A new paper from Finextra in association with Connective explores the development of Digitisation as it evolves to extend across all customer interactions.
Digital transaction management is finding a place on every insurer and bank’s roadmap. Driven by the desire to build a truly 21st century rooted business, improve customer engagement or simply to operate more efficiently, digitisation takes many guises. But extending digitisation further across all customer interaction is about far more than scanning paper forms for onboarding, automating back office processes in isolation or having a customer service presence on social media.
Today the aim is to achieve a state where the processes behind a customer interaction become invisible not only to the client, but also to the financial institution’s frontline staff. They can then focus on the customer relationship rather than on completing the next step in an internal process chain reliant on many IT systems and often manual tasks.
This survey addresses the appetite for speed in the digitisation processes, measures and drivers for success, what customers need and want and what the future could hold for digitisation. Key findings include:
- 88% of banks believe they must rapidly improve the digitisation of processes to compete in the millennial business
- A significant barrier to digitisation is the belief that to make true progress will require a significant IT overhaul, but only 21% of organisations are delaying action and waiting for a complete IT overhaul
- 71% of banks rank creating an optimal and efficient customer experience as the number one strategic driver for digitisation
- The barriers to digitisation are many and varied, but more than one-third believe that the lack of a strategic roadmap and difficulties in finding the right business owner or sponsor are the biggest hurdles
- 77% agree that in the very near future digital transactions will lead to digital content repositories and vaults that banks and insurers can make available to other parties at the request of customers via API connectivity
To learn more and gain insight into the future of deeper digitisation, please download a copy of the free paper now.
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