While economists ponder what shape the economic recovery will be post-pandemic, in the financial services world it has been remarkable seeing how organisations are adopting new working practices unimagined at the start of 2020.
One interesting observation is that co-working spaces are now facing major issues as teams are all working from home, as noted by Sifted.
Contact centres must temporarily lock their doors and spend on buying laptops so their teams can manage incoming tickets and communicate with customers via chat or electronic calls.
Advisors cannot meet clients for lunch / coffee or visit their homes to talk about investment ideas and they are struggling to see through tasks to complete transactions or manage business-to-business proposals to contracting workflows, as the back office is working from home and they need support to approve commercial offers, print the paperwork and post for signature.
This is a challenging and upsetting time, but we will get through it, and when we do, and there is a ramp up in demand, the need for rapid business process transformation will leave a legacy or a roadmap for a new way of working.
Advisors can run a video call with their corporate client or their private banking client, electronically collect key data, and with machine learning, produce a compelling proposal. Integrated workflows can speed through the compliance control stages with full audit and rules-based checks to prevent breaches or to offer something that cannot be executed in reality due to market constraints.
The Client can receive a slick e-document for review, which looks professional and can be walked through via a follow up video call.
They can approve and move to contracting electronically, while the legal documents produced and sent to them based on standard terms and conditions can be signed electronically.
You might think this is already an end-to-end digital journey; in many cases it’s not, and it takes days to move from one team to the next. Even worse, management, sales advisors and the client have no overview on where in the journey they are, if they are stuck in a bottleneck or even forgotten about something!
One happy day in the future, we will all be back into the “business as usual world”. If there is a big ‘V’ shaped spike in pent up demand, there will be an opportunity to recover more quickly and take market share for those who have efficient processes and a slick end-to-end journey. The teams in the contact centre and the advisors can then focus on what they do best, helping their clients and customers recover from the most challenging time of their lives with as little stress and hassle as possible.
VERMEG’s Palmyra software and knowhow offers a solution to accelerate the adoption of Digital journeys across Insurance, Wealth Management and many other sectors in Financial services, where the benefits, as unexpected as this pandemic was, are helping businesses, colleagues and clients on the business and technical side to reduce stress in their lives and focus on staying well.
Here is a quick video of our Digital Transformation capability, by way of an introduction to our company and our capability.
If you need a fast start and assistance with regard to adopting Digital to ensure the smooth running of your key operations, contact email@example.com.