What is the digital transformation in financial services? And what are some digital transformation trends can we see in the area today?
In today’s digital world, it is impossible to survive without riding the wave. Of what? Of what is new, what the customer’s needs are, new techs, and more.
Know the factors affecting employee performance
Moreover, WalkMe enterprise gives a secure program that will not affect site performance. It adds a reliable program for the business.
Also, this enterprise changes to any screen size and purpose. And it develops workers’ richness.
So, to keep an edge from rivals, it is now important to do a digital transformation or Dx. And this is also true for financial services.
Digital Transformation in Financial Services
The financial services are not free when it comes to Dx. The rise of financial technologies or made the run even tighter.
Also, a new age of banking is now rising with the birth of digital banks. These are banks with no physical office and have all their services online.
Thus, physical banks need to get up to them. Because their paper system is not what people want anymore.
But they are not the only ones. Insurance businesses also need to catch up.
So may it be firms that were around even before the digital world or not. No one is safe from the need to do a Dx.
Thus, what they need to do is to:
- let go of old ways
- update their culture
- upskill workers
- change their way of thinking
- focus on growing a digital business
So, what trends are we seeing in the area today?
Digital Transformation in Financial Services: Key Trends
Digital Transformation is Top Priority
Today, we can see that a lot of businesses in the area are now focusing on Dx.
They now see its use as 97% of them are either already doing a Dx or making a plan to do one. This makes it almost all firms.
Also, around 21% of these businesses are making the journey their top priority. What are the operators for this? The fast-paced developments in the area.
Companies doing Dx are now seeing good effects in doing the journey. Today, we can now see a rising trend of businesses seeing an increase in their ROI.
And these results are even bigger than in other areas. Those in the lower core market are seen to make a 10% or more growth in revenue.
Thus, making companies become more like to spend more on the journey.
Better Customer Experience
Because of Dx, the clients in the area can feel a better customer experience. It is their whole journey from the start until the end, so it is not only about buyer service.
So today, it may mean the customers:
- can get to their account from many ways
- have the answer to their questions faster by a chatbot or Robo-advisor
- receive notifications real-time
Also, businesses can now give their buyers more personalized services. And give them what they value which are:
Thus, making this area one of the most focused when doing Dx in the area.