As digital capabilities have grown over the last few decades, digital organizations have also grown albeit in an organic, and not always scalable, way. We now live in a time where daily digital interactions exponentially outnumber any other channel, making it the primary vehicle for most brands to reach their customers and creating a massive labor shortage in this key area. Many organizations struggle to catch up and organize to manage this new influx of customer expectations, because they aren’t aware
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
To be successful with digital transformation financial institutions need to take a step back and evaluate their digital maturity, especially the extent to which they are driven by data and focused on solving real problems. Financial institutions need to start by determining where they fall on the digital maturity scale. Especially considering that only 13 percent of banks were ranked as “highly mature” in Accenture’s latest Digital Maturity Index report. To truly progress, it is critical that your financial institution receives an unbiased assessment of how far along you are in your digital journey. Understanding your maturity level makes it possible to plan
Fast change is built into our modern society, and no industry can hold back time. The financial services industry may have come the closest by holding innovation hostage to risk management for decades. But, with the rise of fintech firms and heightened customer expectations, financial institutions must catch up or face the consequences, according to The Financial Brand. While plenty has been written on the meteoric rise of leading fintech firms, it’s no secret that these firms have made borrowing, budgeting, collecting, saving and spending money as easy as playing games on a mobile phone.