Welcome to 2020!

As we begin the year, our industry’s top analysts are busy producing their predictions of the upcoming FinTech trends. Over the next few months, we will explore many of these trends and their impact on the financial industry. Here’s a sneak peek of some of the topics we believe will be making an impact on the financial services industry.

Leading Customer Experience

Companies leading in customer experience are three times more successful (Adobe Digital Trends 2020). At ieDigital, we are experts in helping our clients deliver effective, creative and compelling digital engagement solutions for their customers. This year, in our blog posts, we will look at how you can start to make this transformation and become digital customer experience leaders.

Improving Employee Experience

Unsurprisingly, there is a massive correlation between good employee experience and customer experience. Business units with remarkably high engaged workers, help increase customer satisfaction ratings by 10% and also produces a 20% rise in sales (Gallup research, 2017). In 2020, we will conduct a deeper analysis of Employee Experience (EX), discuss ways to remove the barriers and look at how to empower your employees to truly meet customer needs.

Adopting Cultural Transformation

Culture is considered as one of the biggest barriers to digital transformation (Forrester report, 2019). We will dive into the practises which you can adopt to overcome the cultural barriers that are hindering the successful digital transformation within your organisation.

Data is King

Data is now one of the most valuable commodities in the world. The ability to connect our customer data with our business goals through smart use of analytics, NPS and other metrics is extremely powerful. We will examine how you can boost your metrics and make the most of the gathered data.

The rise of AI agents

Conversational AI is coming of age, understanding users’ natural language, not just responding to voice prompts. We will discuss how AI agents are starting to augment human contact centre teams, across many verticals within financial services.

Cracking the demand for identity

There is a growing need for our verified identity to be centrally stored, and access to it managed and controlled. We will look at the different options open to financial institutions, regulators and governments, what it means for your future data self, and who is winning the race to provide digital identity.

Keeping up with the Regulations

Regulators will mop up the spills from the first round of Open Banking legislation, which just hasn’t yet found its mark (Forrester Predictions 2020: Banking), and GDPR is still not necessarily secure under UK law from an EU standpoint.
The FCA has kicked off the consultation period for their new initiative to bring more fairness to the UK savings market (CP20/1: Introducing a Single Easy Access Rate for cash savings), and they certainly haven’t finished improving transparency and fairness in the motor finance industry. We will look at how you can prepare for the next round of regulations and what incredible new opportunities they may bring to customer engagement in the industry.

Managing Debt

In today’s world, there’s only a small section of customers remaining who prefer to be contacted via traditional methods. Increasingly people prefer the perceived anonymity of digital channels. Fortunately, the implementation cost of a multichannel strategy is a small fraction when compared to the return in percentage of efficient recoveries and happier customers (McKinsey research, 2019). Our Interact Collect solution helps organisations reach out to customers through modern, self-service digital channels, supporting any organisation’s move to a multichannel collection strategy.

Stay with us as we share our insights on these topics and a whole lot more. To make sure you don’t miss any of our updates, sign up to our newsletter to receive a monthly email with our latest blogs and news.

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