Regardless of why a financial institution begins their digital journey, successful financial institutions set a clear strategy from the beginning that will ensure they reach their goals. When planning for digital investment most business objectives align with one of three possible categories, increased efficiency, revenue generation and customer experience. However, most digital investments provide at least some indirect impacts to the customer even if that wasn’t the primary intent. Increased efficiency, which looks to automate operational processes cutting time and costs,
Since the onset of the COVID-19 Pandemic, financial institutions have accelerated the launch of digital solutions powered by Artificial Intelligence (AI) and Machine Learning (ML) to handle additional traffic to customer service centers and compensate for lost branch revenue. While these services fill urgent gaps in functionality and provide additional sales and servicing options, hasty implementations and programmer bias can negatively impact the user experience and value to the customer. Empathetic AI or Artificial Empathy (AE) has become the
Regardless of industry, success in business is all about solving customer problems. Financial institutions and FinTech organizations help their customers solve a range of financial problems in areas like budgeting, money movement, wealth management, auto loans and real estate financing. In order to provide more relevant products and experiences they must not only leverage data but have processes in place to update and manage it on an ongoing basis. Predictive problem solving for financial services By gathering customer data, governing its access
The path to digital has been accepted as the road to success for most financial services companies, and for many good reasons. In every bank and credit union bound for success, there is at least one executive who is completely convinced that making this journey will be key to everything management wants to accomplish in the future. In some cases, this executive must sell the vision to the Board of Directors. In many cases, the goal has already been set and
Leading bankers are seeking out the innovative solutions that will allow their business to keep up with the rapidly changing world we live in – ones that can help them respond to changing compliance requirements, possible changes in federal legislation that could come with a new administration, and the changing needs of the clientele they serve. Fortunately, there are a number of innovative new solutions out there, but the process of
Over the last few years, the rush to digital has all but consumed the financial services industry. Banks, in particular, have been driven to compete with nimble fintech firms by working to provide the same kinds of all-digital consumer offerings. COVID certainly did its part to drive lenders in the direction of digital, as both Accenture and Deloitte have pointed out. The work has been challenging, but we have seen
At a time where conducting business from a couch or a home office has become the norm, banks have a unique opportunity to find ways to expand their digital presence. The struggle many face is not knowing where to begin. The most successful banks are attracting new and retaining their current small business customers. So, what is the key to success with winning small business customers? Making digital