In the financial services industry, there’s a lot of focus on having the latest and greatest in customer-facing technology, whether that’s a beautiful, efficient mobile app, or a customer service chatbot. But if companies don’t focus on the technology behind the scenes, too, the whole customer experience can be derailed by bad data or inefficient tools.
Just as important, salespeople can’t spend their time growing a customer base if they’re wasting time manually entering data or pursuing non-viable leads.As competitors continue to disrupt the industry, it’s more crucial than ever that companies invest in improving back-end enterprise technology. But that brings us to the key question: how?
Search for a solution.
Is the solution a rip-and-replace? With software budgets that are either not growing or shrinking, it’s not likely companies have the time or funds necessary to research and buy new software, especially when 96% of enterprises end up shelving it eventually, according to a report from Flexera software and IDC.
The same can be said for buying software to add to existing products, which also creates more fragmentation in the enterprise. New applications often don’t sync up with existing ones, making it necessary to manually re-enter data and increasing margin of error, which gets expensive, fast.
If it’s too expensive to replace current software or add to our existing supply, it sounds like the only solution is to leverage the software we’ve already bought, customizing enterprise applications so they work for the people using them.
But customizing enterprise software requires custom coding, and custom coding can involve enough work and resources to hire an entire development team. Writing code can also take a long time.
Sometimes, by the time a product is delivered, user needs have changed to the point that the product is irrelevant, or worse, the features the product added weren’t what users wanted to begin with. Cue IT backlog.
Watch industry leaders.
Industry leaders recognize that there’s a way to repair data quality issues which doesn’t require buying new software, or writing thousands of lines of codes to customize existing applications.
Consider the case of one of the United States’ largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. The company needed an app to provide a 360° customer view for private wealth management advisors, key for maintaining their client portfolios.
The app needed to include risk assessment, real-time notifications for upcoming activities, and overall pipeline management. By using Skuid, the company created the app to their exact specifications, connecting employees to vital data in meaningful ways, using virtually no code.
Meanwhile, an international banking and financial services holding company used Skuid to build an interaction model for bankers in its investment banking group. The app works exactly the way their bankers do, presenting information only when it’s needed, without wasted minutes caused by scrolling.
The app also guards against errors, resulting in more satisfied customers. With no-code app assembly and iterations, the financial services industry has an unprecedented opportunity to accelerate internal efficiency and gain actionable insights into data.
Not only will companies improve user adoption and solve data quality issues, they’ll also circumvent the costs of buying new software, and avoid spending the time and money that comes with writing unnecessary code.
Want more information on digital transformation in financial services? Download our free white paper today and learn if you’re a leader or a laggard. Want more information on digital transformation in financial services? Download our free white paper today and learn if you’re a leader or a laggard.