Digital modernization is quickly becoming critical for business success in financial services. Especially in areas like customer experience and business process efficiencies. But the key to any modernization is innovation. As a result, many financial institutions now see value in digitizing and automating business processes to address three challenges:
- How to provide more authentic and personalized customer experiences.
- Reducing business process inefficiencies.
- How to digitally transform and innovate whilst needing to maintain existing core and legacy systems.
With simple and effective no/low code applications such as Microsoft Power Apps, organizations are finding innovative ways to manipulate data and overcome these challenges. This makes these quick and easy-to-develop business apps a common solution across financial services. Here are some examples of how this technology is being implemented.
When thinking about human interactions, automation may seem like a step in the wrong direction. But by digitizing operational processes in the backend, financial institutions are finding innovative ways to free-up employees. As a result, they can focus on delivering the best customer experience.
Creating a more valuable customer experience
The expectation around customer experience is changing, resulting in more customers showing a lack of loyalty to financial brands. According to Gartner, “banking customers are increasingly demanding authentic human interactions.” This is a level of service that financial organizations need to provide across all channels to boost their customer engagement and loyalty.
Finding and solving business inefficiencies
If business processes are negatively impacting an organization’s performance, financial institutions should look for a solution with two aims. One, to reduce inefficiencies, and two, to increase profitability.
Automation can play a key role in both goals and provide a range of business benefits. It can remove paper-based processes, reduce the risk of human error and offer better access to data insights.
Removing legacy barriers to digital innovation
On average, financial institutions can spend up to 70 percent of their IT budgets on maintaining and servicing core systems and legacy applications. But by allocating resources this way, organizations reduce their time and ability to consider new innovations. At the same time, they risk delivering a poor customer experience with outdated systems.
This is a digital modernization barrier that no/low code application and automation platforms can help address in two key ways:
• Create modern user interfaces or mobile applications that seamlessly integrate with any existing business applications, workflows, and processes to change how employees interact with legacy systems.
• Extend and innovate legacy systems with Robotic Process Automation to help get more value out of core infrastructure and ensure it can integrate with other modern applications.
Source: https://cloudblogs.microsoft.com/dynamics365
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Global iTS is mainly into the specialized requirements in Financial Services and Insurance sectors focusing on the Digital Transformation journey in Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking by bringing Artificial Intelligence, Machine Learning, Blockchain, and Robotic Process Automation technologies and enhanced their productivity and profitability. We bring in over 15 years of international expertise to digitally transform any aspect of a client’s business.