Is your organisation contemplating investing in digital transformation? Or already in the thick of it? If so, you’re not alone. By the end of this year, enterprises will have spent more than $2 trillion on digital transformation efforts.
But while 87 percent of organisations believe digital technologies will disrupt their industries, only 44 percent feel adequately prepared for that disruption. To help bridge this gap, I was honored to share Introhive’s take on how we help shepherd our customers through their digital transformation journey with Briefing Magazine this month.
Briefing is business management publication focused solely on the…
Your clients want a better customer experience. It’s something that other industries have already picked up on with 89% of companies competing primarily through their customer experience (CX).
But the financial services industry is lagging behind. In fact, only 11.6% of financial services institutions have allocated their budgets towards improving their customer experience. This creates a huge opportunity for your firm to separate yourself from your competitors with a customer experience that tops the rest.
To help you create a world-class customer experience that will transform your organization into an invaluable resource for your clients, here are our seven financial…
Finance is approaching a transformation. A quick google search on Bitcoin or blockchain should prove that fact. But while Bitcoin and blockchain are making waves at banks, clearing houses, and other massive financial institutions at large, nothing has really changed… yet.
Lurking around the corner is a shift that will change how we send and receive transactions, or at least that’s what we’re led to think will be happening down the road. And while that may be true, there are other technological advances brewing, including increased accessibility to finances, increased portability, and growing data protections.
To ensure that your accounting…
Haunted by visions of robots compiling information and spitting out numbers as you wonder what happened to your once booming financial services firm?
You won’t have to surrender to any robot overlords.
In fact, jobs in financial services — tax preparation, auditing, consulting — are about to get more efficient. That’s because machines eliminate manual data entry and provide instant insights, leaving you and your business development team with more time to ensure ongoing loyalty and drive new business.
What is AI?
Artificial intelligence (AI) is technology that collects information and learns from what it stores, enabling computers to…
There’s no arguing that technology disruption has and will continue to change the face of financial services. The real question is whether firms choose to proactively embrace this disruption or react to it. While each firm must decide its own course of action, first movers can reap many advantages. Read on for a summary of the opportunities – and the threats – that PwC outlines in its 48-page report: Financial Services Technology 2020 and Beyond.
Get Your Bearings
It’s tough to find a firm foothold in the financial services industry these days. Drastic technology-led changes seem to occur at every…
FICO recently conducted an online survey of 1,012 consumers age 18 to 50-plus about their relationships with financial services organizations.
“When we put this survey together, we had a specific story we had hypothesized that we would be able to tell about fintech, disruption and the arrival of Silicon Valley,” said Alex Johnson, Senior Marketing Manager, FICO, in a recent American Banker webinar.
But what Alex discovered is that the facts interfered with the story. The threat from non-traditional financial institutions isn’t nearly as grave as many in the financial services industry think it is. Only 2% of the survey…
Financial technology (FinTech) is transforming the financial services marketplace, according to PwC. They’re using technology and mobile platforms to slash costs and bypass intermediaries. They offer low-cost solutions that are simple to access and easy to use. In the process, they’re upending the status quo.
How can financial services providers make sure they can compete with these innovations?
With their own technology – specifically, CRM – that can help them give clients a highly personal experience. This is a key competitive differentiator. Consider the words of Torsten Eistert, Partner with A.T. Kearney, a global management consulting firm, in his article,…
A recent retail banking industry study by Gallup shows that when banks demonstrate that they are looking out for their clientele’s financial well-being, 84% of their clients become fully engaged with them. Even better, none are actively disengaged.
But here’s the rub: A mere 25% agree that their bank is looking after their financial well-being.
This indicates that there is opportunity in the banking marketplace. If you prove to your clients that you sincerely care about their financial health, you’re going to nurture intense loyalty in a fickle financial marketplace. This will pay off handsomely, considering it costs as much…
Cross-selling is almost a dirty word in the financial industry, thanks to the recent cross-selling controversy. Now, more than ever, banks are under intense scrutiny. However, cross selling is also the holy grail of business growth; it’s common knowledge that it’s far easier to retain and grow clients than win new ones. But proposals must be highly targeted.
CRM technology enhanced with CRM automation can help by providing rigorous client detail virtually anytime, anywhere with:
1. Data that is accurate, complete and up to the second. With CRM automation, data is automatically updated through both internal and external sources. There’s…