A Practical Strategy to Drive Growth in the Financial Services Industry
Digital transformation (DX) is inevitable for a business in order to compete in today’s volatile economy and meet the changing needs of tech-savvy consumers. It is the way forward for many industries, and businesses invest heavily to integrate technology into their processes and operations.
The financial industry is not exempt from the many demands of clients and consumers globally. Among these significant demands include rich user experience, improved data security, and prompt and consistent customer support.
As we’ve seen in recent years, the financial services industry doubled its efforts to adjust to the rapid changes and disruptions to cater to the market. The time of Covid was a watershed for many finance companies and triggered a rise in demand for FinTech.
Enterprise agility is critical for banks and finance firms to keep up with the evolving industry landscape. Many financial service institutions have become more aware of the importance of taking the digital rails to navigate the future of the finance industry. They have either launched their digital services to keep up with the trends or acquired and partnered with tech startups to leverage their strengths.
The Need for a Customer-Centric Digital Transformation
In the age of digital transformation, it is paramount that financial institutions keep consumer-centricity at the core of their services. Providing clients and customers with convenient, flexible, and secure solutions will help drive growth and maintain one’s position within the marketplace.
As customers’ expectations continue to be more demanding and the market competition becomes vying, there is pressure to respond quickly and efficiently to each unique consumer’s needs. The landscape calls for a highly personalized service integrated into all the innovation and modernization adopted.
Today, people are leaning towards going mobile and cashless. Digital banks and more fintech services continue to take over the ecosystem gradually leaving behind physical banks and paper systems. In APAC, contactless payment adoption increased by 40% due to the Coronavirus pandemic, according to a study by Mastercard.
A powerful combination to harness in achieving success in any digital transformation initiative is driving customer-centricity and enabling a competitive workforce to be one with your company’s mindset and goals. This means moving away from merely improving individual service channels, and moving towards a more cohesive and connected omnichannel experience for customers.
How can financial services companies ensure a customer-centric digital transformation? Here are some tips from top DX experts:
1. Define a long-term digital transformation strategy.
Digital transformation is more than identifying a list of technologies an organization needs to adopt. The goal is to create a strategy that will protect business operations from digital disruption. This requires establishing a digital vision for the business, such as simplifying client transactions through mobile technology or creating fully automated services for customers. The vision will help in mapping out where the business is currently at, and where it wants to be in terms of digital transformation, and ultimately, helps business leaders create a digital roadmap that will guide the organization.
2. Understand and reshape the customer journey to foster better customer experiences.
Knowing the customer needs, pain points, and journey provides heaping insights into how to create an effective omnichannel customer experience, as well as the required resources and technologies to implement a customer-centric digital transformation.
3. Increase digital capability.
Achieving digital transformation entails having the right resources, technologies, and an agile IT environment. Leaders from various business departments must work together to identify elements needed from a workforce, process, and technology perspective in order to implement the business’ digital transformation roadmap.
Accelerating Digital Transformation with Offshoring
Due to clients’ need for financial support 24 hours a day, seven days a week, firms choose offshore support services to achieve greater service efficiency and coverage. Offshoring in the Philippines has been one of the most popular cost-saving routes taken by giant corporations, small companies and even startups.
The great benefit of outsourcing customer support from the Philippines goes beyond saving on business expenditures. Filipino customer service is deemed to be top-notch and exceptional. Filipinos, known for their excellent English communication proficiency, are warm and patient when it comes to dealing with customers. They always strive to meet the consumer’s demands and go the extra mile to make them happy.
Offshoring in the Philippines can take your business to greater heights as having dedicated customer support available day in and out provides a positive and seamless consumer experience. Having satisfied customers leads to retention, brand loyalty, positive word of mouth, increased market share and most importantly, business growth.
Satellite Office is your premium outsourcing solutions provider and the trusted partner of Financial Services and Accounting firms in successfully establishing, building and managing a dedicated offshore team. Our offshoring model suits positions across various functions in Customer Service & Sales, Digital Marketing, Creative Design & Content, and IT & Software Development.
We would love to help you stand out in today’s finance industry’s very competitive climate. Get in touch with us for a free assessment.