In banking, digital technologies are a powerful lever for improving profits, improving customer experience, and enhancing regulatory compliance. With the COVID-19 crisis at its height, the latter imperative has become more urgent, as remote and mobile access for millions of customers has shifted from convenience to necessity.
Digitalization will increasingly play an important role in the future, as banks find innovative ways to serve customers in tough economic times. IT services companies in Los Angeles will be key partners in this transformation.
Automation for Cost Savings
Today, banking establishments are faced with the arrival of numerous start-ups specializing in finance, the FinTechs, which offer financial products and payment solutions appealing to new categories of the population, particularly millennials. This is not the first time banks have faced new entrants in their field, and they have been able to bounce back each time.
Once again, new technological advances and IT services providers in Los Angeles give them the tools to adapt. But how can digital transformation help them reduce costs and maintain profitability?
Because banks must now take up a triple challenge: retain customers, attract new ones while improving profitability. In this context, the choice of technology and its adoption strategy are essential for success.
Made essential by the sector’s transformation, cost reduction often involves eliminating the least profitable positions. Indeed, achieving profitable growth and strengthening profitability go through eliminating costs that do not create added value.
Financial Digital Maturity for Seamless CX
Financial institutions must adapt to the needs of more independent consumers, provide them with personalized services, and educate them on issues that affect them to provide them with a seamless customer experience across all channels.
According to a study, 90% of bank customers want better customer services and online and mobile account access. The framework that a bank chooses for digital transformation should be extendable to all channels – ATM, online and mobile – so that all contacts between the customer and the bank take place in the same format, thus offering a seamless consumer experience.
Integrating digital banking into self-service machines and the expansion of ATMs offering extensive functions and services will allow customers to benefit from 24-hour banking services.
Banks of the future are turning to technology Web/cloud and multi-vendor software to manage clients throughout their journey – from digital signage in an agency to hosting kiosks and enhanced self-service tools, to video conferencing systems self-service.
It is, above all, a question of reinventing the old counter. Highly advanced multi-vendor software can facilitate truly omnichannel strategies by increasing the ease of integration between ATMs and other banking channels.
If the banking sector is to remain healthy, investments must be made in digital maturity. This is where one of the keys to success lies in increasing their profitability and cornering the market.
At Advanced Networks, we provide strategic IT services to help banks and other players in finance in Los Angeles accelerate their digital journeys. Reach out to us to learn more.