Let’s start with a question: ‘What holds businesses back from making changes in their business?’. The answer is quite resounding it’s ‘having the right information at their disposal’. No matter whether your business is expanding their product or service base into different areas, conducting specialist research and evaluation is vital if you want your business to succeed.
When it comes to financial services firms, it is slightly more complicated than this as the industry is much more regulated than others, where the introduction of any new system or process must have been gone through with a fine toothcomb to make sure it will meet the compliance regulations.
Furthermore, from how data is managed and accessed right through to noting customer interactions for audits, there are many different security & regulatory issues that need to be met before progression can be assured. As well as this, it is important to be aware of the newest additions to the rules for operational resilence introduced recently by the Bank of England, PRA and FCA which will come into force by March of next year.
Data silos highlight lack of logical processing
You will find that in most businesses that are using legacy systems with siloed datasets they will face the significant challenge of having to meet customer demand, developing new products/services as well as having to put a more personal touch on communications sent to clients.
It goes without saying but the vast majority of financial services firms are now maximising their use of digital such as social media to address customer service needs and to build investor relations alongside their more traditional communication channels. Some firms have taken this one step further by investing their efforts in new technologies such as AI which is designed to help to transform the overall customer experience.
All of the above sounds good, however in practice, what is the point of having all this access if the channels are siloed and information isn’t shared across these channels. For example, if a customer has an issue or problem, they don’t want to have to explain it again and again to different contacts on different channels, it needs to be in one place!
Another example of this could be that your sales team are analysing data and buyer behaviour to see if they can find any opportunities but are only able to look at disconnected reports which have little accuracy. Let’s face it, this isn’t great when the overall objective of this department is to increase sales and improve the overall customer experience.
Better insights across your business helps to improve your actions
Creating & maintaining long term relationships with your customer base is vital particularly in a competitive environment like the financial services sector. The only problem with this assumption is the fact that financial services firms need time to gain a firm understanding of their customer base & what communications they would like. If they grasp this, they will be able to stand out from the competition as well as reaping the rewards of giving customers/clients a smooth omni-channel experience.
The element that holds the key to unlocking the doors is business data. It can be the perfect asset for your business and when used to the best of its ability can help to unlock huge potential and value. Furthermore, the use of this data can help to forecast exactly what clients would want which in essence will help to mold any future products or services that your firm might release.
Start on your journey towards a full digital transformation
It goes without saying but most managers are already aware of the whole host of opportunities that can be generated from good data but are also fully aware of the barriers that could hold them back. However, when it comes to transforming the way they use data in their business, they find it difficult to comprehend. It is important to note that the move from ‘data disorder’ to a business that can review and report accurately on data isn't going to happen at the drop of a hat.
The best way of achieving this is by taking a careful approach that consists of a strong data strategy where sharing data and learning across your business through analytical and reporting tools can help your business to mold its own future. Here at Advantage, through the use of Microsoft Dynamics for Financial Services firms have helped many organisations to successfully take the first steps in moving towards a full digital transformation. To get started, please give our experts a call today.
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