My last post highlighted digital transformation and means to establish it. In the final post of this series, I analyze the call-to-action in implementing that vision
The roadmap to achieve the targeted customer experience (CX) will differ for each firm, given its current state, infrastructure, organization, and priorities. One common element, however, will be its knowledge of, and expertise with, the range of rapidly advancing technologies required.
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
From mobile applications and website design to applications that monitor social media sites for company or product names to AI and machine learning-enabled chatbots for contact centers and customer service, a gating factor in a firm’s ability to execute will be its ability to identify and implement the optimal vendor products and services necessary to realize its CX architecture. Here, as with the management of the cross-disciplinary implementation teams, it is often advisable to introduce outside counsel to guide a firm’s decisions and provide a level of technical acumen that might not be available in-house.
Technical Implementation of the CX Vision
To achieve a CX vision without disruption to existing operations, many firms will consider the migration of certain functions to the cloud, if they haven’t already. Many, if not all, of the technologies necessary, are likely to be available from cloud providers. This can expedite the implementation process. It should be cautioned, however, that cloud migrations themselves involve another set of technology skills that a firm may not possess in house.
The greatest risk of a digital transformation is that of inaction or failure to execute. If a firm does not provide an outstanding customer experience while a competitor does, it will cause a loss of revenue and market share. As reported by Forbes, “89% of companies compete primarily on the basis of customer experience – up from just 36% in 2010.”
To learn more about why financial services firms must focus on digital transformation to compete, you can click here or submit the form below to download our complete guide.