NOVI IZAZOVI ZA BANKARSTVO, FINANSIJSKE USLUGE I OSIGURANJE
NEW CHALLENGES FOR BANKING, FINANCIAL SERVICES AND INSURANCE

Summary/Abstract: The crisis with the COVID-19 pandemic shows investors, policy makers and the general public thatnatural disasters can cause economic damage on an unprecedented scale. The pandemic has madecustomer experience even more differentiated, so banks, financial service providers and insurancecompanies need to optimize their operations and transform existing business models to meet newrequirements and withstand competitive pressure. Because the processes are the "veins" of a highlyregulated business, they must adapt to unprecedented change. Changing business models, disruptivetechnologies, and compliance pressures are forcing traditional institutions to reorganize the way theydo business. Digital transformation, the macro trend that has defined the past decade, has acceleratedat an incredible rate during 2020. Creative new solutions are made out of the need for people to connectdespite physical distance. In addition, customer expectations have changed, so many of them want tobe provided with ongoing personalized services. But moving from the old service delivery system tomodern solutions has never been an easy task.

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