Gone are the days when by having just a quality customer service, you can entice and retain customers. Today, it’s all about customer experience from the initial outreach to on-boarding solutions and services. Be it millennial or individuals, you could expect a flawless, digital experience no matter which industry, service or product you are looking to. Even executives of the financial industry are recognizing digital demand all across the customer segments in order to sustain or grow in their market space.
Keeping up with the pace
To keep up with the pace, companies and firms are creating better understanding and capabilities to personalize the customer experience. Whether that’s through investment advice, on-boarding, conventional methods like lending, or customer reporting and servicing.
Many companies and firms are exploring robust, scalable and digital-enabled tools. Even some firms are already competing and getting ahead of the competition. “Digitally advanced” financial institutions are investing around 17% of their revenue in technology as compared to 12% for all the firms, according to reports. And by 2022, it’s expected to rise from 24 – 19%, respectively. However, it’s not a huge difference, when compared with the big brands because they are generating more revenue.
At times, when budget is comparatively tight and profits and revenue are low, especially for asset managers who are largely investing in digital technology. It could make a huge and significant difference especially when you are looking to create greater efficiencies and personal customer experiences. As per the reports, currently around 31% of the revenue is generated by the digitally advanced firms, which is basically due to the investments in digital channels, if we compare with 22% for all the organizations and firms. It’s predicted that above mentioned figures are expected to rise by 48% & 38%, respectively by 2022.
Infact 31% of the revenue generated by the digitally advanced companies and firms is basically due to the investments in digital channels as compared to 22% for all organizations and firms. It’s predicted that those figures are expected to rise to 48% and 38%, respectively by 2022.
Enabling new products and services
Some organizations and firms have already started taking action. By understanding the need of the hour, we at Parangat have started working with investment managers to help them create a new approach to meet their business needs.
One of the big pain points for consumers and users who are looking to have a loan is slow process, which in turn, results into dated applicant experience. Even too much time is spent on piles of paperwork, endless visiting trips to sign original documents and many other action-killing delays, which are basically caused by an old conventional process. But by digitizing the process and workflows, we at Parangat are successfully collaborating and creating flawless and seamless process.
How about remotely securing a loan within a matter of days? What If your clients could digitally apply for loans, easily process the steps, get their documents evaluated and approved? It’s great, right? Digitalization will undoubtedly accelerate the lending process and significantly minimize the big pain points of paperwork and delays of customers.
Digital improvements and enhancements
Digitalization will not only enable the firm to come up with a much more customizable experience for its clients, but will also lower the internal production costs for its client reports, fact sheets, fact sheets books and pitch books, thus allowing the company to reorganize their work procedures and processes so that they could come up with more strategic initiatives.
Today, most of the industries and firms are seeking creative and innovative ways to deliver cost effective products while having a deeper client bond.