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Digital Innovation – from a “nice to have” to a “must have” for businesses in Latin America to survive

During the past few weeks, you might have already asked yourselves a number of questions if your company is living up to the expectations of the new digital world. Regardless of the industry you operate in, questions like the below may keep you up at night:

  • Is my company progressing with its Digital Transformation projects or is it struggling to keep up with the evolving digital offering competitiveness versus Time to Market business velocity needs?
  • Is my company conscious of running behind in the current digital business race?

If these questions are already part of your daily conversations, rest assured that VERMEG will help you get where you need to be. Not only with its proven world-class technology, but most of all, with the right expertise and understanding of all your digital needs with minimal risk.

The overall COVID-19 crisis has forcefully pushed the digital realm to become a commodity even though not everyone is prepared to adopt a fully digitized offering.

In both the Financial and Insurance industries, putting on hold all digital strategies is no longer an option. Clients (either recurrent digital users or those forced to do it now during unprecedented circumstances) will face an important turning point during which they will focus on the range of available digital services to cover all their transactional needs. These features, combined with a remarkable user experience, will define if such bank's clients will stay or rather look for another institution that will immediately satisfy their needs and make them comfortable adapting to the new normal.

Taking Latin America as an example, the pandemic has also exposed a wider inconsistency with digital readiness, especially in the above-mentioned industries, revealing just how far behind full digital adoption many are.

IS IT TOO LATE?

The good news is that it is not too late to accelerate digital adoption, not only to survive, but also to innovate your digital strategies.  PALMYRA by VERMEG is the digital transformation platform that will appease such concerns and it will ensure business continuity, as well as excellence in customer experience across multiple digital channels for the times to follow.

Even if an enterprise is already on top of the restructure of their digital assets and it has set up a huge pipeline of digital journeys and new features to be added to its existing digital platforms in the short to medium term, PALMYRA by VERMEG will assist you  drive the strategy in order to get there in a faster time to market and at the right cost.

RE-THINK & PREPARE.  LET INNOVATION BE YOUR STRATEGY

Necessity in every case will drive innovation & evolution. Being either a service provider or a consumer in Latin America, (since the start of COVID-19) it has been imperative to digitally transform and re-evaluate our business models for the imminent, fast-tracking, living and breathing digital transformation programs. The new business models are the immediate response to branches being closed, travel bans, and new rules around social distancing preventing face to face encounters with clients, providers and business partners. The digital tools have become the new normal to keep semblance of our former lives at all levels.

So far, 2020 has had significant development implications that cannot be ignored. VERMEG is actively participating in an outstanding effort not to leave those who are less digitally equipped even further behind in a post-COVID 19 reality for the emerging markets. Only those who are open in taking the path to further change the way we do business in banking and insurance, will be the companies who will stay ahead of their competition.

CONCRETE SOLUTIONS TO CONCRETE NEEDS IN A REDUCED TIME TO MARKET

Companies have already invested significantly in technology through the years and the idea behind a successful transformation is to keep such investments and continue to get the most out of them.

PALMYRA is agnostic and compatible to any past & current technology stack. Using its open marketplace, containing multiple business & technical components already in use and proven across the globe, any project requiring development of applications or new functionalities may be completed two to three times faster than a traditional agile project.

Internet & mobile banking in Latin America must have all those operations available, either for enterprise or personal clients, as if attending a bank's physical branch. The past few months have showcased that there is still a lot to be done in this field. The main focus should be on making those specific functionalities available to the end customer. Within the range of services yet to be available, we can include dynamic security & digital cards for online payments, secure portals for premium and enterprise customers, automated dispute management, cardless cash withdrawal, real time fund transfer tracking, self-service contract & policy management, among multiple other examples to be integrated into their existing platforms, making clients feel fully comfortable and secure with their digital experience.

For more than 25 years, VERMEG has been a trusted partner to more than 500 companies, including 40 of the world's leading financial and insurance institutions. For more information please contact us at info@vermeg.com

26/05/2020

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