Digital transaction management is finding a place on every insurer’s and bank’s roadmap. Driven by the desire to build a truly 21st century rooted business, improve customer engagement or simply to operate more efficiently, digitisation takes many guises. Online channels have transformed transaction servicing. But taking digitisation further across all customer interaction is about much more than scanning paper forms for onboarding, automating back office processes in isolation or having a customer service presence on social media.
The ultimate aim for incumbents and disrupters is to achieve a state where the processes behind a customer interaction become invisible not only to the client, but also to the financial institution’s frontline staff. They can then focus on the customer relationship rather than on completing the next step in an internal process chain reliant on many IT systems and often manual tasks. So why is it that today in various countries around the world people can book a holiday in three clicks, and order, ride and pay in one, but still have to take many, many steps to do the same in financial matters. National Regulation? Compliance? Because we are used to automating existing processes rather than designing new customer experiences?
Together with Finextra, Connective published the survey ‘Digitise or Disintegrate’. This report addresses the appetite for speed in digitisation processes, measures drivers for success, gives a clear overview about what customers need and want and summarizes what the future could hold for further and deeper digitisation.