Fujitsu FSP – Episode 2: The potential of co-creation within retail banking and insurance
Following the inaugural episode of our financial services podcast series, Fujitsu FSP, Episode 2 branches out to tackle the topic of co-creation.
Our host Andrew Hilton, director and co-founder of the Centre for the Study of Financial Innovation (CSFI), is joined once more by Anthony Duffy and Mark Boulton, to discuss the impact of co-creation on retail banking and insurance respectively.
This, of course, has to begin with a definition of what co-creation means in the context of the financial services industry.
It’s something that Anthony describes as organisations coming together to meet the needs of broad change agendas – offsetting any lack of particular skills, experience, time or budget through genuine collaboration.
It’s a repeatable, adaptable approach that can be redeployed to take on the specific challenges that organisations may face.
Ultimately, though, co-creation is part of a long-term dedication that technology companies should be making to their customers. It’s not so much just about providing a solution from a technological perspective, Mark says, but from a customer perspective.
That means tying together old and new technologies to provide an end-to-end service with real longevity. In this sense, co-creation is about solving the challenges that businesses haven’t realised they’re facing yet.
Of course, this comes with its own specific hurdles in the financial services industry. Anthony and Mark discuss how to address the cultural shift that the adoption of AI and IoT technologies will require for a successful rollout and, inevitably, how banks and insurers can continue to turn a profit while doing so.
For all this and more topical musings on the state of the industry, and prospects for co-creation, tune in below or on your smartphone…
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