Why adopting digital journeys will become standard practice during and after the pandemic - Lombard Risk

Why adopting digital journeys will become standard practice during and after the pandemic

We are living in unprecedented times, unlike anything we have seen before. The health of our community is the primary focus and it’s amazing to see how people can all pull together. For example, in the UK Formula 1 manufacturers are getting their scientists and engineers to see if they can build desperately needed ventilators, fashion companies are producing medical gowns and masks and breweries are producing alcohol hand sanitisers.

The financial markets are reflecting the anxiety of sectors like travel, entertainment, fast moving consumer goods and airlines all feeling pressure.

For financial services, which is a common theme across all the sectors, the impact affects everyone’s lives. For advisors, social distancing means that critical face to face selling is not going to happen. Proposals need to be produced, approved, reviewed and signed, and fed into back office systems. Call centres are working at a reduced level due to colleagues being unwell right when vulnerable customers are looking to have a conversation / tell their bank or lender what is happening and ask for help.

Digital engagement channels are taking the strain off these services for those that can access them, meaning people can reduce their anxiety knowing they are financially going to get through this terrible time. For example, an advisor can have a video call, generate a proposal, get it approved, get the e-doc to the client for e-signature while everyone is remotely based, all within a secure and compliant framework.

Adapting needs may cause the need for agility as things move forward, having the technology team  able to manage the service again remotely and making best use of DevOps practices offers that flexibility and can help businesses and clients to stay in business and recover quickly.

Speaking of recovery, stay tuned for our next blog discussing how financial services providers will respond when we are over this crisis. Imagine the pent-up demand, which is an opportunity, but will cause further stresses on advisors, contact centres, as a natural bottleneck frustrating people who just want to resume their lives and move on.

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.

If you need a fast start and assistance with regard to adopting Digital to ensure the smooth running of your key operations, please contact communications@vermeg.com.