Digital Transformation – mitigating risk around successful and efficient customer experiences in 2021

Digital Transformation – mitigating risk around successful and efficient customer experiences in 2021

The impact of Covid-19 and the impact on our ways of working, communication and engaging have been well commented on. Multi-year roadmaps for Digital Transformation programmes have been compressed and these change programmes have been promoted up the priority queue. I was just reading about a Tier 1 bank hiring digital specialist executives from challenger banks to accelerate their move from siloed legacy core systems.

In 2020, as the remote workplace became mandatory with the lockdown, tactical workarounds – bulk purchase of laptops and tools like MS Teams – allowed many firms to operate. This was in reality a scaled-up version of their Business Continuity Plans, activated as they locked the doors of their contact centres and branches. Advisors started to run Video calls versus going to see their customers at work or at home. One positive outcome from that was an increase in productivity: the advisor can manage more meetings or calls per day, due to lack of travelling. Also, it cuts out the time normally used for small talk as the meeting has a formal start and end time. To the surprise of some more traditional providers, their community at all ages embraced video calls. They also appreciated paperless transactions, shortening the time for approvals, and waiting for the postman. All of this means, as we exit lockdown, is that now has become the ideal time to commit to digital transformation and all the benefits of customer experience, scale and efficiency. It’s time to invest and upgrade those expensive and slow manual, legacy processes. The operational efficiency and resilience will foster trust in the digital experience for all stakeholders.

These were key themes discussed when we attended the ‘European Banking Forum Virtual Experience’ on the 4th and 5th November of 2020.

All financial providers, from established and challenger banks to insurers, understand that their customer engagements and internal processes need to become truly competitive to meet demands of the new world. Digital transformation is the route to meeting that goal. This event highlighted the opportunity innovation provides to win and retain customers through personalized, digital journeys, in the Cloud.

 

Selecting the right technology partner for both accelerated digital transformation and the long-term success is critical. In the face of all this disruption, confidence is key, so where does one start?

 

VERMEG believe that customisable, ready-to-go digital journeys built on low code technology offer the best pathway to accelerating digital transformation success. We have also invested in a marketplace of plug in components, both business and technical, to build a concept in weeks, with minimum viable products and services a few months after that. To get the best from the existing siloed systems, and create a single customer view, client use our API manager to build those integrations.

Finding the right technology partners is critical to your goal. VERMEG is a software company proud to have an enviable track record in helping financial services providers achieve digital transformation. Right now, we are helping multiple banks automate email processing and task management, for example. This is allowing employees to focus on higher skilled work while the automated system classifies and routes emails to the middle and back office, much to the satisfaction of the client, who previously waited days for a response and now get a response in hours or less.

 

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Dale EASTHAM – Business Consultant

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