Australian Financial Services Firms go digital – but foundations are key …Reading Time: 2 minutes
A recent blog post by Forrester highlights how the finance services sector in Australia may be a little behind the US and UK but is moving to catch up fast. At Nucleus Software, our experience is that financial services firms worldwide are moving rapidly to provide customers with a strong digital ‘customer experience’. Even in Africa, Middle East and across Asia customer demand has banks and finance companies scrambling to extend support to digital channels.
However, the reality is that financial services companies need to offer a true and consistent multichannel experience to customers. They have to recognise not only that different customers will favour different channels – but that the same customer will often want to interact through multiple channels. They may use the web to research a loan, phone up to apply, call into a branch to bring in documents and then service the loan through their mobile device.
The key to managing such a variety of interactions is in back office – the core loan origination, administration and collections system needs to be able to cope with such multiple interactions and still give a single view of the customer. That requires a system designed with modern technologies in mind – yet many companies are hampered by systems that were designed before the internet age. Only if such systems are truly designed for the multi-channel world will the digital experience be smooth and satisfactory for the customer – and profitable for the lender.
At Nucleus Software, our vision is to provide financial services companies with a complete end-to-end system that manages the loan lifecycle from first contact to final payment, via any channel including web and mobile. Achieving this through a standard software package is not only more cost effective than building it in-house but also ensures that the system is designed for modern technologies and keeps up with emerging trends.
This approach provides banks and financial service firms with the foundations they need to manage their customers, while supporting constant innovation in term of products, technology and market strategies.
References: The original blogpost is published at Linkedin: Firms go digital