Intense market competition, compliance pressures, and growing customer expectations are amongst the major drivers pushing Financial Institutions to reimagine their business practices. The opportunities have never been more significant to harness emerging digital technologies and lower the cost of business, better serve the customer, and offer modern, more tailored products and services.
Financial Institutions often find that their main challenge is not a lack of appetite for change but the persistent drag of legacy systems. The complexity of enterprise applications and business workflows, along with fragmented and heterogeneous data volumes, does not allow for a superior product experience, and both impact employee productivity, customer satisfaction, and revenue goals.
Modernizing legacy systems with simplified user experiences will drive revenue growth and higher ROI for financial products and services. Here are the top three ways to get past clunky legacy systems and accelerate your digital journey of simplifying user experiences.
1. Human-Like Experiences
When it comes to digital innovation, human-like experiences are becoming the new priority, pushing the limits of digitalization. Financial institutions can now leapfrog inhospitable user interfaces of cumbersome legacy systems, and simplify the application user experience through conversational user interfaces– find out more here.
2. Intelligent Automation
The emergence of AI & Intelligent Automation is empowering a growing number of companies to simplify user experiences so they are intuitive for humans, connected, and fast, keeping employees and customers engaged and productive in everything they do. Automation is eliminating repetitive, instructive tasks and processes and improving ROI by focusing compliance and business professionals on higher value work. Machine Learning can create predictive and preventive models to significantly lower ongoing operational costs.
3. Data-Driven Analytics
Data analytics and AI can improve ROI, from driving efficiency in compliance and business functions, to driving new revenue aligned to customer preferences. Algorithms can simplify product management of often highly complex products. Those insights can help sales operations uncover new customer opportunities. The decisions to then rationalize products and drive further innovation are simplified.
Simplifying digital experiences and interfaces is critical for an industry at an inflection point. Intelligent automation, data analytics and human-centric design can drive revenue for financial institutions and higher ROI. As Financial Services executives look ahead to the next decade of growth and transformation, they will need to identify where best to extract value and enhance their quality of Customer Support, Customer/Employee Satisfaction, and Revenue Generation.
To find out more about how conversational user interfaces are emerging as a tool to circumvent cumbersome legacy systems and enhance the user experience, Watch our on-demand webinar recording for Simplifying Application UX through Human-Centric Design & AI.
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