Tag Archives: digital transformation in financial services

The Digital Transformation In Marketing, Sales, and Service

The digital transformation across all industries is making significant changes. Not just heightening productivity but also giving customers ease.

Let’s focus on digital marketing, sales, and service innovations from various industries. So, how did these initiatives strengthen client relationships and empower employees?

Marketing

The purpose of digital marketing is to locate more customers for less money.

Great digital marketing generates more high-quality leads. As a result, you are closer to your clients than ever. Whether they’re new to your company or have been loyal for a long time, digital marketing helps.

The transition from analog to digital marketing materials aids these efforts.

Well, digital products are less expensive to produce and distribute than analog materials. Email campaigns, for instance, are significantly less expensive than print-and-mail campaigns.

Second, digital marketing makes marketing automation, analytics tracking, and consumer dialogue possible. And yes, in ways that analog marketing never could.

Marketers can create 1-to-1 journeys that track consumer behavior. Then, tailor the experience to each individual buyer along the way.

Instead of relying on intuition, marketers now have access to data-driven insights

Sales

It’s all about the information!

You have now the capacity to collect vast volumes of accurate data on customer behavior. As a result, it allows marketing and sales teams to approach their business more.

The natural relationship between marketing and sales is looking at consumers as individuals. So, that means observing their behavior one-on-one. From the first touchpoint all the way through the buying journey, it’s important.

Nurture that bond, and magic happens when these historically separate groups work together.

Service

As much as any other aspect of business, the digital world is upending customer service and our beliefs about where service begins and ends.

It goes something like this:

  • From a few upstart applications that hire errand runners
  • hail vehicles for busy city dwellers
  • to a global push to “Uberize the entire economy”

Smartphones, electronic payment systems, and applications have created a smoother world.  As a result, everything you want is a swipe and tap away, 24 hours a day, seven days a week.

Talk about a digital makeover!

Customers expect more organizations to embrace digitalization. So, customers want organizations to make it their primary means of doing business.

For service departments, this entails higher expectations for queries of the customer. That means 24 hours a day, 7 days a week.

But, it also means more chances to please customers and attract new business.

Industry-Wide Digital Transformation

We’ve covered many concrete instances of digital transformation above.

As you know, all digital transformations begin with the transition from analog to digital. Or, the transfer of information from paper to digital.

Following that, these fundamental concepts apply to all enterprises and industries:

  • Get to know your customers through the digital channels they already use.
  • Use data to have a deeper understanding of your customers and the market as a whole.
  • Allow your data to flow freely and intelligence to be shared across your whole organization.
  • Encourage once-separate departments such as marketing, sales, and customer support to work together.

Many industries are benefiting from the digital revolution. Let’s have a look at how these concepts are being implemented in a few examples.

WalkMe is a digital transformation platform that has rapidly grown to meet the enormous demand for next-generation digital learning.

You can learn at WalkMe with your digital transformation journey.

The Rise of Digital Transformation in Financial Services Today

What does digital transformation mean in financial services? Read this article to know more.

Digital Transformation in Financial Services

The era of having to actually enter a bank to manage and handle money is long gone. Emerging technologies have created a whole new range of possibilities. And that is true in both retail and consumer banking, e 

The banking industry’s digital transformation, yet, is far from done.

For quite some time, a wide range of people has had digital access to financial services. But, the pandemic has increased the huge closure of physical banks. 

So, the trend has only escalated. And that drives more discovery of online options.

Far-reaching industry advances were already on the horizon. But, COVID-19 sparked even more. Now, many of the consumers who adopted online-only banking over the last year have managed to adjust.

In fact, many said they would gladly never go to a real bank office again. So, banks must constantly adapt to remain competitive in a market. That’s because where many businesses rely on technology. As a result, they can provide the best possible service to their clients.

Digital Transformation in Financial Services has accelerated banking digitization

Fintech’s growth has given banks a lot to worry about. For one, a fintech business is fully client-centric. So, they need to use hard data to flexibly respond. That will help them unmet consumer requirements. 

On the other hand, a bank advertises goods to customers. Which is based on interpretations of data obtained via personal interaction.

Consider fintech’s involvement in the recent success of open banking. They give clients access to their financial information. 

Which allows them to get services that fit their needs. So, they can fulfill their financial goals.

Banking clients today have higher expectations. Why? That’s as a result of the rise of fintech and mobile apps in general). 

Now, many demand user-friendly interfaces, better convenience, and efficient, tailored services. As a result, to attract and keep clients, banks must meet these expectations.

Will banks compete or collaborate? 

Today, banks must choose whether to compete or collaborate. Due to increased competition and the rising popularity of digital finance.

And, for the most part, it appears that creating partnerships is the better choice. Banking must transition to customer-centric platform-based models as a result of the digital revolution. And financial institutions will require the assistance of tech-savvy businesses to successfully reorganize.

While other banks may not be able to finance such agreements, that does not rule out the possibility of their competing. Banks continue to have several advantages versus Big Tech.

Example of Digital Transformation in Financial Services: Cross-border payments 

The number of foreign transactions is expected to rise. For one, the aftermath of COVID-19 affected this trend. The expansion of global eCommerce is also another factor. And the fact that workers are increasingly working remotely, which may be overseas.

There may be an increase in remittances as well. Google Pay has permitted US consumers to send money to users in India and Singapore. So, the company expects to extend to over 200 countries by the end of 2021.

Many banks are going to recognize that collaborating with fintech businesses is a good thing. First, it allows them to make use of the technology and data they truly need. 

So, they can develop, reorganize, and fulfill the requirements of their clients post Covid-19. And it will allow them to stay competitive against the very real dangers presented by Big Tech.