Over one-third of banking revenues are in play due to the forces of digital disruption. Does your financial institution have what it takes to survive? Digital-first competitors are meeting the needs of customers through personalized and omni-channel experiences. To avoid the risk of losing customers, it is important for your organization to stay competitive in the digital playing field. Assess your organization’s current strategy before deciding how to respond.
To determine the best actions for mitigating financial services risk, consider asking your team these questions:
- How do customers experience your business?
- How are you balancing the risks and rewards of serving less-than-perfect customers?
- How much is your technology holding you back?
- Are you moving at the speed of opportunity?
Did you know that 52% of digital account openers use mobile devices, but only 8% of successful new bank applications are started and completed on mobile devices? That being said, digitizing the entire process from start to finish and creating a friction-less transition between physical and digital channels is essential to customer retention.
After all, research shows that increasing customer retention rates by only 5% increases profits by over 25%.
It’s time to adopt the latest digital technologies to catapult your financial institution into the future of banking. A seamless digital platform builds retention by creating a data-driven journey tailored to each customer, providing a layered approach to risk and fraud, and delivering analytics for insights into what’s causing automatic denials or acceptance.
Getting to the top of the financial ladder may seem challenging at first, but taking a step-by-step approach and implementing a fully digitized platform can give your financial institution the competitive edge it needs.
Consider the benefits digital transformation provides:
- Seamless end-to-end digital experience
- Quick insights into customer data
- Flexibility to make rapid changes, and
- Positions your organization for future growth
Advancing in today’s industry often demands a strategic partnership with a technology company that has a strong foothold in the industry. More specifically, one that is willing to offer a holistic product development approach that will provide solutions to steer clear of financial services risk.
Find out how your financial institution can respond to industry disruption: Financial Services Risk Assessment: Will your institution survive industry disruption?
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