Digitisation is the most important ongoing development in the financial service industry, with nearly every firm pursuing some form of digital integration of the customer experience to improve their business’s performance. Financial service providers are poised to make increased use of their data to provide tailored solutions to their customers, while identifying the right customer group to fill their client base.
Cognizant, the leading multi-national firm aiming to transform business, operations and IT models for the digital era, has published a new report entitled Digitizing Financial Services: How Mastery of Digital Differentiates Leaders from Laggards. Cognizant introduces looks at digitisation as a way for financial service providers to gain an edge on their competitors. Their report is based on a survey from more than a 100 North American senior financial services executives.
One of the key takeaways from the report is the clear vision these executives have on the impact digitisation will continuously have on their sector. Capitalising on these technologies will be a major striving point for any business within the industry. The surveyed executives believe that 25% of their overall growth will be driven by customer experience-focused digital strategies and investments.
Customer-centric points of attention that have been specified by the report include the necessity to become more responsive in the customer experience, informing the client from all contact points, optimising the digital customer experience, and identifying opportunities and customer needs based on their behaviour and data. Furthermore, it is important for financial service providers to fully recognise the value of a customer relation. Self-ascribed leaders in the industry score higher on all these points, identifying these objectives as more critical to their business than the broad industry.
To read or download a PDF copy of the complete ‘Digitizing Financial Services: How Mastery of Digital Differentiates Leaders from Laggards’ report by Cognizant, please click here.
