“Our costs are too high and our agility is too low – if we don’t change this quickly, we won’t be able to compete.“
– CIO of a Global Systemically Important Financial Institution
That is why Digital is disrupting every industry we know today. Think taxi companies that don’t own taxis, hotel companies that don’t own rooms, banks that don’t own branches and investing without advisors.
To transform and perform, and to satisfy all stakeholders in the company, we have to continually look for digital solutions that drive growth, become agile, manage risk and reduce cost for the company.
In today’s world, digital transformation is essential to sustaining a competitive advantage in financial services in these 4 key areas:
(1) ENGAGE YOUR CUSTOMERS with compelling experiences across all channels
Use data as a competitive advantage. Microsoft enables financial institutions to empower decision-making across all lines of business to identify new customer and market opportunities and improve customer satisfaction. The Microsoft analytics platform encompasses enterprise data management, analytics, and dynamic user visualization that can be deployed on-premises, in the cloud, or in a hybrid model. Microsoft solutions enable the democratization of data so users have self-service access while IT retains full control over data management and storage.
Attracting new customers with innovative experiences across touchpoints. As financial institutions seek to attract new customers with a redesigned experience, they need to provide targeted product recommendations, customized for relevance to the individual. They need to develop new and differentiated products and services, provide friction-free interaction with their customers, and drive consistent and contextual marketing and sales across multiple channels. Microsoft mobility, productivity, and CRM solutions enable financial institutions to provide innovative customer experiences to create a new era of personalized financial services. Microsoft solutions provide financial institutions with technology-based capabilities to increase customer profitability, reduce operational costs, improve sales productivity, and position their channels for the digital world.
Retaining customers with compelling omni-channel experiences. Financial institutions also seek to improve the value of advice via decision support tools, including next-best product recommendations, and introduce innovative and memorable experiences across a multichannel environment including integration of mobile devices to free customer-facing staff from their desks and allow a more engaging experience. Microsoft enables financial institutions to deliver a personalized and contextual experience to reach customers with well-timed, targeted, and relevant offers that encourage response and establish a relationship. Enabling customer service interactions when, where, and how customers prefer fosters preference and loyalty. Additionally, communication innovations such as remote advisor and video kiosks help deliver enhanced service, better staff utilization, and competitive differentiation.
Understand client sentiment and interaction history. With a comprehensive suite of integrated social marketing and listening capabilities, financial institutions can track share of voice across social channels, monitor global sentiment and brand presence, and gain visibility into strategic initiatives through social media. Social insights ensure that messages resonate while highlighting trends that affect brand; keep every record up-to-date with meaningful context for every conversation; listen and analyze interactions at scale; and create cases based on social interactions to trigger workflow.
(2) EMPOWER YOUR EMPLOYEES to drive customer intimacy and be digitally astute
Optimize productivity and collaboration among front-line staff. With Microsoft solutions, you can collaborate in real time with peers to develop new solution ideas, build strong consensus, and quickly respond via embedded social capabilities; co-author and edit documents with multiple people at the same time; quickly find the people and information you need using powerful search tools; be well informed about the global financial markets and product updates through social listening; and view the potential impact on client portfolios with data visualization.
Foster innovation and creativity. Microsoft provides a foundation for the social collaborative enterprise. Microsoft brings together social capabilities across networking, collaboration, email, unified communications, and business applications. These solutions are connected and embedded by design, enabling their capabilities to be accessed across productivity applications, line-of-business apps—and across your PC, phone, and tablet—both in and out of the office.
Discover market insights in real-time. With Microsoft solutions you can connect to and import data from various data sources and legacy systems; get breaking news and social feeds to identify trends and surface relevant content; run complex financial models for risk and stress testing; analyze market and investment data; and easily adjust financial models with interactive visualization. Access analysis from anywhere on any device for compelling meetings with investors and potential clients.
Empower the mobile financial advisors and insurance agents. The Microsoft productivity suite, supported by great services in the cloud, can empower financial advisors and insurance agents, brokers, adjusters, and other mobile workers with a digital workstyle, improving productivity and employee experiences across the devices employees want to use. The addition of Microsoft devices provides more manageable, more secured devices to better protect customer data and better meet compliance demands. Your staff can easily access contacts, calendars, product and policy information, and tools to better support the customer and fuel growth.