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Peer-to-peer lending, KYC services (know-your-customer, get to know your customers), artificial intelligence AI, stock & trading applications. What some people call the "tsunami" of financial technology innovation is sweeping the financial services industry. Subversion is not meant to overthrow the incumbents of the left and right, but the impact is very real.

For example, robotic consulting platforms like WealthSimple have attracted media attention after making a handsome profit in wealth management. At the same time, leading companies are increasingly turning to financial technology companies and other digital transformation solutions to maintain a leading position in the brutal market competition. The digital transformation is far from the transformation from the traditional financial services industry to the digital world. In financial institutions, there are hundreds of functional and technological areas that need to be digitalized.

The consumerization of IT makes IT an important way for banks and other financial institutions to learn, interact with customers and meet customer needs. An effective digital transformation begins with an outside-in approach, by understanding digital customers' consumption patterns, balances, income, preferences, stated needs and unstated needs, offline and online texts, and so on. Financial services institutions and banks have never accessed so much data (and big data) for their customers, and now, when financial institutions have the opportunity to use it, they must make full use of digital technology. such as mobile applications, personalized user experience, artificial intelligence-based cross-selling and up-selling, machine learning and robotics, etc., to provide dedicated personal services for each customer, and provide personal assistants with 24prime. Of course, this shift has led to a major change in financial intermediaries, a major shift from product and back-end data availability-centric to customer-centric. Financial services institutions have no choice but to choose a customer-centric view, because in today's competitive landscape, customers have a large number of financial institutions to choose from.

If you are looking for ways to improve your practice of digital transformation-don't worry. Change can be daunting even for the most innovative teams. But it doesn't have to be complicated (or even expensive). It is recommended that you consider the following strategies that can help you start the digital transformation.

Omni-channel customer experience

The most effective way for organizations to change from traditional financial services to digital financial services is likely to be the omni-channel approach. As customers move to different channels (mobile, tablets, desktops, wearables, etc.), financial services institutions need to focus on providing a seamless customer experience at different contacts. Today's customers are more mature and technology-savvy, and each customer wants a unique experience from their financial services organization in order to meet their specific needs. They want the company to understand their needs and preferences. It is not surprising, therefore, that these customers expect financial services institutions to respond similarly and provide similar services. Whether it's researching new services, registering accounts, checking balances, trading, viewing loans, credit, wealth management, customer support, etc., providing a channel experience has become the key to success in this competitive market. Millennials, even Generation X and baby boomers, don't like to do financial business in the field, and they prefer to do all the transactions on their smartphones. But are financial institutions ready? No, they didn't!

Contact customers in different ways

Customer expectations are changing. Millennials prefer short, quick conversations to sitting down, according to the survey. Accepting their favorite ways and media of conversation, such as e-mail and text, will ensure that you cater to their preferences. However, you don't want to lose this personal style. Face-to-face communication in some situations, such as emergencies, is still critical to the success of your practice.

Videoconferencing solutions such as Zoom or Goto Meeting provide a convenient alternative. These services allow you to set up web conferences in seconds for fast, personal conversations at almost no cost. In addition, you will face less stress and save time.

Start digitizing your documents

Due to stringent regulatory requirements, consultants must collect, sign and store form scans for each client, and these requirements seem to be getting more and more onerous year by year. Fortunately, there are many applications that can help you improve your efficiency (or at least make it easier to manage). For example, the CRM system with a lot of cloud storage space provides a safe and convenient place to store thousands of digital documents, which you can then retrieve in seconds using search and filtering capabilities.

To eliminate the tedious print-sign-fax (scan) workflow, consider using solutions such as EchoSign or Docusign. These are legal and safe for daily contracts and forms, and can shorten the approval time from a few days to a few seconds, while reducing the cost of office paper. In addition, the electronic signature tools used in modern tablets and stylus also look smart from the customer's point of view.

Improve your marketing level

Another strategy is to increase your marketing efforts. This can help you get new customers without having to hire a large marketing team. A few simple promotion strategies and a reasonable monthly investment plan can quickly achieve this. Consider the many easy-to-use marketing tools that already exist. Solutions such as MailChimp can help you automate professional marketing newsletters-while other newsletters, including HubSpot, simplify the capture of potential and new customer information.

Consider a robot platform built for consultants

Robots with the smell of machine learning and artificial intelligence can be the ultimate solution for providing personal services to all customers and 24 picks and 7 assistants. Robots can do a better job, for example, in personal finance, where customers want to learn how to save, how to get more returns, and get advice on wealth accumulation, NLP-based machine learning and artificial intelligence will play a good role.

While it's easy to see robotic consultant solutions as enemies, doing so could miss a lot of opportunities. Like Wealthsimple and Nest Wealth, many companies have created platforms for consultants that are worth a try. While it can't really replace humans, smart consultants can make your work more efficient and help you expand your customer base without sacrificing excellent customer service.

Make CRM system your operation hub

This seems to be a bias from CRM software vendors, but financial CRM systems are an integral part of your organization's digital transformation. It's much more than just storing customer phone numbers. It is the central nervous system that companies practice: a single place to capture and organize KYC information, track family members (highly recommended), and set automated workflows and reminders so that you never miss a beat.

In addition, many CRM software vendors provide integration with marketing and customer service, as well as integration with ERP systems, BI platforms, etc. With these, you can easily import clue information into the CRM system. Once merged into a unified view, you can easily classify your customers by age, location, family composition, etc., and gain a deeper understanding of your customers' personal preferences and financial services needs.

Another benefit is that through a CRM system integrated with email and call solutions, you can establish complete, up-to-date and organized customer communication records. This not only makes it easy to have a seamless conversation at the last break-you can easily trace back to your steps and establish compliance and reviewability in each step.

By using the financial CRM:

Wealth management: the future of financial services lies here.

Today, customers want personalized communication experiences, positive and effective insights, and plans around their goals when they need them. Learn how to significantly improve the efficiency of consultants and build lasting customer relationships.

Banking: become the preferred bank of customers.

Practitioners of retail and commercial banks can obtain rich customer profiles in a variety of products and business areas. Employees can rely on wise insights to identify new business opportunities, interact with potential customers, convert more leads, and build lifelong customer relationships.

Insurance industry: to meet the changing needs of each policyholder.

Integrate social media, web pages, and email into one omni-directional channel to provide excellent services when customers need them most-all in a single platform instance.

Capital market: to provide world-class service for your institutional customers.

Many of the industry's most influential investment banks and buy-side companies rely on CRM to help them collaborate securely and simplify customer interaction.

Big data can help personalize, because big data analysis can help extend a single view to consumers. Companies can use data on social media sites to better understand their customers. In addition, data from previous online searches and purchases can help target the right people. The successful implementation of digital transformation can improve brand awareness and revenue, increase the customer base, enhance customer experience, and form competitive differentiation.

Although change cannot be achieved overnight, there is nothing to worry about. There are many cost-effective options to help you start your digital transformation and help you start your digital transformation. By using digital solutions, you can help you and your team while laying the foundation for deeper changes in the future.

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