CEO at Urjanet, helping organizations impact people, planet and profits using our innovative cloud-based data service.
Digital transformation in banking and lending has been underway for several years, but the pace is accelerating as a result of the Covid-19 pandemic. As banks pivot from branch footprint expansion to an omni-channel strategy, the truly digital customer experience is finally here.
To be competitive throughout the pandemic and after it, building a customer-focused, digital-first institution is a must as customer-centric banks outperform their more traditional peers. Investments in data innovation can help streamline this shift to online experiences and also yield substantial returns. One study showed that banks and credit unions that digitize processes can achieve a 20% increase in revenues and a 30% decline in expenses.
This requires not just financial services institutions but also their partners and suppliers to rethink how they leverage data and technology. My own company has had to refocus our product roadmap, service model and support tools for our financial services customers in light of the Covid-19 pandemic to deliver better digital processes. Corporately, we’ve also had to adjust how we interact with banking and lending customers, most recently shifting our annual customer conference from an in-person event in Atlanta to a series of digital events. In September, we met virtually with these industry leaders and their solution providers to hear how they are adapting to the new global circumstances with data innovation and new customer experiences.
Consumers demand simple, trustworthy experiences from financial institutions.
Customers’ expectations are rising when it comes to banking and data privacy. According to EY’s customer research, only 60% of consumers are comfortable sharing personal information with their primary financial service provider without any assurance regarding data protection and security. Features like full price transparency, hyper-personalization and clear ownership