“Digitalization” has been the most frequently used buzzword in every industry for the past two decades, applied to every service, product, workflow or process, without exception. It has often led to unexpected, enormous leaps in the way society works, the way people perceive the world, and in turn, how businesses operate, changing well-established traditions and practices almost overnight.
One of these leaps came faster than anyone expected: the transition to remote services in a socially isolated world. The sudden change of constricting the general population of the world into mandatory domestic isolation brought the necessity of providing customer centric remote services into the spotlight for every player in the industry.
This need for remote service opportunities has been on the rise for years now for clients getting used to digital communication channels and digital store-fronts, but traditional financial institutions, – despite spending billions on pilot projects – have been slow to develop user friendly digital solutions to substitute in-person client meetings, contract signatures or hour-long phone calls. Though the willingness to change and to keep-up with technology has been the subject of many a meeting ever since the emergence of the disruptor banks, the consequences of not being able to catch up in time will now be felt harder than ever, first-hand.
Today, it became more important than ever to maintain our social connections through digital solutions. Not only for our personal contacts, but for almost every service in the world. As remote customer experiences become more common, the way banks offer their services must also change. This change was always inevitable, but the abrupt change in our everyday interaction with the outside world highlights the challenges that banks must quickly overcome, to prevent customer churn.
However, while we can see some improvement in retail banking, the wealth management segment still lacks the necessary solutions. This is why we examined the necessity of having to offer traditional services remotely, in our newest white paper, focusing on five key elements of digitization in a remote service world such as:
- The digital onboarding experience
- The online customer relationship management
- The paperless work processes
- The innovations that automation can provide
- The importance of secure communication channels
Moreover, we examined the decline of physical branches and the rise of digital solutions, the necessity of having to offer traditional services remotely, with a deep dive into the five focus areas outlined above, concluding with our solution proposals.
Read our new white paper and find out more!