5 Key Pointers Financial businesses must work upon to survive the digital transformation and grow.
‘Never settle’.
Finance industry landscape seems to have taken this saying very seriously.
A day does not go by without the talk of ‘Digital Disruption’ in financial services.
Here are 5 key pointers related to digital transformation that Financial Businesses must pay attention to:
1. Building strong digital dexterity
Developing the ability and skill to leverage the emerging digital technologies for better results should be the number one priority for financial businesses. Digital dexterity will give impetus to transformation in financial industry.
A recently conducted survey shows that financial service providers have started taking efforts to make sure that their staff has the required digital skills and they can close the digital dexterity gap with competitors.
FSPs need to keep themselves updated with changing business processes and develop business strategy accordingly.
2. Customer-first approach
Established Financial businesses should keep the ‘Customer-first’ policy in order to maintain strong position among the competition from new comers. They should embrace and deliver innovative digital solutions with pure motto of solving customer problems.
Banks and other financial service providers must understand the needs and behaviors of customers thoroughly to deliver agile and highly personalized digital solutions. Every employee in organization must be focused and working in tandem to deliver great customer experience. Involving customers more through intuitive digital journeys is the key.
3. Customer geolocation
Geolocation technology can be used by bank staff to provide prompt service to customers inside bank branches or by customers to access branch ATMs via their smart phones. Geolocation is very useful in monitoring payment-card fraudulent transactions or card thefts or if any kind of unusual card activity is detected.
It can be used by insurance organizations to monitor fraudulent or exaggerated claims. At the same time, insurance policy holders can utilize video camera and location features of mobile to communicate with insurance agents at real time and show the damage straight away and ask for claims accordingly.
4. Facial recognition
The biometric facial-recognition can provide additional layer of security to banks and customers. A software can be used by banks and other financial services to track and reduce the frauds like hacking passwords and other data to steal money from banks. The software will verify a person’s unique identity through facial recognition before allowing any further processing of transactions.
This not only makes the process secured, but also simplified for customers as they don’t have to remember so many complex passwords.
5. Artificial Intelligence
Artificial Intelligence is capable of creating huge impact in financial services. The goal is to improve the customer experience all the time. It can start with simple features like chat-bots. Chat-bots are very useful in engaging the customers and solving their queries at real-time. An algorithm is set in background to handle frequently asked questions and if needed an actual person can come in to solve any special problems.
AI can be utilized in anti-money laundering and predictive analysis as well. Behavioral analysis of AI can be used to deliver personalized experience and grab cross-selling opportunities at real time.
To conclude:
It’s no mean task for financial businesses to survive and grow when they are constantly surrounded by changing customer expectations, strong competition and ever increasing regulatory complexities.
Embracing digital transformation as early as possible to deliver delightful customer experience is the way forward. The key for banks and financial services will be to integrate these digital advancements with their parent software and have everything available on unified platform to provide best possible customer experience.
