Skip to main contentClick to view our Accessibility Statement or contact us with accessibility-related questions.

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:

75% of banks and insurers think that customers prefer to be engaged via email, automated messaging, or a website rather than via a personal virtual connection.
The reality is different: 38% of customers prefer these options.
89% Most important initiative as forms rebuild: Enhancing customer experience
62% Tom medium term challenge: Organisational resilience and business continuity
65% Number one action to support remote working: Reengineering processes to become more flexible
39% Near future digital transformation strategy priority: Business intelligence, AI, and advanced analytics

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.

Get the full story – read the Forrester Consulting study

Clock tower above BBVA Bank in Argentina

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.

Woman editing graphs on a laptop

Leading Insurance Company Digitized Without Disruption

With thousands of incoming documents every day, this company moved from manual mail handling process to a highly automated one with Xerox Digital Mailroom Service.

Businesswoman sitting outside with a laptop

Financial Meets Digital

Digitization and customer experience are defining the future of banking and insurance. Access the Forrester Report.

Related Articles

  • A bank teller helping someone fill out forms.

    Information redesign banks client £270,000 in cost savings

    Discover how Xerox transformed operations for a UK merchant banking group, expertly automating and optimizing their workflows to achieve enhancements in efficiency and performance.

  • Bees on honeycomb

    Effortless efficiency

    What if touchless was truly seamless?

  • Women shaking hands.

    From days to minutes – how Xerox services shortened the credit granting process

    See how a major player in retail financing used Xerox's automation to increase efficiency and prevent fraud.

  • Bank with ornate statues

    Case Studies: Banking and Financial Markets

    See how we’ve helped banks and financial services organisations improve the customer experience and save costs.   

  • mail letters stack on desk

    We helped an insurance giant save £6,000 per month

    See how Xerox assisted one of the world's largest insurance brokerage significantly lower their printing and postage costs.

  • Happy woman reading a catalog

    A bold, practical approach to customer communications

    How to build and scale a lean communications operation and deliver quality customer experience