3 Reasons to Harness the Power of Digitalization
July 22, 2021

3 Reasons to Harness the Power of Digitalization

Key takeaways:
  • Digital transformation must be incorporated now for banks and financial institutions to remain relevant in the years to come.
  • With budding tech-savvy companies now setting the gold standard, offerings like digital onboarding are at the core of success.
  • The mobile experience is now the most important of them all.
  • Harnessing the power of data and automation, it's now easier than ever to stay ahead of consumer needs.

You'd be hard-pressed to find a company that hasn't embraced digital transformation and is thriving. Digital transformation can be defined as many things, but in general, it refers to using technology to serve client needs better. Investing in a wheelhouse of digital infrastructures is now crucial to surviving the next 20 years!

Just consider this, Deloitte found that 84% of clients use online banking while 72% access their primary bank via mobile applications. Today's consumers are big on convenience, which is why companies like Revolut and Lunar are leading the charge with a radically fresh approach to banking. They offer financial services that exist purely online, empowering customers with their fingertips. Both platforms exist virtually and deliver their offerings instantaneously!

"When digital transformation is done right, it's like a caterpillar turning into a butterfly, but when done wrong, all you have is a really fast caterpillar." — George Westerman, MIT Sloan Initiative on the Digital Economy.

When it comes to adopting digital transformation practices, you've got to do it fast and do it right. That's why HelloFlow exists, bringing you plug-and-play solutions that save you time, work in an instant and look the part. Nowadays, your online experience says more about you than your branch experience, and the financial institutions that refuse to innovate will simply fall by the wayside. Here are 3 significant benefits of digital transformation.

mobile phone in hands
Mobile banking is becoming more popular than ever, and banks that don't offer mobile apps are far behind.

A Better Mobile Customer Journey

We could all do without the frustrations of printing, scanning, faxing, and filling out paper forms. In 2021, there just has to be a better way to handle your finances or open a bank account. And there is, traditionalists are just delaying the inevitable. Convenience drives our lives, and the customer will choose it every time. We're already seeing a major shift in users’ expectations when it comes to financial services.

In today's landscape, you've got to fit the experience on mobile. It's estimated that 67.03% of people now own a smartphone; that's over 5 billion people worldwide. With every new generation, people only become more hardwired into technology.

This is compounded by the fact that the world is moving towards being a cashless society. This has already become standard practice in places like China and Sweden, where even the senior generations exclusively rely on mobile payments. The future is all digital, all the way, and this requires a better mobile experience. Once laborious tasks like opening a bank account are transformed into effortless, dare we say enjoyable, experiences for customers. This also eases pressure on administrative teams. By adopting digital onboarding, financial service providers can deliver a faster, simpler, safer, and more concise experience for all parties involved.

Data, Data & More Data

Bringing your services online unlocks a world of data that is critical to growing your business. They say numbers don't lie, and when it comes to big data, the proof is in the pudding. Digital transformation gives you greater insight into consumer behavior, customer profiles, how to cross-sell products better, fraud detection, risk assessment and customer satisfaction. With this information, you can identify more opportunities, save costs, get a better ROI, and solve problems at lightning speed. Simply put, data moves you forward.

The Power of Automation

A wealth of data goes hand in hand with exceptional machine learning and automation. This type of digital transformation takes you across the finish line. It's like having a virtual workforce that can anticipate outcomes with greater accuracy and push you towards your benchmarks.

Automation can eliminate human errors by taking over mundane tasks, allowing your staff to focus on more engaging, big-picture endeavors. In lending cases, automation can validate customers much faster and without you lifting a finger. Businesses can scope out if potential clients are a good match and approve or reject loans in under a minute using the likes of blockchain technology. Think of it as a means to stay agile within your operations and a way to capture opportunities.

How Can Banks and Fintech Companies Begin Embracing Digital Transformation?

Digital transformation is unavoidable, so where should you begin? Well, if you think the grass looks greener on the other side, find out. Look at your younger, hotter competition within the market and see what makes them tick.

Then you'll want to build a strategy that outlines your primary goals and milestones. Perhaps it's to create a digital onboarding flow or to implement an automated client monitoring solution. If that's the case, check out what HelloFlow can do for you. Build a first-class onboarding experience with absolutely no code and push it to market within a day. With our state-of-the-art performance analytics system, you can gather data, optimize the experience, and analyze trends using metrics and charts. Got questions? We've got answers, book a demo with us now!

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