The digital model paradigm
Financial institutions have been at the digitization forefront of innovation and the adoption of new technologies. More recently, the focus has been on increasing self-sufficiency and supporting electronic transactions and payments. Internal customer information management and investment banking or a third-party central bank is a common practice.
Changes in consumer practices and complexities are forcing organizations to adapt to a new format. The new digital design rebuilds the customer experience. The pace of change in mobile technology and the need to satisfy customer bases and sales guidelines for many stations put banks under tremendous pressure.
Digitization improves customer experience
A recent study from BT and Avaya called “Ubiquity Finance – Retail Banking” shows that consumers need banks to run personal services as they need help and advice from people for other complex products. However, many networks fail: as shown below, out of 41% of consumers who wanted to solve a problem about their car or home insurance policy by several services, 48% did not make Cheers!