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.
Remember the time when we could touch any document and meet our colleagues freely?
With COVID-19, things have changed drastically. We have become physically distant and wary of handling documents. This has affected our decision-making, customer service, and overall organizational efficiency.
“Fully or partially manual processes only function when workers and physical files are located in the same place. That’s why millions of people working from home have resulted in complete breakdowns of key operations for enterprises that depend on manual processes.”Source: Forrester*
To locate information easily, you must index documents by associating metadata with the respective documents and folders
For seamless processing, you must define the role of maker and checkers so that documents are auto-routed
Organizing the repository based on your enterprise’s departmental structure is key. All departmental documents must be stored under the respective entities and business documents should be organized based on the lines of business
Search Operation at Document and Folder Level
Easy access to information is one of the main value-adds of a document processing system. When you are selecting a system, ensure that it supports advanced and intuitive search operations at multiple levels
Permission Access and Administration
It is critical that you secure your information using the restricted access permission capability so that only the intended users can view, add, or modify documents. You can grant access permissions at the user group level, rather than to specific users. Also, setting access permissions at the folder level will simplify the management and maintenance of your documents
A digital document processing software is key to thriving in a remote working environment, especially as employees and documents continue to be physically separated for the foreseeable future.
Introducing Newgen OmniDocs ActiveScript
Automating your industry-specific, document-centric processes is now easy with a wide range of 100+ ready-to-use templates. By deploying Newgen OmniDocs ActiveScript on cloud, you can create a digital workplace, access documents anytime, anywhere, and ensure compliance with document management and storage regulations.
It’s mid-December and you are in your conference room planning for the next financial year. You are looking at numbers, trying to analyze last year’s insights, and come to a consensus.
Months pass and finally, it’s April—time to announce the budget for the new fiscal. But, instead of focusing your energies on this year’s budget, you are forced into a survival mode fighting a pandemic instead.
When business leaders, like yourself, were planning for the new financial year, no one could have thought of drawing up a plan to circumnavigate the COVID-19 crisis. The current situation requires your financial institution to be at the forefront with your response and to support customers without interruption. Despite the many challenges you are facing, you must offer continued and flexible services through a range of channels convenient to your customers.
This requires you to make some quick changes in your work style, such as:
Offering digital services—Amid lockdowns and social distancing advisories, the face-to-face, branch-based model is not sustainable. At this time, only digital channels can get the ball rolling. To successfully leverage these channels, you need to ensure that you can deliver robust digital services while ensuring a consistent, intuitive, and uninterrupted customer experience
Adjusting to policy changes—Governments across the globe are offering stimulus packages, especially for small businesses, during these turbulent times. Some of these measures include waiving fees on a late or missed card or loan payments, deferring loan payments, and more. All these policy changes require you to make corresponding adjustments to your existing system and send related communications to your customers
Empowering employees to work from home—Ensuring employee safety and fostering a collaborative work environment is key right now. Shifting to digital, the new normal, must be quick and seamless. Your IT infrastructure should enable you to transition to anytime-anywhere workplace quickly
Key Lessons for Banks from the COVID-19 Pandemic
There is no denying that the COVID-19 pandemic is the most serious challenge that financial institutions, and industries across the board, have faced in years. But, it is also an opportunity for the financial institutions to prioritize proactivity and prepare for contingencies.
Here are the top 3 lessons that banks can learn from the current situation:
Have a contingency plan—In watching the COVID-19 response from the financial services industry, it has been particularly surprising to see that many organizations are not equipped to promptly shift to a remote working environment. Once the current situation has passed, financial institutions must expand the scope of their resiliency and business continuity plans, priming their enterprise to effectively respond to the unexpected in the future
Be agile and adapt to the changing environment—Right now, the most important thing that banks need is agility, to deal with such unprecedented uncertainty and ambiguity. Your financial institution must be agile enough to adapt to a dynamic environment be it in the form of new rules, government policies or working style
Think digital, always—Digitization has allowed businesses to survive in the face of this crisis. With digital, customers can transact, pay their bills, make investments, and do much more from the comfort of their homes while maintaining social distancing. To deal with the current situation and prepare for the future, you must make a sound investment in your digital strategy
Bank on a Robust Digital Platform
The outbreak of COVID-19 has forced everyone to rethink how prepared are they for a natural disaster or any other unforeseen and disruptive situation. However, it has become clear that digital plays a pivotal role in ensuring business continuity during such a crisis.