5 Things Financial Institutions Forget During a Digital Transformation

5 Things Financial Institutions Forget During a Digital Transformation

Financial institutions of all sizes around the world are joining the digital revolution through operational digital transformation. But in the race to bring these new banking and credit union technology trends and solutions to clients and employees, it’s easy to miss some important factors that make the transition to a digital future go smoothly. While it’s obviously critical to move forward to meet changing demands and improve the customer experience, when digital initiatives are focused on a purely tech-first upgrade it can lead a bank or credit union straight into a digital disaster.

It’s essential to balance today’s rapidly advancing technology and the capabilities it provides for better, more efficient and personalized service with human behaviour and the way it is used in order for it to work seamlessly to improve the lives of your clients and to drive increased revenue to your institution.

At Coconut Software, we’ve been creating custom tailored digital solutions for the financial industry for over 10 years, and have come to recognize many of the most common aspects of a company’s digital plan that are missed, forgotten or ignored in the rush to upgrade. We’ll take a closer look at the top five in the blog post below.


Ready to learn more about upgrading your institution’s digital presence and capabilities? Download the Ultimate Guide to Digitally Transforming the Appointment Experience today.


1. Digital Is More Than Computers and Mobile

When it comes to digitizing the customer experience, the most obvious places to start are the mobile app or website. But it doesn’t stop there. 64% of consumers expect to receive real-time assistance regardless of the customer service channel they use. With that in mind, everything from your contact center to your branch itself should be rolled into your digital plan, tied in with the same real-time systems that optimizes appointment scheduling for your clients and the staff that handles them. A true omnichannel solution covers all of these options, bringing the same digital experience to all forms of booking engagements.

2. Self-Service Channels Are the Future, but Human Assistance Is Still Vital

70% of consumers prefer using self-service channels to manage their lives, so meeting their needs with the right solution is understandably at the top of many organizations to-do list. But while clients young and old enjoy taking advantage of their convenience, sometimes a human touch is needed. No matter how smooth you’ve made your digital banking customer experience, there are some who will want or need to reach out for help during the process. What happens when they experience these roadblocks? Do you have a clear and simple way for clients to request real-time human assistance built into the system itself? Ensuring that your shiny new digital solution provides a direct link for the client to reach out for help through an online chat or contact center, and being able to provide the same streamlined service through that human agent, is vital to the success of your digital transformation.

3. A Digital Transformation Solution That Requires Clients to Switch Channels Is Not a Solution

With so many choices for consumers, brand loyalty is rapidly decreasing as clients jump ship in search of the most streamlined application process and friendliest user experiences. If your digital solution is forcing them to switch channels and start over to complete an interaction with your organization, it’s entirely likely that they will seek out a competitor rather than continue. As a report by Aite states, “Customers want to experience the brand, not the channel.” And what they don’t want is to be forced to re-enter information when they switch to a different channel, nor do they want to participate in tedious conversations explaining their intentions with bank representatives that were already outlined when they booked. A true omnichannel process passes information along seamlessly between different channels and reduces friction during the onboarding process.

4. Delivering a Personalized Experience Is Vital, and Data Is the Key

80% of consumers say they are more likely to do business with a company if it offers personalized experiences. But when organizations scale, it becomes harder to maintain the same high-touch, one-on-one service that has been understood as “personalized service” in the past. So what is the answer? Strategically choosing and implementing digital channels which enable a personalized customer experience, at scale. Amazon, Starbucks and Hudson’s Bay are prime examples of businesses that provide each client with a tailored, personalized service, based on their previous interactions, interests and behaviours. To start, you need a digital solution that allows you to collect more information about your clients during the touchpoints that are already happening in the customer journey. This will enable you to provide a better appointment experience to your client, which tends to increase brand loyalty, reduce churn and results in a higher-value appointment from a revenue standpoint.

5. Your Clients Know What They Want. Listen to Them.

Linking back to personalizing the customer experience, you can also collect information from your clients through your digital solution after the meeting. People love to be asked their opinion, and asking your clients about their experience with your organization will make them feel valued and will earn your organization major brownie points. Tying back to brand loyalty, following-up with clients and asking them about the experience that they had with your organization makes them feel like their opinion matters. Clients who feel that their financial services provider is listening to their needs are more likely to be loyal and continue to do business with that brand. At the same time, you can collect valuable information on ways that your digital rollout can be fine tuned even further to meet their needs.


What’s Next?

Ready to learn more about upgrading your institution’s digital presence and capabilities? Download our Ultimate Guide to Digitally Transforming the Appointment Experience for an in depth look on how to make it as smooth as possible for everyone involved, and how Coconut Software can help get you there.

Ready to get started on your digital transformation now? Schedule a consultation today.