Digital technology has touched down in every industry sector and financial service is no exception. Financial services companies are rapidly adopting technology to open the doors to more customers because the modern customer values a digital presence, as well as the convenience, ushered in by the implementation of digital tools. Several financial services companies are investing heavily in creating a comprehensive digital strategy. Their focus is to enhance the customer experience and also disrupt the conventional means of operations for the better.
As it happens, digital transformation in financial service companies is not just critical for attracting new customers but also for improving the employee experience, simplifying banking processes, and maximizing operational efficiency. Deploying technology within the financial services and banking sector can bring in much-needed data transparency, speed up transactions, help in complying with the ever-changing regulations, and out-pace the competition (especially coming from the companies such as Amazon and Google that were conventionally not into financial services). Digital transformation of financial services companies is essential in aligning the teams, automating regular tasks with customized workflows, quickly resolving critical incidents, and offering more clarity into business processes.
But the road towards complete digital transformation is not straightforward. While the companies can see early results on the efforts spent to improve employee experience, creating a customer-centric, customer-first platform is not easy. Providing remote access to minimize physical visits especially in the era of remote-everything, is a major challenge. The customer onboarding process is complex and cannot be templatized across various financial verticals. The onboarding processes need to be highly bespoke if you want the customers to not abandon it halfway through the journey. These processes need to be fast because let’s face it, no one has time to navigate through multiple forms, and pages. At the same time, the financial service companies have to also undertake stringent measures to maintain compliance with the regulations. No one needs reminding that these regulations are updated monthly, or even more frequently and compliance is critical to prevent fines or worse outcomes.
Hence, the digital transformation journey of any financial services company needs to be pitch-perfect. Many experts suggest starting with the digitization of the customer-facing processes, a kind of Digital Front-office as the first step on the road to digital transformation.
Let’s look at this in the context of just such a tool and the value it can deliver.
Choose from ready-made templatesInstead of spending hours building the front-end and dashboard for the customers, financial service companies can instantly get started by choosing from a set of ready-made templates. The templates are designed to provide a smooth customer journey and can be customized according to the specific needs of the financial service company, with the company branding sitting seamlessly in the design template. The templates are designed with a mobile-first approach, considering the user-base is largely mobile-heavy. Most importantly, these templates are compliant to MAS, ASIC, and other major regulatory authority guidelines. Financial services companies can migrate any services such as Zendesk, Whatsapp, or Freshdesk that they actively use for customer onboarding, post-onboarding, and ticketing with the chosen template using custom-built APIs that are provided. This ensures a minimum turn-around time.
Validate customers digitallyTo simplify the customer onboarding process, the platform is designed considering some key customer challenges. This includes auto-filling of forms to avoid filling of the same questions, quick and easy online verification with integrated eKYC, coupled with electronic agreement portals such as DocuSign and user authentication via digital certificates backed by FATCA. In the era of lockdowns and social distancing, the platform that enables customers to come onboard, verify, and validate completely online could certainly be a game-changer.
Extend enhanced customer experience
Considering a diverse user base and global customers, it is important to have multilingual and multi-jurisdiction support for providing an enhanced, inclusive customer experience. With Digital Front-Office, streamlining the post-onboarding journey, multi-user access, instant payment processing, and multiple currency processing with automated current-rate conversions is possible. Tracking the end-to-end customer’s journey, managing leads, and maintaining a timeline of interactions with a plug and play client management portal also becomes easy.
Simplify management with an intuitive dashboard
It’s important to keep the information needs of relationship managers and operating personnel, as well as the clients in mind too. The Front Office-Manager offers a dedicated dashboard for user management that helps in maintaining identity checks, performing regulatory assessments, building custom lists for clients, and creating relevant tests for appropriateness/ suitability for the clients. The dashboard helps in obtaining reports, statements, and payment logs and provides a consistent messaging channel for client portal and team members.
The digital transformation of financial service companies has now become a pressing need. With the right tool, this move could become much easier. With tools like Front Office-Manager, financial services companies can lower their costs and improve compliance while ensuring optimized customer experience. Starting with the digitization of customer-focused processes could set the foundation for a smart digital transformation strategy!