Digital transformation and cloud adoption are a reality for every organization, and for many, the transformation is accelerating! To meet the growing need of the consumers, cloud is imperative to address various on-demand solutions . The future demands far greater business agility to win—and cloud technology is essential to achieving it. It is an impactful platform that acts as a foundation for greater business agility and continuous evolution. It enables organizations to respond quickly to changing business conditions, use data more effectively, and achieve exponential productivity gains. Embracing cloud today will be key to remaining competitive tomorrow.
Financial institutions are increasingly looking for ways to improve customer service and deepen engagement. For many, optimising the digital experience for customers is a priority. From leveraging omni-channel communication strategies to creating more personalised experiences, the goal is to deliver the right message, at the right time, in the right channel. In addition to a seamless customer experience, FIs are enhancing cloud governance processes by building a well-structured cloud service assessment from the ground up, to help demonstrate regulatory compliance when moving to the cloud. Optimising the structure and processes for cloud governance offers the advantage of increased automation and controls codification.
An advanced digital messaging and communications strategy creates a powerful data flywheel for financial institutions, enabling them to learn more about their end customers, make smarter decisions, grow share of wallet, and deepen customer engagement. Thanks to cloud-based contact centres, consumers are no longer interacting with only agents on the phone. For a newer strategy BFSI’s are upgrading their contact centres can complement digital tactics. Cloud enables the Financial Institutions to improve their recommendations systems. The use of artificial intelligence (AI) and machine learning (ML) has accelerated in recent years due to the cost-effective and virtually unlimited capacity cloud provides.
Fintech firms have been faster to innovate. Many, in fact, were born to address consumer dissatisfaction with traditional financial services providers. A McKinsey survey looking at the banking, auto insurance, retail energy, health insurance, and mobile communications sectors found that the quality and availability of digital interactions have a significant impact on customer satisfaction. Adding digital offerings is crucial to what consumer-facing companies must do to remain competitive in the face of increased customer expectations.
However, some organisations still only offer basic digital services, and not all have created integrated, omnichannel experiences. Companies that use technology to transform customer experience have increased customer satisfaction by 15 to 20%, reducing cost to serve by 20 to 40%, and boosting conversion rates and growth by 20%.