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How can Financial Institutions Succeed in the Digital Age?

about 3 years ago by Luigi Muscat Filletti
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As banks and financial institutions continue to transform themselves digitally, it becomes more important than ever for them to secure the right talent to implement the necessary technological changes. As the financial industry integrates new technology, newly developed sectors have been emerging through Fintech, such as those of Regtech and Insurtech, which are revolutionising the way the customer is experiencing such financial services.

With technology processing faster automation and collecting and analysing larger volumes of data in real time, it becomes fundamental for Fintech start-ups and established companies alike to accelerate to their top game in tech-based services. That being said, it is  not enough for financial organisations to be able to provide the best financial solutions to their customers - it is also crucial for such companies to direct their attention to the customer, making them the centre of their operations to be able to capture their trust and loyalty. Hereunder are some factors which banks or financial institutions should take into deep consideration when looking to succeed in the market.

Offer the Ultimate Customer Experience

Organisations which provide online banking or other financial services, especially nowadays through smartphone access, must operate in a customer-centric manner in order to engage with users in a more effective way. If such an organisation does not provide the user with a seamless and unique experience, they will be failing to stand out from the competition, making it more likely that the user will opt to carry out their financial errands with the competitors. With technology enhancing any company’s connectivity with their customers, it is very important for banks and financial institutions to offer speed and ease of use for a wide range of services, such as applying for a loan or for insurance, processing payments, transferring money and interpreting financial advice, all through digital devices. Therefore, UX and UI Design in Banking and Finance is of significance when developing engaging online platforms for users to complete financial tasks. Furthermore, today’s fast-paced world demands online services to be quick and simple, meaning that the user expects a straightforward process when carrying out transactions or making use of services through their device. This means that talent in software development is essential to amend any flaws in the software, make the necessary adjustments and regularly update apps and sites to increase performance.

The main objective here is to make the company the first choice for the user, and in order to do so, the company must offer diversity and unique value to the user through the services and financial solutions they provide. Acquiring talent in the fields of software development, UX and UI Design is therefore important in order to really optimise a company’s website and app to successfully capture the user from the very start of their journey, all the way through their complete life-cycle with the company.

Push the Technological Boundaries

In relation to offering an exceptional customer experience, this can also be enhanced through digital innovation which can transform the way banks and financial institutions manage and make use of their data, as well as innovate how customers can remain connected. Artificial Intelligence in Fintech has given rise to the power of cloud computing and automation, which have significantly changed the way organisations collect, store and process their data to be used for marketing and sales strategies. The constant flow of customer data in terms of spending habits, income, expenses, financial status and security can help banks and financial institutions analyse and hence better understand a user’s behaviour with their money, and how they can be offered valuable financial advice. The rise of Big Data in Banking and Finance has helped companies in these industries to gather greater customer segmentation through the analysis of data. Marketing campaigns and personalised product and service offerings can form better customer relationship management, and such strategies can be put into practice more effectively with the right technology.

Moreover, with the exciting opportunities of Internet of Things (IoT) in Fintech, banks and financial institutions can offer more diverse services and keep their users continuously engaged. It is predicted that within the next few years, wearable devices such as smart watches will be used to carry out financial transactions - integrating such a component in a company’s strategies will become a top priority to remain relevant, if such a prediction were to be true.

One should also add that as banks and financial institutions shift towards the digital platforms, cybersecurity becomes an ongoing concern. Recruiting the right talent in this area will prove beneficial in both the short and long-term, as expertise in this field is important to safeguard customer data and money, as well as that of the company.

With software developer career opportunities becoming more plentiful, it is just a matter of securing the right talent in the required areas of expertise. Bringing along the best talent in technology is a long-term investment, as such professionals can contribute to the development and innovation of services offered by the company, thus progressing the company’s growth in the market.

All in all

There is no denying that the near future will see a shift of attention to digital platforms for banks and financial institutions, and the war for attention and top service offerings will put more pressure on companies to attract the right talent which can guide them to the top. Deploying a strong employer brand and generating a constant stream of innovative ideas to the table requires professionals who are experienced and highly motivated to take the organisation to new heights. This means that developing a customer-centric approach to all services is essential, and will determine the impression and reputation that an organisation has in the eyes of the user.