Automation is redesigning Provision of financial services, customer experience and financial activity. But with so much technology, it’s a confusing world. Banks, insurers and asset managers are asking themselves, “Where should we focus? How do we fit in with such a rapidly changing environment? What do they not negotiate? ”In this article Jason Bromfield, Industry Leading Financial Services b Blue sky, Writes.
The main sectors of digital transition
Digital Transformation is the process of integrating digital technology across all business domains, basically how you work and deliver value to customers. It’s not just front-end bells and whistles and it’s much more than just sending chat bots to your website.
There are at least three ways that businesses can change digitally. The first is to promote multiple digital products in your product mix, for example by creating things like a virtual bank card. The second way is to enable new digital customer engagement channels, such as promoting WhatsApp integration in your service center. The third area of change is the digitalisation of the front, middle or back office or, basically, all three. No matter where you are on your journey, there are many important things to do.
Plan around the client
Progressive businesses are shifting from sold-out brands to customer-centric operating models. This will quickly become a standardized product, tailored to personal experiences and tickets to the individual game. “What does it look like?” Start by asking. Visit these different perspectives of your client and these views regularly. Finally, as financial products become more compact and golf course offers become less practical, customer experience becomes your number one priority. Start with the client.
Identify change champions
Not every employee in your business is ready to accept digital transformation, and some may worry about it. Employee procurement is critical to achieving your business goals, achieving a return on investment and ultimately achieving your full digital potential. Identify digital transformation champions at all levels to help create happiness, incorporate your company’s culture into the process of change and ultimately drive adoption.
Switch to module design, use the cloud
Module Business Principles help financial services companies change quickly without major improvements. With the modular structure in place, businesses can quickly adapt to changing customer needs. A modular architecture allows the company to not only respond to market facts but also actively create them. It allows your business to adapt quickly, learn quickly, and recover quickly. Fortunately, this is much easier today than it was ten years ago, as more and more cloud providers are carrying heavy infrastructure on your behalf. Find a partner to help you embark on this journey to focus on what you do best.
Test it quickly, change it consistently
Flexibility is the new currency in the digital transfer world. Start small by developing a new digital product or channel with minimal functionality. Test it directly with real end users, make improvements when tested and see how it works. It’s all about people, processes, and technologies to get the most out of it while minimizing risks.
Use data to drive digital transitions
Information is the driving force behind digital strategies and should be invested accordingly. Many companies have admitted that their data territories could be improved if installed. However, how often do we bring information into our strategic thinking? Tactically solving today’s problem will not necessarily help you to make a big difference tomorrow. Take the time to put in place the right data practices, infrastructure and management to give you the flexibility you need to stay competitive – volumes and complexity are growing exponentially.
If you want to accelerate your digital transformation journey wherever you are, get a free consultation with a BlueSky subject matter specialist.
Bluesky is a New Age boutique cloud technology business with about 140 employees and based in Johannesburg and Cape Town. We specialize in cloud-related service routing, including cloud provisioning and support, digital consulting, data and analysis, experience design and cloud academy. We currently offer AWS, Salesforce, Vlocity, Tableau and more. We also have a strong industry focus in financial services, telecommunications, media, fast-moving consumer goods and industries. Visit bsky.co.za for more information.
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