the pursuit of self-sufficiency in digital transformation · this paper examines some of the key...
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Webinar Report
With customer experience now the main driver behind technology and business decisions, financial institutions are coming under renewed pressure to innovate and outperform competitors. However, even their competitors have shifted shape and now not only include the newer breed of financial services delivered by digital-first challenger banks and fintechs, but increasingly include non-financial services firms such as Amazon and Instagram. As a result, financial institutions need to become more adept at innovation and become empowered to make changes and break down the walls to customer service innovation.
This paper examines some of the key themes debated during a recent webinar hosted by Fenergo on the topic, “The Pursuit of Self-Sufficiency in Digital Transformation”. Themes explored include the current trends in digital transformation and how a self-sufficiency model can deliver an enhanced client experience. The webinar also featured a live demo of Fenergo’s newly-launched Digital Configuration Studio, which supports transformative client enablement.
The Pursuit ofSelf-Sufficiencyin Digital Transformation
Rob Henley Director of Client Success,
EMEA
Margaret Kilroy Client Solutions
Consultant
Fran Meggs Director of Strategic Tools
Fenergo Panellists
2© Copyright Fenergo www.fenergo.com [email protected]
The Pursuit of Self-Sufficiency in Digital Transformation
Digital Transformation for Rising Customer Expectations
Every major financial institution in the world has a digital transformation agenda. However, when it comes to customer experience, financial institutions are no longer competing against direct peers. Instead, they are going head-to-head with every digital experience that their customers consume, in both their personal and professional lives, significantly raising the bar for customer service and customer experience across all industries and services.
Enabling Self-Sufficiency for the Client Lifecycle Process
Whether a customer is opening a current account, logging into a corporate bank portal or is looking to get a credit card, the main goal is simple: to provide a quick, efficient and streamlined journey that allows the customer to transact, trade or invest in as short a timeframe as possible. To achieve this, financial institutions need to be empowered to make changes to the underlying processes and workflows on-the-fly so as to deliver the best customer experience in the market.
Therefore, before embarking on significant transformation programs, financial institutions need to pay acute attention to their underlying business processes. Putting a new front-end on an old process is akin to putting lipstick on a pig – it will neither disguise nor enhance the customer experience.
In more traditional Client Lifecycle Management (CLM) environments, to make even a modest change to the workflows or system requires either the intervention of the technology teams or the need to revert back to the CLM vendor for additional configuration services.
That’s the old model.
New Model: BAU vs Complex Change
The new model of CLM vendors and solutions empowers financial institutions to make simpler and more adaptable changes on a daily basis, rather than massive and complex changes on a monthly basis.
This model clearly delineates between business as usual configurations vs complex customization, or continuous innovation vs big-bang innovation. It’s not an either/or situation but rather a hybrid model; one that allows smaller configuration changes to cover BAU edits. Then, if a user encounters a challenge that is beyond either their scope or the scope of the product, they canrevert to technical resources to manage more complex demands.
Client Onboarding & Client Lifecycle Management solutions should include out-of-the-box configuration tools that can expedite daily tweaks to workflows to efficiently enhance the customer journey and experience, but also save on time and costs. By taking control of these configurations, the balance shifts from technical resources to operational resources i.e. business analysts can take on the routine changes, leaving the technical resources and developers to focus on maximizing innovation.
In nearly all modern industries, there is an overwhelming demand to react faster and become nimbler adapting to constantly changing environments and opportunities. With customer experience now ranking as the key consideration in any business decision (according to 97% of webinar respondents), the race is on for financial institutions to make the changes in their workflows and services that will enhance their customer journeys and experiences, and give them the edge over the competition.
Customer experience now ranks as the key consideration in any business decision, according to 97% of financial institutions respondents.
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The Pursuit of Self-Sufficiency in Digital Transformation
Simplicity is the name of the game
Regtech has a history of being complex, but now that’s changing. Clients are beginning to expect complex things to appear simplified.
Fran Meggs, Director of Strategic Tools
It creates a new role of ‘configurator’, which is accessible for either a business or a technical user. By taking control of edits and changes previously undertaken by developers, Digital Configuration Studio frees up the time and resources of developers to focus on bigger and more customizable requirements.
From a user perspective, the solution delivers real-time, instant validation of changes on screen,allowing users to understand what the data is, where it is located and how it behaves on a page.
Data Model
Workflow
Localization
Rules
UI
Where the user journey begins. Financial institutions can analyze, extend and configure the core data model.
Once you understand what the data is, the user interface module deals with how the data is presented on a page. Pages can be edited directly in this module – change titles, make fields mandatory, and more.
All the rules from Fenergo’s Business Rules Engine are compiled into a list and can be filtered, searched for and edited.
A graphical visualization of all the workflows that underpin Client Lifecycle Management.
Configure language, captions, and messaging across the entire platform.
The five core modules of Digital Configuration Studio are:
While the importance of customer experience may seem like a no-brainer, there is a potential to become overwhelmed with the technical requirements of achieving this goal.
The webinar speakers agreed that it is not only about being able to adapt, but about being able to do doing so quickly and constantly in a way that enhances their go-to-market strategies with services and processes. According to Fran Meggs, the premise is often to make something that is complex on the back-end appear more user-friendly and simplified on the front-end.
Configuring for Change in Client Lifecycle Management
To illustrate how to configure for change in CLM, the webinar also featured a live demonstration of Fenergo’s newly launched Digital Configuration Studio solution. This solution moves beyond a purely technical focus and enables faster changes and increased automation.
A front-end administrative tool that sits on top of Fenergo Client Lifecycle Management solution, Digital Configuration Studio is built with the end-user in mind. Modules are organized logically to allow users to understand the data, then edit, analyze and see results in real-time.
The Pursuit of Self-Sufficiency in Digital Transformation
www.fenergo.com [email protected]
For more information on client enablement and digital transformation, check out our solution page www.fenergo.com/config-studio or email [email protected]
Where Do We Go from Here?Taking the first step of the automation journey is the most crucial. By delivering a baseline level of automation initially, the level of automation can only improve and expand, but it is important to first create a successful foundation. As with any new technology, there is an adjustment period – less of a learning curve and more of an adoption or adaption curve.
Fenergo has served the banking industry for close to a decade, and we have learned that change is a constant. There are always new regulations, new products and new services.
Financial institutions just want to be able to adapt to those changes quickly.
A hybrid model allows a blend of do-it-yourself and working with technical developers, which facilitates a harmonious, best-practice approach. With more digital innovation comes more streamlined processes, which allows both the financial institution and the technology provider to refocus their efforts on the key motivator – delivering a better overall experience for their clients.
Empowering financial institutions to make their own changes to achieve a level of tailored, ad-hoc experience that would otherwise take a large, highly technically-enabled delivery team to achieve, is essentially a means of future-proofing them for success.
Rob Henley, Director of Customer Success, EMEA
To hear the discussion in full, watch our on-demand webinar recording.
Click here to view the video