and seeks to establish a new set of metrics for how the Financial Services market looks to measure increasing levels of digital maturity.

If you have not taken part, we would welcome your future participation, and your unique view of where your organisation stands against your peers.

Navigating the art of paper to inform the science of digital

Need EY Help?

Understanding your current paper-based communications represents a significant stepping stone in your digital transformation – from assessing your document universe and priority opportunities across key customer journeys and processes, through to piloting and engineering market-leading digital solutions that drive efficiency and unlock new customer experiences.

Summary

EY’s 2018 survey of financial services institutions was to understand the changing dynamics of the paperless journey and gain insights into the challenges our clients face in driving digital adoption and improved customer engagement.

About this article

Authors
Preetham Peddanagari

EY EMEIA Digital Insurance Leader

Digital leader in insurance. Passionate believer in leveraging technology to improve businesses. Sports lover. Dad.

Anita Kimber

EY EMEIA Business Transformation Leader

Open banking champion. Passionate about facilitating better customer experiences through innovation and creativity. Dedicated to building a better working world.

Related topics Financial Services