We know that banks and insurers must move away from silo-based organisational structures. They need to connect the various parts of their organisations so that different functions can talk to each other. There is, however, a right way and a wrong way to go about this. Getting it wrong will result in a costly endeavour with limited results – an internal project that fails to deliver for the client, or indeed the organisation itself. That’s the best case scenario. At worst, the wrong approach could take an organisation completely off-track, burning valuable time and resources on the wrong things at the worst possible time.
Clever in a customer-friendly way
Smart solutions are the answer to integrating the various silos. Implemented wrongly, however, and even these solutions could serve as a distraction from the final goal: that of a smart, unified system. The recent wave of new technologies can be used to follow, by simply improving what currently exists, or to lead by actively innovating for a great UX. Whether the role of follower or leader is adopted, there is one steadfast rule: it’s all about building a network, not just fixing elements of it. Not only that, but organisations must create this network in a customer-centric way.
Digital success as the sum of its parts
Digital success brings with it a steep learning curve and a delicate balancing act. An intricate understanding of cutting-edge technologies is vital, alongside the capability to see each one as part of a network, working in harmony for maximum impact. Solutions must work well for mobile and online channels, while connecting to other touchpoints. Creating fantastic online and mobile solutions in isolation doesn’t work – everything must be designed with a view to working with the other parts.
The end goal is a seamless UX. To achieve this, banks need experienced technology partners who can merge new technology and incumbent systems into a fluid network. A key tool in this transformation is the digital banking engagement platform.
Digital banking engagement platforms – the closest thing to a silver bullet
Digital engagement platforms are, in essence, the UX silver bullet that banks and insurers have been looking for. Faced with the overwhelming task of incorporating new technology and overhauling what has gone before, they need something to join the dots.
An effective engagement platform sits on top of the bank’s current systems, connecting the various strings of the organisation. Using the power of artificial intelligence (AI) and the flexibility of open APIs, a well implemented engagement platform will turn a group of silos into an interconnected ecosystem – an ecosystem in which UX can thrive. An engagement platform that can enable rapid deployment and differentiation will also speed up the process. It should be scalable and flexible, and must leverage emerging technologies. Properly done, this will be the bank’s shortcut to omni-channel success.
Managing this growing number of channels while maintaining a consistent CX will become increasingly complex. AD&D teams need to look for development environments and/or off-the-shelf digital banking solutions that help them manage screen designs and logic for a range of channels efficiently and effectively. (Forrester – Plan for Digital Banking Engagement Platforms, Not Mobile Banking Solutions – 30 August 2017)
Getting everything right
The latest and greatest technology simply must be brought onboard. However, it’s important not to leave the customer behind while doing so. The best way to prevent this from happening is to be guided by their needs at every step, and to anticipate their future needs.
Getting digital right is important, banks and insurers won’t survive without it. As part of this, a sharp focus on the end-user and the bigger picture will prevent a series of disconnected deployments.
What’s needed is a client-driven system rather than a series of isolated developments. This is what will be truly appreciated by customers. And that, at the end of the day, is what this exercise is all about.
Main image by Sergey Nivens, Shutterstock.com