Technology has transformed lifestyles, profession, transport, communication, the list is never-ending. But, technology has impacted financial systems and institutions; has rendered them invalid in many ways. Customers’ expectations have increased unreasonably and executives have been replaced by financial software and analytics.
Yet, technological innovation is not a matter of choice anymore, if one needs to survive in a technologically obsessed world.
Here we look at how innovation can turn inflexible financial organisations into algae like agile systems, shift focus from performance management to performance enablement: In other words, shift to employee-centric organisations.
- Focus on innovation that improves employee performance, that will automatically enhance customer experience. Instead, many organisations depend on customers for revenue needed for technology that will improve their experience. It is time to invest in tools and software that will reduce employees’ burden and make work processes and systems employee friendly. If they are happy, the customers will be happy!
- Improve experience for employees on all levels. Just like you have customer friendly technology on mobile and desktop, you must incorporate mobile and web platforms that enable employees to work fast & accurately, so that they are not bogged down by outdated machinery & redundant systems.
- Organisation and analysis of data across the organisation will help employees trace customer history/background. Especially loan officers can analyse the creditworthiness of customers based on a detailed background check. Organisations are in a better position to determine the factors that contribute to fewer charge-offs, better loan-officers, the quality of the customer base. Make sure you have a solid analytics tool to gain such powerful business insights.
- And finally, modern cloud solutions provide intuitive and scalable platforms that adapt to emerging security threats and can come up with quick fixes and security features. Risk mitigation is a top priority for financial institutions and a single security model provides for stronger auditing and encryption software for transactions.
‘Technology keeps evolving, so will your customers’ expectations. But financial institutions must not overlook employees’ needs and must pursue constant innovation that will focus on performance enablement.
