The uncertainties brought about by the pandemic’s rising unemployment and declining business activity emphasized the need for the financial services industry to embrace new technologies, according to an independent association of leading life insurance and finance services professionals.
Randy Scritchfield, first vice president of the Million Dollar Round Table, said digitalization continues to be a critical area of the financial services industry in many parts of the world.
He said, “With AI technologies like chatbots revolutionizing customer service, this trend has made its way to our profession via robo-advisors. Given that data shows that the country tops internet and social media usage in the world, I expect we will see more financial services moving online.”
As these digital trends take off, he said Filipino professionals need to stay in close contact with their colleagues to learn how to navigate the changing landscape.