Three keys to the user's technological experience in the financial sector
Alejandro Tomas, Vicepresident Digital Services & Innovation, Ricoh LATAM
Digital consumers, industrial automation, new competitors and technological advances such as blockchain, digital banking, mobile payments, AI data analysis, cybersecurity and fraud prevention are changing the rules of the game for the financial industry in Latin America.
The financial market in the region faces the challenge of adapting quickly to digital technologies, with a notable lag in their implementation compared to other regions. To prevail in this new era, not only new dynamics will be necessary in organizations, new skills of those who manage financial processes, but also of those who use them as customers; however, the region is on the right track.
Aware of the importance of accelerating digital adoption, according to a recent study1, investment in technologies by companies in the financial sector has increased considerably in 2024, with increases that can range between 20% and 40% compared to previous years. Companies are prioritizing investments in technology, finally overcoming some common fears in the industry such as: the alleged relationship between technology implementations and customer complaints, or the continuity of operations in the midst of this reinvention of financial processes.
This investment, which is good news for the region, must be accompanied by knowledge of the user and the moment in which he/she finds himself/herself. Here are three factors to consider when generating an exceptional technological experience for customers in the financial sector.
1) The digital user self-manages
Today's financial user self-manages their money, is informed, educated, and can even become more knowledgeable than financial advisors themselves, which is why it is so important that technological tools are available to them.
Organizations need to dig deep into their data to uncover the information that will help them deliver a more agile approach. This means being able to unlock processes in every business unit across siloed databases, disparate systems and even paper-filled filing cabinets. This includes financial reports, sales trends, competitive analysis and any data collected when customers interact in person or online. You need to maximize the value of the information to provide faster responses to customers, up to and including predicting their financial behavior. A first step in achieving this can be internal document and data management to deliver a fast, effective and secure experience that keeps customers coming back again and again.
2) Agility is no longer negotiable
The good digital experience is nowadays taken for granted in the financial sector, it has evolved from being a differential to become a management imperative. Having access to the right information in real time, being able to make transactions from anywhere in the world and managing money with agility is fundamental for companies to create memorable experiences for their customers. If you've signed for a credit or loan digitally, used a chatbot to get a bill reimbursed, or even taken out insurance based on suggestions made in an app, you know firsthand the value and convenience that can be achieved by rethinking customer interactions.
If you don't know where to start in streamlining your customers' digital experience, I suggest starting with a process that is essential in any financial enterprise: credit approval. That complex process, which demands a considerable amount of time, can today be safely automated so that with AI support you can evaluate more credit applications. When your initial interaction with the customer is faster, you are favorably impacting your technology experience in two ways: it gives the customer peace of mind that they will be able to quickly manage their money, and it allows you as a company to cover many more credit evaluations in less time.
3) Digital adoption also implies an organizational change.
In the financial sector, traditional companies such as banks, cooperatives, finance companies, but also fintechs (digital financial services companies), are all competing for customers. These “challenger banks” or “neobanks” that some time ago were a novelty, have been demonstrating that they know that the transition to digital is, above all, an organizational change and involves the talent factor. Taking as an example the management model of this type of companies, we see how important it is as a financial player to have, on the one hand, the best technological solutions, and also, on the other hand, that the team is trained and committed. Digital transformation in companies belongs to everyone.
Not so long ago, the fact that a person answered the phone when a customer called was considered as meeting their expectations. Today, if your customer reaches out to service channels and must follow a long and tedious process, and if, additionally, financial advisors are not aware of your company's digital ecosystem in order to provide proper advice, clearly your customer's experience will suffer. It is no wonder, therefore, that nearly 80% of Latin American consumers say that speed, convenience, knowledgeable help and friendly service are the most important parts of a positive customer experience2.
At Ricoh LATAM, we seek to improve the technological experience of our customers through our solutions and products. We know the industries in which we verticalize our portfolio, for example, this one, the financial sector. There are many opportunities in the Latin American market, a region that is advancing in the adoption and digital transformation, but this is a path that requires the commitment and knowledge of the different business actors, so that the solutions are aligned to the experience that today's increasingly digital users demand.
1 Fuente: Nasdaq
2 Fuente: PWC. "Experience is everything: Here's how to get it right."
