Including from the way we talk to the customers to uprooting insurance by transforming payments, Covid is forcing us to unusual steps in changing the financial service industry. But there are 4000 UK financial service providers are in critical risk due to the same reason. It is known that only the elite, the web people with the technology and culture can produce effective disruption at this situation. Below are few of the key trends we’re seeing in financial services, and how to up skill, enable and prepare teams in order to generate the organizational drive for this transformation and disruption, in an industry known for its colossal ways of working.
We are seeing partnerships between the retailers and the payment companies, delivering great flexibility for the consumers and an increased reliability for the retailers as well. The ‘buy now pay later’ options and add on services that offer more options to support merchant resilience will be essential.
But before enabling a new tech all of sudden, it is crucial to understand and ensure that they have an innovative culture in place. This can become an effective foundation for the disruption. Few tips were shared by Mr. Michael Chalmers, MD EMEA at Contino to build a strong foundation.
Customer involvement is something that acts as the central element to all or any commotion within the financial services today. Respond in real-time to customer queries. Better still, expect the customers’ next need before they’re even aware of it. All of this is often made probable through an associated view of knowledge. Businesses should still hold together the technologies like AI and ML to connect with the customer insights and answer customer needs whether that’s approving a loan or recommend a replacement offer. From answering customer queries and branding banking experiences to revenue accounting and trade settlement dashboards, advanced data abilities will still be critical.
Being realistic about what the team can achieve and if required enhancing those skills. In his own work he has seen that digital revolution is most effective when it impacts the abilities of the existing team, but that doesn’t mean leaving them on their own. Major element, collaboration is the key. IT and data teams must form an internal partnership in order to get ploughed into the business laterals. Analytically, they must be present in the boardroom. For many years, those with the technical skills have been left out of scheduled meetings. But their understanding is undeniably critical, especially when it comes to taking the right tech stack to facilitate innovation.
If the competition has to be kept in check and the company wants to be in a leading position, developers must be given the freedom to evaluate new techs and make the required changes. This will enable rapid creation of business value. The focus must be on digital transformation of the business models to reach customer expectations and innovation on new techs.
Cloud capabilities should be given out across the organization. Creating a data driven environment will help in all the decision makings moving forward, to do so means to able to share the data across all the departments. Including legacy brands, every financial organization in the UK market today is able to achieve disruption. But the ones that are struggling at this time need not have the entry of new product or making a competitor take up partnership, be their saving grace. It is going to be a constructive, collaborative and creative culture where the ideas grow, which will not be suppressed by data unavailability or restricted team structures. The struggling financial services providers can be got out of danger through only Innovation.