There is no one-size-fits-all approach to digital transformation in the financial services industry. Every business has its own culture, strengths, challenges, goals, and unique customer needs to account for in its strategy.
But regardless of where your financial services organization is in its digital transformation—from starting to build the foundation to having a mature, in-house program—there are some key things the Burroughs team wants you to know to realize the full potential of your technology investment.
Ready? Let’s dive in!
1. Focus on best-in-class technology.
Despite what you may hear from some suppliers, financial services businesses no longer need to be married to one OEM or technology platform. Thanks to the growing standardization of application programming interfaces (APIs) and native integration capabilities, you can instead focus on finding the right technology tools and platforms that support your specific needs instead of settling for an option that may not meet your requirements and the growing needs of customers.
2. Provide a personalized experience for your customers.
Thanks to acceleration in mobile technology and data analytics, delivering a personalized customer experience is now table stakes for any financial services business.
3. Don’t overlook the value of real-time monitoring.
Every device in your fleet produces valuable data that can be used to better predict its service needs, justify its operational placement, and accelerate its recovery time in the event of an issue.
If your organization isn’t already tapping into this important stream of data and using it to ensure preventative maintenance, drive data-driven decisions, and maximize your operations, then now is the time to start.
Proactively troubleshoot issues through the use of advanced AR/VR tools and an on-site equipment lab which increases resolve times.
Provide a "single pane of glass" experience via real-time dashboards, reporting, and diagnostics across multi-vendor, multi-equipment fleets.
Tap into an expert network of U.S.-based technical support available 24/7 that can provide OEM-specific level 2 and level 3 support.
4. Find a trusted partner with the capacity and capability to support your entire fleet.
Today, financial services businesses no longer have to settle for having a patchwork of implementation and support for their cash automation, self-service, and related IoT equipment composed of vendors with different service-level agreements, response times, capabilities, and service footprint.
Instead, your entire fleet ecosystem can be managed by one partner. In fact, an industry leader like Burroughs can provide full-lifecycle support no matter the make, model, age, or location of your equipment.
5. Use technology to your operational advantage.
Although implementing new technology provides numerous benefits to the customer experience, don’t forget to calculate the benefits to your bottom line, too. As your team develops its business case for your transformation initiatives, remember to highlight the value of:
Freeing up your staff for more advanced, specific customer service needs.
Increasing system integration to provide more opportunities for data-driven decisions.
Harnessing increased availability of customer data to support marketing to new and existing customers, such as through upselling or suggestive-selling of other banking products or partner programs.
Creating a holistic view of your technology ecosystem, allowing your team to not only monitor the performance of your devices, locations, and users, but also implement a full life-cycle management program.
Amplify the Impact of Your Digital Transformation
For more than 135 years, Burroughs has helped financial services organizations leverage cutting-edge technology to better serve customers and streamline operations.
Although each transformation journey is unique, Burroughs has the in-house team and experience your organization needs to find the right hardware and software. With Burroughs in your corner, your business will always have the digital-first capabilities your customers want and your organization needs to maintain its competitive edge.
Want to learn more about digital transformation in financial services and how your business can ensure it has the right foundation for sustainable innovation? Then make sure to get your hands on Burroughs’ resource, Digital Transformation Checklist All Businesses Need.