Digital technology has turned the relationship between business and customer entirely on its head.
It is no longer an option to stick to old analogue ways and manual habits for any industry, including the financial services sector. And for those looking to improve efficiency and competitive appeal, digitalisation is a must.
Digitalisation and the financial services sector
In many ways the financial services industry is often viewed as one of the most traditional but it is also one of the fastest moving and one of the sectors with the most to gain from digitalisation. So where does it have a part to play?
Maximising data use
The financial sector was one of the first to begin collecting consumer data and, as a result, is a goldmine of customer information. However, this data has very little value without the analysis and interpretation that can turn it into a valuable business asset. Digitalisation is the connection between the raw data and intelligence that can be used in everything, from business strategy to creating better customer relationships.
Products that deliver
Financial services products benefit hugely from digitalisation. There are efficiency and process savings internally, as well as the extensive appeal that digital products create. Millennials are a key generation for the financial services industry right now and expectations among that demographic are very much focused on appealing products that are easily accessible, flexible and low cost – all features that digitalisation can help financial sector businesses to develop.
Upgrading internal IT
Legacy IT systems can be slow, cumbersome, time consuming and expensive. Increasingly, digitalisation offers the opportunity for financial services businesses to upgrade to internal systems that are comprehensive and efficient. Financial businesses investing in digitalisation can switch to a more agile business model that is bespoke to individual needs, as opposed to one size fits all. Gone are the days when IT systems that aren’t quite the right fit must be tolerated with constant work arounds and temporary solutions. Thanks to increased digitalisation it’s possible to create a cohesive, consistent and comprehensive system that is scalable alongside the business and tailored to its individual needs.
Finance is one industry that has suffered from some negative perceptions when it comes to customer interactions. Accusations of inaccessibility, too much jargon, confusing products, slow responses and a lack of consumer insight have all been thrown at the sector over the years. Digitalisation offers the opportunity for the finance sector to improve customer interactions. From customer service bots to clear and concise apps and social ads, through digitalisation the industry can reach out to a broader range of consumers, speaking a language that they understand. The result is ongoing relationships that have a much higher business value.
Embracing digitialisation starts with operational structures and processes. FinanSys accounting software illustrates perfectly the many benefits for the financial sector in embracing digitalisation. From data analysis and reporting, to integration with other systems, it is a comprehensive upgrade for your business accounting needs. Get in touch with our team today on 020 7456 9830 to find out more.