Empowered and connected like never before, customers want anytime,
anywhere access to their financial data. Sounds like hard work and a big
technology investment for banks? Actually, life is set to get easier.
Whether it’s for customers or banks, digitisation is the new win-win.
Banks are becoming accustomed to looking at their services from the
perspective of customer centricity. But few have explored the attractive
long-term benefits of going digital. Let’s go there now.
Boosts process efficiency and cuts
When ageing internal systems are replaced with faster, more agile technology,
back- and front-office processes speed up. Automated systems mean staff
waste less time on tedious paperwork and lengthy manual processes.
They’re also less likely to make errors. Time is money. With faster, more
flexible processes, less time is wasted and customer service improves.
The result? Happier customers and staff, and healthier budgets.
Drives new business capabilities
and greater profitability
Digitisation of data means that banks are moving from data storage to
meaningful data analysis. With data turned into information, institutions
can better target their offers,advice and services to individual customers.
Add in the opportunities of creating new services, such as a mobile app for
loan applications, and the business potential of reaching more customers
at a lower cost is huge.
Keeps customers satisfied
Digitisation opens virtual doors. Offering customers easy access to rich,
personalised financial services – whether they’re on the train or
at home – gives them the control and freedom that they take for
granted in other aspects of their lives. They’re asking: “Why not in banking too?”.
And they’re right.
A survey by The Banker reveals
that, “it is as though consumers are
dragging the banking market, and indeed the wider business
world, into a new age based on growing expectations of service models.”
We should thank them.
The Banker/SAP report: Customer
Engagement in the Digital Age