Information Management Is the New Asset Management for the Financial Services Industry

Monica Hovsepian , global industry strategist, financial services at OpenText

19.05.2021 05:45 pm

management

The COVID-19 pandemic has accelerated the digital journey across many sectors, including the financial services industry. With this quick overnight shift to a greater reliance on digital, financial services institutions had to adapt quickly and create new processes to engage and protect employees and customers during this challenging time.

As an industry that has traditionally revolved around face-to-face contact, banks have had to quickly focus on improving their end-to-end digital services and enhancing consumer experiences over the last year. So how can they build on this digital transformation momentum post-pandemic?

The importance of digital organisation in the customer experience

Customers today are demanding seamless and intelligent digital interactions with their financial service providers. As the majority of services are being accessed remotely, customers are looking for an experience that looks and feels the same – regardless of how they get in touch with their bank. Whether banking on their phone, computer or tablet, customers want the same personalised experience they would experience in-person. The individual needs of the customer, the relationship established with the customer, and their banking behaviours over time need to be taken into account to provide an excellent service and engagement.

The pandemic accelerated digital transformation initiatives across the board, and it’s no longer good enough to only offer a partial digital process. As more brick-and-mortar branches close, customers are growing increasingly used to digital engagements. Now processes need to be reimagined throughout the entire customer journey, end to end, with the experience of the user in mind.

With an increase in choice as improved digital options become available, financial services organisations are in danger of losing existing customers. To retain long-term customers, they must focus on deepening engagements throughout the customer lifecycle and ensuring that customer experience is at the heart of this ‘new normal.’

Empowering employees to deliver a first-class service

In order to provide the best service to their customers, employees need transparency, visibility, insights, and information. With specific insights and well-defined, streamlined processes, staff can ensure they are addressing the needs of their customers.

Access to information across the entire enterprise is more critical than ever. If employees can swiftly address customer enquiries and service requests, they can meet and exceed customer expectations, helping to build loyalty and improve brand image.

During the pivot to remote working, staff with access to technology platforms which intelligently create, personalise and deliver true omnichannel experiences at scale fared much better than those working with distributed point solutions across their front office, mid office, and back office.

Moving forward, we can expect for financial services organisations to pivot towards digital experience platforms and customer information management platforms that bring all components of a customer experience and information technology ecosystem together.

The ability to deliver an incredible customer experience is the crucial competitive edge of any organisation. Customers today expect this exceptional and consistent service. Ensuring employees are enabled to deliver great customer service is key.

Banks and credit unions need to make choices on how they can best support their customers in their digital banking journey. Intelligent use of customer information will be key to offering a personalised experience and seamless interactions. By combining the right information management technology and a consistent focus on the end user, financial services organisations can deliver an excellent service and remain the best choice for their customers.