Digital Transformation Optimizes Financial Markets

Data Doesn’t Lie:

According to gathered data, customers all want the same thing with their financial institutions:

  • Communication across multiple channels
  • Personalized services for their day-to-day needs
  • To be ensured their financials are in good shape moving forward

According to research performed by Accenture, 79% of consumers, want more than a simple transactional relationship with their financial services provider. As consumers become savvier, they are now looking for good advice that can guarantee their lively hoods into the future.

 

% of clients who want more from their relationships with their financial institutions.

 

In today’s market, achieving these changes requires financial institutions to adopt new technologies consumers have already become accustomed to using. We know that many companies struggle to adopt these changes quickly enough but with Objectif Lune you can solve these integration challenges.

 

What does this mean for the Financial Industry?

The transactional business format many financial institutions still use goes against what this generation of consumers want. Consumers want services that speak directly to them, catering to their needs, wants, and future goals. This is imperative given the decline in pay compared to the cost of living. The data shows that providing these services to clients directly relates to increased client loyalty guaranteeing continued and increased business.

Information being at everyone’s fingertips has created a need for businesses to speed up their processing abilities; be it through their services or their accessibility. Clients are used to accessing exactly what they need instantly, making the long waiting periods associated with financial services, unacceptable.

 

Financial Institutions need to focus on CX!

Focusing on customer experience (CX) will do more than increase client loyalty by at least 40% (Accenture). Your CX initiatives will begin to have an impact on your brand image and perception thanks to social media. This will lead to new clients.

While companies that make up the financial industry are traditionally slow to change, the study indicates that consumers are already at ease and satisfied with digital means of communication. In this case, online text support by 57%, video chat by 55% and traditional face-to-face interactions are a 51% satisfaction rate.

 

What companies need to improve for their CX?

Before getting into the nitty-gritty details of what needs to be done on a granular level, the biggest hurdle many financial institutions face is merging “traditional” methods of communication with digital. As consumers become more digitally savvy, they require instant access to the information and answers they seek.

Clients no longer expect face-to-face interactions or to call someone directly to solve issues. They want streamlined services that allow them to research, discover, and implement solutions on their own at the speed they want, which for most, is instantaneous.

What’s more is that people are much more willing to share personal information about themselves, 73% in the U.S. alone, if it means getting the personalized service they require. Between 58% to 95% of people are willing to share data in return for both relevant advice to their personal circumstances, and for faster, easier services by their financial institutions.

 

The Takeaway

The data garnered can help Financial Institutions offer multiple ways of communicating clearly, effectively, and efficiently with their clients. Simply ensure you tell clients why you want their information: to offer them better, personalized services. People want relationships with their Financial Institutions that are more than simply transactional, they want to be treated like people. While this is only the start, it will guarantee longevity, loyalty, and an increase in your businesses’ bottom line.

If we take the example of accounts receivable in the financial world, OL Connect offers software that optimizes this process and can improve your paper and email invoices. This user-friendly software puts you in control of your processes and documents.