Building Success for Financial Services Through Transformation
The COVID-19 pandemic changed customer behavior dramatically. Banks, insurers, and other financial services firms must reimagine operations and customer touchpoints to satisfy evolving customer preferences.
Managing risk and compliance are still essential, but firms must also adjust to new customer expectations. With the pandemic-induced urgency for firms to digitize, many firms are yet to realize that their customer’s actual preferences have not yet caught up.
To help understand the changes underway in the market, Xerox commissioned Forrester Consulting to evaluate the current state of digital transformation and the future of the banking and insurance industries. The results were pretty insightful:
This is how banks, insurers, and other financial services firms can adjust:
Know the needs of your customers – and match their expectations.
Banking and insurance firms will differentiate themselves if they prioritize their customers’ preferred experiences, offering them blended end-to-end journeys that weave human and digital interaction together. Make sure your firm, and your delivery partners are capable of understanding – and executing – on this.
Build on digital foundations.
The pandemic has driven much digital transformation through necessity, but now you can build on this, secure advantage and accelerate change through selective partnerships and communicate your digital strategy to build confidence from stakeholders.
Establish a robust partner network that drives outcomes.
It is vital to invest in customer engagement to meet customer expectations now and in the future. As you evaluate your partner landscape, make sure you focus on those who understand customer engagement, have a track record in accelerating digital transformation, and are adaptive enterprises that can help you build back strongly.
BBVA Reimagined Customer Onboarding
Onboarding time at bank branches decreased from 40 minutes to 10 minutes, and the their maintenance process for documentation reduced from 10 minutes to only one.
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