Customers’ expectations and financial organizations’ challenges don’t always align. In fact, they often seem miles apart. Customers want banks to provide flexibility, functionality, convenience, and communication. They want to open an account or apply for a loan on-the-go, snap a photo to pre-fill their information and receive account or application updates in real time.
Seems reasonable, right? The problem is that many financial institutions simply do not have the technology platforms to provide multi-channel service, and they still rely on paper documents and data tracking, collection and review, which is time-consuming and costly. Their channels and systems frequently don’t talk to each other. These inefficiencies make it virtually impossible to meet customer demands.
So how can banks bridge this divide and meet customers where they are?
What is often missing is a well-reasoned strategy that takes into account the big-picture insights needed to truly transform processes end-to-end. It’s important to remember that there is no “perfect” path to digital transformation. But in an era in which global entertainment platforms, such as Amazon or Hulu, are setting the bar for customer engagement, financial institutions who don’t take the time to invest in a well-thought out digital strategy will not be able to compete with those that do.
What’s Your Digital Transformation Plan?
While some banks are still reluctant to take the digital plunge, others are diving head-first into an unprecedented opportunity to expand their customer reach—and market share. Think about where your organization falls on this continuum. Are you hesitant to get started? Or have you already taken the plunge? Either way, it’s prudent to give some thought to where you are and where you want to be. This is where developing a transformation plan enters the picture.
Here are 3 basic steps to keep in mind:
- Identify and prioritize opportunities for digitization—Processes to consider often consist of excessive manual data entry or redundant manual data extraction and document verification tasks (particularly when knowledge workers are taken away from high priority revenue-generating activities), as well as those involving a high percentage of exceptions to resolve.
- Evaluate your digital maturity—You have to ask the right questions and provide honest answers. Where is your organization today? Are you where you want to be? If not, what do you need to do to ensure you are operating at maximum efficiency and are ready to truly serve your customers on their terms?
- Envision your ideal business process workflow—Make sure you aren’t missing the big picture. It’s important to gain a wide perspective on your long-term automation needs across your business — don’t limit your focus to the front office. Evaluate the entire process from initial customer engagement all the way through account maintenance, loan processing, etc.
Download your copy of “Banking on a Digital Future” for the in-depth guide to digitally transforming your financial services organization and enhancing customer engagement.
STAY TUNED: Watch this space for an upcoming blog series that gives the real-world perspective of financial services organizations tackling digital transformation challenges and opportunities. We’ll be featuring exclusive video interviews from bank and fintech thought leaders on a variety of topics—including tips and trends for 2018, the latest on compliance, what leading organizations are doing to engage and onboard customers, and much more.