Newgen has conducted a poll on LinkedIn, asking our followers, “What does ‘Transforming Experiences’ mean to you?”
The results were that 45% of respondents said they interpreted “transforming experiences” as enabling anytime, anywhere operations, and 28% responded with end-to-endcustomer journey enablement. It’s no surprise, especially during a disruptive global pandemic, that most organizations are focused on improving customer experience, uninterrupted business operations, and secure remote accessibility.
But the question is how can enterprises, like yours, transform the end-to-end experience for your internal and external users?
Let’s see if the answer lies in digital transformation.
What is Digital Transformation Anyway?
In a separate poll, we asked our LinkedIn network what “Digital transformation should mean.” 38% of people responded with simplified work, while the rest of the respondents were split evenly between paperless operations (24%), new innovations (22%), and happy customers (16%).
All of them are right! Based on our experience over the past nearly three decades, we believe that effective digital transformation should involve:
Enhancing your customer experience through omnichannel interactions and prompt communications
Empowering your employees with tools to rapidly develop and update business applications
Providing visibility, connectivity, and accessibility to your employees, across your end-to-end operations
Implementing an agile IT infrastructure, with new-age technologies, that can grow with your company
Transforming Experiences through Digital Transformation
As “transformed experiences” is becoming a competitive differentiation, enterprises must accelerate their digital initiatives. In fact, analysts at Forrester said, “In 2021, we predict that companies will accelerate digital transformation with a focus on customers and the products, practices, platforms, partners, and places to sell to and serve them.”
To us, “transforming experiences” means enabling anytime-anywhere operations, seamless customer journeys, omnichannel engagement, modernization of your existing IT systems, smooth collaboration, and more.
Making resolutions for the year ahead is a time-honored tradition. Whether you are a goal-chaser who religiously checks off each resolution, or the one who just likes to follow the tradition, there’s no better time to reflect on the past year and plan for the next.
Here are seven resolutions you should make (and keep) to ensure business success in 2021:
Modernize, digitize, and optimize!
Enterprises with robust digitization initiatives were able to adapt quickly to the unexpected in 2020. The same companies will stand out in 2021, as they are able to work more productively, and from remote locations, seize opportunities faster, and exceed customer expectations by finding new ways to personalize engagement.
After a year of instability and uncertainty, companies are also looking for ways to optimize expenses. Automating your processes, empowering your employees to build applications in-house, and migrating your operations to the cloud are just some of the ways to reduce costs and improve efficiency.
Tap into blockchain capabilities to encrypt your data and stay vigilant to avoid security breaches.
Increase engagement with your customers
This goes beyond soliciting feedback from your customers after a transaction. Leverage social media and modern technologies to be where your customers are and to monitor their sentiments, needs, and complaints. Ensure meaningful responses and anytime-anywhere engagement with your customers in channels of their choice.
Use data to your advantage
It is easy to become overwhelmed by the amount of data available to your enterprise. Data can prove to be your best friend if you leverage analytical tools to glean meaning from the available information and foster a culture of data-driven decision making across your organization. The time is now to use modern technologies, including artificial intelligence and machine learning to further simplify and optimize your day-to=day operations .
Keep the learning going
Whether you choose to learn something business-related or pick up a completely unrelated skill, be intentional about enhancing your capabilities (and that of your employees!). Invite industry experts to talk about relevant issues, take a cooking class with your team, or introduce gamification—by trying something new, you can build team camaraderie and add value to your organization.
Take stock of your operations
Don’t just make do with broken processes—identify what’s working and what’s not. Use reporting and analytical tools to assess vulnerabilities, optimize processes, and eliminate inefficiencies. Remember, disjointed processes end up hurting your employee productivity and customer experience.
Give back to your community
Your company is inherently driven by its core values, so tap into those sentiments and find meaningful ways to give back to your community. Search for mentorship, volunteering, or donation opportunities that reflect your company’s mission!
So, tackle the projects you’ve been putting off, patch up those pesky business gaps, and keep your resolutions to make this year the best yet for your enterprise!
As a business leader, there is a plethora of information that your organization has to deal with—physical and electronic documents, data generated by multiple business processes, workflows, mobile apps, and various communication channels, including social media, and many more.
Is this high influx of information giving you sleepless nights? Are you struggling with:
Wastage of time and resources in segregating documents based on their type
Connecting customer communications with organizational processes and workflows
Analyzing and predicting data and historical performance
An organization typically uses workflows, documents, and integrations with various applications. These processes can be fully or partially automated, while others are manual. Additionally, frontend systems might be more optimized than backend processes. Coupled with other enterprise challenges, this disconnect between frontend and backend processes can lead to information silos, resulting in ineffective and slower decision making, further impacting your customers’ experiences.
Amidst all this chaos, you are most likely losing out on extracting valuable insights, essentially rendering data as a liability instead of an asset.
Sure, technology is already involved in gathering information. But you need to leverage the right set of capabilities to create opportunities from this unstructured data. So, what can you do to avoid drowning in a sea of information and to safely navigate toward efficient and well-informed decision making?
Moving from Chaos to Order
Here are six initiatives you can take to optimize your data!
Automate your business-critical, document-intensive processes to efficiently manage data, create a paperless environment, and ensure secure storage, search, and archival
Contextualize your data to extract relevant and meaningful information, thereby driving intelligent decision-making
Drive meaningful engagement with your customers across multiple channels and devices by analyzing their intent or sentiments for personalized interactions using artificial intelligence
Generate business insights and use analytical tools to create better, and more targeted, offerings for your customers, and to enhance future strategies
Auto-classify documents based on characteristics like structure, text, or both for automated sorting, sequencing, and classification of documents
Analyze trends and predict the impact of strategic changes in your organization using process insights tools to overcome bottlenecks and create real-world simulations
Managing and analyzing data holds far more value than just optimizing your business processes. Data analytics can, in some cases, predict the unpredictable. At the very least, data and insights can help you adapt rapidly to unprecedented situations.
In fact, according to Gartner, “Data and analytics combined with artificial intelligence (AI) technologies will be paramount in the effort to predict, prepare and respond in a proactive and accelerated manner to a global crisis and its aftermath.”
Expecting (and Conquering) the Unexpected
Digital transformation has been widely regarded as the ultimate enabler of business continuity, during and (prospectively) beyond the pandemic.
To accelerate your digital transformation initiatives and drive your organizational growth, you must focus on improving your decision-making capabilities and automate your customers’ journeys wherever possible. This will enable your enterprise to eliminate information chaos and pave a path that leads to customer experience and process innovation.
Low code, which emerged onto the technology scene in 2014, has taken the application development market by storm. Enterprises across all industries are rapidly adopting low code solutions, especially following the unprecedented demand for digitization in 2020as a result of COVID-19. A recent Gartner survey estimated that by 2024, more than 65% of application development will be done on low code platforms and 75% for both IT application development and citizen development initiatives.
Practical Application: Understanding the Scope of Low Code
Imagine you’ve successfully purchased and implemented a low code solution, investing a significant amount of money and time into achieving your digital goals. What can you do to make sure your success isn’t just a one-time thing?
Especially at a time when most organizations are thinking about cost efficiency and practical efficacy, you must consider ways to scale your low code solution and increase your ROI.
Drive standardization through rapid application delivery
The rapid application delivery capabilities of a low code solution are integral to large-scale digitization, standardization, and governance. The ability to quickly develop applications enables data access and integrity, privacy, security, integration, and more. By quickly developing applications and updates, you can set a standard model for workflows and execute processes in a uniform way across different parts of the organization. You can even incorporate feedback from current users to develop quick fixes for future projects
Optimize results through integration
Avoid building all your applications and workflows natively using your low code platform. Instead, seamlessly integrate with other tools and technologies to fill business gaps and specific requirements that your low code solution cannot address. Maximizing external tools enhances the overall productivity of your operations and eliminates the need to expend your resources on building a similar tool internally
Use the right mix of technologies
To ensure that you are getting the maximum return on your low code investment, you must use an appropriate mix of technologies, rather than relying on a single tool. Think of ways to incorporate a variety of new-age technologies into your operations, especially the more complex processes. Strategically augment your low code solution by implementing robotic process automation, dynamic case management, rules and decisioning engines, artificial intelligence, machine learning, and more
Capitalize on citizen developers
Tap into your non-IT talent and expand their skillset by training them to use your low code development tools to create applications and updates. Share the IT team’s workload with your citizen developers, allowing your IT to merely oversee application development and focus on more complex issues. Additionally, commit to creating a community platform, like a developer forum, to quickly collaborate with all types of developers on best practices, ideas, and resources
Respond to the unexpected
Quickly respond to unforeseen changes, problems, requirements, and more by leveraging the agility and scalability of your low code platform. Create a customized solution for any business need, without sacrificing on speed or quality. Deliver results within days, or even hours, rather than waiting months for application and workflow updates
The future is, unequivocally, based on low code. And as we continue to navigate the unprecedented in 2021, it is imperative that you optimize your investment and get a bang for your buck!
The past year has hit the reset button on how organizations across industries function on a day-to-day basis. Banks have always been early adopters of technology, and the pandemic has only further accelerated their digital initiatives.
Let’s take a sneak peek into the future of banking with five key trends that are predicted to revolutionize the industry in 2021.
Customer expectations for online banking to rise
It is common to see millennials engage with their banks through digital channels. In the new normal, however, this expectation goes beyond a specific generation. Today, people of all age groups prefer digital mediums—including mobile apps, web portals, and self-servicing platforms—to meet their banking requirements. Even for critical transactions, people are reluctant to visit a branch, and instead, opt for low-touch environments and minimized human interaction.
Information security to become of paramount importance
The growing popularity of remote operations means an increased exchange of critical and sensitive information, especially financial data, between banks and customers on the cloud. This exchange usually takes place through a bank’s backend system or via third-party players. Either way, cybersecurity and access management are going to play a major role in sharing secure and verified customer and financial data. Blockchain technology is emerging as a critical enabler of information security and can be leveraged to verify customer data at multiple touchpoints.
As companies continue to prioritize speed and customer experience, artificial intelligence (AI) will be the key to streamlining customer interactions and providing context. Be it filling out lengthy forms or reaching out to a bank’s support services, AI can fetch data from multiple sources and bring forward the required information at the click of a button. It can analyze a customer’s profile, web data, and past interactions to offer product recommendations and provide personalized interactions. Furthermore, AI-based chatbots can handle low-ticket items and customer queries for a faster turnaround time.
Voice-based technology to revamp the banking experience
The integration of voice-based technology and voice-activated devices with banking processes holds a lot of potentials to provide a futuristic edge to the traditional banking experience. Voice recognition is a new, remote, and secure form of biometric authentication that allows customers to safely conduct banking transactions from the comfort of their homes. Banks can leverage the technology to provide a number of voice-activated services to their customers, including checking their account balance and transaction history, placing new requests, and interacting with a digital banking assistant.
Open API and microservices architecture to take the center stage
Agility and integration are more than just buzzwords—they form a strong foundation for building a truly digital bank. Open APIs allow for interoperability between different mediums, helping a bank’s core system engage with third-party vendors and data aggregators. This can be further bolstered by a microservices-based architecture, which breaks down banking applications into a smaller set of services that can communicate with each other through open APIs. This type of architecture is resilient, reliable, and robust, and will ensure that even if a single process fails, it does not disrupt the entire system.
Making a Shift to Connected Banking
2020 was the year of adaptability, forcing banks to scramble and digitize their customer-facing processes in order to survive.
2021 is going to see a renewed focus on automation and lead to the emergence of connected banking. Banking operations are going to become much more agile, with an increasing need to access data anytime, anywhere. The time is ripe to accelerate digital and leverage technology to stay relevant, competitive, and future read.
Reading people’s minds is a superpower that most of us would love to have. While social listening is not exactly mind reading, it is as close as it gets for modern business leaders.
In today’s sense-and-respond environment, the importance of customer experience cannot be overemphasized. You must know what your customers are saying about your organization—how much do they love your brand? Are they satisfied with your services? What’s bothering them the most?
However, despite having a digital presence and a willingness to transform customer experiences, efforts often fall flat. Sound relatable? Keep reading to learn how you can bridge the gap between expectations and reality.
Quick Rewind … What’s Social Listening?
As the name suggests, social listening allows you to figure out what your audience is saying on your different channels and track conversations as well as mentions related to your brand, your peers, and their products and services. With the right approach, you can analyze the gathered data and take immediate actions in response.
Why Don’t Brands Listen? Where’s the Gap?
With the overwhelming amount of noise on social media platforms and other customer engagement channels, including phone, live chats, messaging apps, SMS, and websites, separating the signals from the noise becomes a daunting task. Organizations often:
Fail to deliver personalized experiences across the customer journey
Lack an omnichannel approach to reach out to customers
These statistics highlight the importance of being where your customers are and leveraging the right technology to deliver consistent, contextual, and omnichannel customer engagement.
Leverage Digital and Social Sensing for Listening to Your Customers Anytime, Anywhere
To help you meet your customers’ expectations, an integrated digital and social sensing solution—backed by machine learning and artificial intelligence capabilities is the key. The solution will help you understand the pulse of your customers’ needs and:
Understand their point of view and expectations from your organization
Monitor and capture cross-channel conversations
Analyze each interaction’s content and context to provide meaningful insights
Analyze important keywords and identify the right sentiments
Send and track relevant communications
The Final Word
The time is now for you to shift your focus from process or channel to your customers, and understand their needs, expectations, and perceptions to be able to successfully transform their experiences.