The payment and financial services industry is one to watch when it comes to digital transformation. There's a hard push towards a digital-first, data-driven, customer-centric model. Even the most conservative financial institutions are accelerating their digital transformation to keep pace with rising customer expectations and increased competition from payment apps and fintechs.
Yet as important as the customer experience is – and will be in the years ahead – leading institutions are also starting to pay equal attention to employees’ evolving preferences and requirements.
The employee experience is pivotal when it comes to the customer experience and an company's overall success. Organizations across many industries worldwide have already made this link, shifting their budgets to provide greater support for positive interactions across the employee life cycle.
Engaged employees achieve better business outcomes, including more engaged customers. And research shows bank customers who are engaged represent 37% higher revenue than customers who aren’t. Yet financial services ranked second to last in how well different industries engage customers.
Employee engagement is even more vital in an industry that relies on trust and relationships. When workers are invested in their roles, they genuinely care about building customer relationships and delivering superior service.
While research shows only 21% of organizations include employee experience goals in their business unit strategies, 74% of those that do find it’s an effective strategy. In the current landscape, it’s time for financial institutions to be proactive about ensuring workers have all the tools and resources they need to feel satisfied in their work and motivated to provide optimal customer service.
An investment in an intelligent digital workplace to replace outdated, rarely used intranets enables financial institutions to provide the consumer-like experience today’s employees expect, including simple, efficient collaboration no matter where or when people are working; quick and easy access to all the information they need to stay in the loop; and streamlined, unified workflows powered by artificial intelligence.
Upgrading technology also promotes employee well-being, engagement, and overall happiness, with capabilities that are uniquely suited to this era of remote work.
One of the primary challenges of remote work is the loss of “passive knowledge sharing.” Put simply, there are fewer opportunities for spontaneous, informal conversation.
In an intelligent digital workplace, there are dedicated spaces for team or institution-wide discussions that capture the spirit of watercooler chat. Employees can share ideas, spark debates, catch up on personal news and maintain the critical connections that create a strong culture and sense of belonging.
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April 27, 2021 at 11:01AM
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Digital growth must also extend to employee experience - PaymentsSource
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