Are you in the third of people who check their phones within five minutes of waking up? Or maybe you’re one of the 68% who use their phones while sitting down for a family dinner?
There’s no denying that mobile and digital technology have reshaped the way we live – and they’re also transforming the way we do business; streamlining business processes and creating new opportunities for digital efficiency.
This is especially true in the finance sector. Thanks to the likes of Apple Pay and Google Wallet, people no longer need to carry cash or cards and banking can be done just as easily in an app as in a branch.
Financial services is falling behind
These innovations, and others like them, represent huge opportunities for the financial services and insurance industry – if we could only take advantage of them. But the reality is that financial services has fallen behind other sectors when it comes to digital transformation.
Only 9% of financial services and insurance providers described themselves as being ‘a digital-first organisation’, according to Econsultancy’s 2017 Digital Trends in Financial Services and Insurance report. Another piece of research by Accenture shows that only 37% of European financial services companies have committed a budget to digital transformation. Arguably, the stricter regulations and increased focus on compliance following the 2007 financial crisis has diverted budget and attention that could otherwise been given to embracing digital innovation.
The rise of customer experience
Traditional financial services organisations need to recognise that customer experience has become more important than ever. This is demonstrated in the 2017 Digital Trends in Financial Services and Insurance report, in which 91% of respondents listed customer experience as one of their top strategic priorities in 2017. Keeping up with changing customer expectations and behaviour was also cited as a key challenge by 40% of respondents in the same report.
What’s more, new mobile banks are further disrupting the sector, offering many of the same services as traditional banks along with the customer experience the modern consumer has come to expect and exciting functionality like biometric security.
Opportunities to explore
On the other hand, these competitors give more traditional companies an opportunity to learn best practices and see new ideas and new technology in action. Some organisations are opting to partner with new fintech companies or integrate new technologies into their existing services.
Happily, there’s a lot of technology out there that can help you become more efficient and improve your customer experience. Digitising your workflow is one step you can take to reduce costs and improve security, productivity and customer experience.
- 72% of business leaders believe that improving document processes can increase customer satisfaction and brand value.
- 45% of business leaders predict an increase in departmental productivity.
In order to overcome the challenges that face them, financial organisations need to develop a strong digital vision, focusing on technological innovation and putting customer experience first.
To learn how you can embrace digital efficiency, join Adobe and Econsultancy for a 45-minute webinar live online on the 9th November, 10:00am GMT or on-demand afterwards.
• The 2017 Digital Trends in the Financial Services industry
• How to improve customer experience in the Financial Services Industry
• Digital customer onboarding and enrolment
• How electronic signatures can transform your user experience