Driving digitisation: the big win-win for both sides

Empowered and connected like never before, customers want anytime,

anywhere access to their financial data. Sounds like hard work and a big

technology investment for banks? Actually, life is set to get easier.
Whether it’s for customers or banks, digitisation is the new win-win.

 Thank goodness. 

Banks are becoming accustomed to looking at their services from the

perspective of customer centricity. But few have explored the attractive

long-term benefits of going digital. Let’s go there now.

Boosts process efficiency and cuts
costs

When ageing internal systems are replaced with faster, more agile technology,

 back- and front-office processes speed up. Automated systems mean staff

waste less time on tedious paperwork and lengthy manual processes.
They’re also less likely to make errors. Time is money. With faster, more
flexible  processes, less time is wasted and customer service improves.

The result? Happier customers and staff, and healthier budgets.

Drives new business capabilities
and greater profitability

Digitisation of data means that banks are moving from data storage to

 meaningful data analysis. With data turned into information, institutions

 can better target their offers,advice and services to individual customers.

 Add in the opportunities of creating new services, such as a mobile app for

 loan applications, and the business potential of reaching more customers

at a lower cost is huge.

Keeps customers satisfied

Digitisation opens virtual doors. Offering customers easy access to rich,

personalised financial services – whether they’re on the train or

 at home – gives them the control and freedom that they take for

 granted in other aspects of their lives. They’re asking: “Why not in banking too?”.

 And they’re right.

A survey by The Banker reveals
that, “it is as though consumers are

dragging the banking market, and indeed the wider business

world, into a new age based on growing expectations of service models.”

We should thank them.

The Banker/SAP report: Customer
Engagement in the Digital Age