There are two ways to make this leap. One is the more traditional way, trying to predict where the market pressures are without the use of technology. The second involves using technology to automate more mundane processes that are nonetheless loaded with risk, such as collections management. Only one of these strategies will guarantee survival in these uncertain times, which are going to continue for years to come. Ultimately, the incorporation of technology is not just a game-changer but an unavoidable opportunity to generate long-term customer loyalty.
Furthermore, customer expectations about what is digitally feasible have significantly increased. If a financial institution cannot demonstrate its expertise to customers or show that the data it collects is used to provide faster, more specific services and a more user-friendly, personalised experience, customers are unlikely to be too impressed and the company’s future reputation could be at stake.
There are many possible routes forward, and the exact technology chosen is not so important. What is important is that the technology allows the company to “dedicate more resources” towards building that consumer confidence. And as providers in the sector, this exactly what we are concerned with: what can we provide so that our partners (more than just customers) can acquire new capabilities to help them face the challenges that lie ahead.
An innovation culture does not just come about because a company is full of ‘geeks’. Whilst it is certainly vital that directors and managers have skills and techniques that would have been unimaginable just 10 years ago, the real key is in adopting a culture of continuous change, demanding better quality data to cater for the diverse range of customer needs and thereby achieve sustainable growth according to the needs of the market.
It is also vital that companies fully accept and align themselves with this new philosophy (data is king) so that any review or incorporation of technology is aimed at creating processes that achieve the goals they have set. This means being aware of two key things: external suppliers will be necessary, being by their very nature more agile and adaptable; and the process will be tough – this is not a journey for the fainthearted.
This state of continuous change, or “permanent beta phase”, is also important for financial institutions to become pioneers in digital literacy. As well as flexing their digital muscle to customers with greater market penetration, they will also need to educate more reluctant customers, accompany them in their transactions and advise them on the best available options for managing their finances.
Finally, a focus on simplifying processes will also have an impact on the final link in the value chain because it will naturally provide the user with a more intuitive, natural experience in line with their expectations and with greater ability to choose the most profitable services. Furthermore, the added advantage is that once a customer has been gained through a digital channel, they will tend to repeat the same tasks using services with are more logical, faster, easier and above all more convenient.
Ultimately, at GDS Modellica, we provide the market with the right tools to guarantee the required conceptual change for the emerging post-pandemic era. The choice is not whether or not to adopt technology. The choice is between understanding the challenges ahead or being defeated by them. For those who choose the first option, we have the right solutions.
Press Release Madrid, 14th April 2021 GDS Modellica will be a Bronze Sponsor at the
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