Keep your focus forward: Strategies for financial services

The financial services industry is an ever-evolving landscape that demands a focus on continuous improvement. And when it comes to your customers and members, projects that impact their experiences with your financial institution will always live at the top of the priority list.

These projects very often revolve around modernizing your technology stack. And executing any kind of digital transformation can be a truly daunting task.

That’s why you need a plan!

Why does digital transformation matter today AND tomorrow?

At its core, digital transformation is the very notion of addition by subtraction.

The addition comes in the form of improved processes — moving faster, saving time and money, and enhancing service. This comes through subtraction — by reducing the amount of human touchpoints necessary to get things done and relying more on technology and automation tools.

Because it’s no longer just about paper processes that have become antiquated. That was the goal decades ago.

In today’s world, it’s about all the different directions that content streams into our financial organizations and how we interact with that information to serve our customers and members. To be successful today and in the future, it may be useful to consider how to begin the process.

Talk before you walk

You must start with a plan. Plans get us to our goals. But the core is what happens when you involve strategic thinking and discussions to develop those plans.

That’s where you can brainstorm to realize how improving one process will affect others. You need to start small, but realize the big picture. And that includes how it all will affect the customer experience.

Here are some things to consider when formulating your digital transformation plan:

    • Can you create more self-service opportunities to reduce lower-value tasks for employees?
    • When thinking about your technology environment and taking inventory of the solutions in use, how they are adding value — or not adding value — to the business?
    • What end-user challenges exist that may be creating efficiency leaks?

Digital transformation in banking and financial services can accelerate growth.


Financial services: Accelerate and grow your organization
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Know before you go

Before we move forward, it’s helpful to understand the current state of challenges. A good place to start is by evaluating one process. That’s where content services can help. But, a misconception that may exist about content services is that you must simultaneously evaluate and change every process.

Our advice? Start with one. Be thoughtful about where you are going to get the most bang for your buck!

Then take what you learned and leverage the technology, the processes, and solutions and apply those to other areas of the business (e.g., account opening, back office support) that could reap the benefits of streamlined efficiencies.

Here are some places to look:

  • The collection process is often heavy in paper; the storage of those files is not only expensive, but inaccurate management can lead to fines
  • The lending process requires a ton of verification, gathering of data and documents, duplication of tasks and data entry, due diligence, and multiple touches in multiple systems to move a loan forward in the process
  • The dispute process has many touchpoints with numerous sources of information, many communications, and multiple verification steps

Put it all together

Once you’ve thoroughly reviewed the people and processes involved in your project, set your sights on the technology that will address end-to-end processes (e.g., case management, RPA). Technology can give you a competitive edge and solve modern-day business challenges, but only after you’ve created a roadmap for your digital transformation journey.

That plan will help shape and impact the future of your business.

With each step, a dedicated plan that focuses on digital optimization will help your organization remain relevant, forward-thinking, and customer- and member-centric. The direction is yours for the taking.

Business growth is attainable, and your digital choices can drive it or sideline it. Are you ready for some action steps?

Download Three paths to accelerating growth in financial services: How to navigate your digital journey and grow your business >>

Steve Comer is assistant vice president of sales for financial services and insurance at Hyland. Misty Bradley is an enterprise advisor for Hyland Global Services.
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Steve Comer and Misty Bradley

Steve Comer is assistant vice president of sales for financial services and insurance at Hyland. Misty Bradley is an enterprise advisor for Hyland Global Services.

... read more about: Steve Comer and Misty Bradley