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New projects that can use data and analytics to improve the customer experience must get prioritized.
Fremont, CA: Although the epidemic is a daily reality for everyone and every business, businesses cannot use this as an excuse to stop moving forward. New projects that can use data and analytics to improve the customer experience must get prioritized. Improved digital interaction is required, focusing on simplicity and speed well beyond what is now available. In addition, financial organizations must make the best use of existing technologies.
Every bank and credit union should embrace the digital banking transformation trends that will emerge in 2021, redoubling their commitment to improving digital customer experiences and internal processes, infrastructure, products, and personnel that will lay the groundwork for future competitiveness.
• Focus on Digital Banking Experiences
Financial institutions will face more pressure to deliver accessible and quick digital capabilities. Firms will work on internal processes, procedures, and data flow to enable completion in less than a minute to match growing consumer needs set by major tech organizations, rather than new account opening or loan application processes that can take 5-10 minutes.
The danger of failing to provide this level of customer service is that new and current business will get shifted to companies that have succeeded in redesigning historical procedures to fit a new digital environment. It's more than just a simpler account opening process; it's a better user experience (UX) throughout the customer journey.
• The movement to Cloud Computing
The banking industry's adoption of cloud computing has been slower than expected, owing to worries about security and perceived accessibility for smaller firms. However, the usage of hybrid cloud infrastructures will grow considerably in 2021, driven by the need to analyze increasing volumes of data as rapidly as possible and the need to give more access to insights across businesses.
• Utilization of Data and AI for Predictive Personalization
The COVID crisis put financial marketers into the limelight, requiring them to react quickly to unanticipated events. Instead of selling services, marketers were necessary to personalize communications to assist consumers in coping with the financial consequences of the pandemic. For example, personalized messaging about loan payment deferrals and how to use unfamiliar digital tools has to replace blanket communication about branch closures
• Automation Becomes a Financial Imperative
The concentration on automation and robots seems reasonable when most financial institutions are anxious about the potential of loan losses and income shrinkage in a post-pandemic economy. Moreover, Robotic Process Automation (RPA) can boost productivity by acting as a cost-effective replacement for in-house and outsourced human employees.
See Also : Digital Transformation Solutions Companies