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How can the use of a leading Customer Engagement solution help drive growth in financial services?

It has become more and more common for financial services firms to need technology to help them to drive growth, however the main problem is that most are using out of date systems that are holding them back from taking the next step. 

Limited legacy applications with endless IT infrastructure often contain countless work arounds through email and Excel are just not cutting the mustard as businesses look to expand. This is usually the main reason as to why businesses are making the transition over to cloud-based solution such as Dynamics 365 and the Microsoft Power Platform. However, more often than not, there are often barriers holding back businesses from doing so, this is why in our latest blog article, we will take you through how you can drive growth through the use of a leading Customer Engagement solution. 

1 – Drive innovation, don’t stagger it 

The ever-changing nature of markets as well as more competition dictate that financial service firms need to have the capabilities of being flexible, agile and innovative in order to attract and keep hold of their customers. 

If you are finding that you have a technology solution in place that struggles to keep up with the changing needs of the business as well as making it difficult to implement good ideas or pushing ideas down a rabbit warren through spreadsheets, then something needs to change. 

Therefore, by making it simpler for businesses to capture new data points, implement new workflows as well as outline new business rules and processes with a designated framework, you will find that the use of modern solutions can help you to innovate rather than stall or stagger it. 

Better still, when integrated with collaboration tools and empowering your employees with great powers, the best cloud platforms can actually be the focal point for being able to promote innovation and improvement that you don’t think were possible before. 

To put this into context through an example: 

  • By integrating Teams and opportunities/customer cases enables you to have focused, traceable and instant collaboration across different departments on key opportunities and client issues. 

2 – Take advantage of AI automation & improve processes 

If you are evaluating the operations and sales teams and processes across a financial services firm, systems can be seen as a hinderance and pain staking for end users, meaning that valuable time is wasted and not spent on selling or providing for customers. 

You will be aware that the automation within cloud-based platforms have made rapid progress from automating repetitive tasks – like customer onboarding to Robotic Process Automation that can make managing tasks a breeze. 

Even better than this is the fact that recent innovations in platforms are allowing AI ‘co-pilots’ which can help with support and suggestions that are helping to drive rapid improvements in efficiency whilst at the same time enabling decision making and the process to remain in control of your team. 

When combined, you will find that all of the above allow your team to spend more time on value-add activities – selling more, supporting customers or identifying ideas that could be used to help drive business growth. 

To put this into context through an example: 

  • Choosing to replace paper-based contracts and signing processes with digital signatures and automated version control can save over £100,000 in paper costs alone! 

3 – Remain compliant and eliminate risk 

If you work in financial services, you will know that compliance means everything – we cannot afford to take shortcuts when it comes to following rules and doing what is best for our customers. 

However, more often than not, compliance processes are manual and slow down key customer facing processes – but it doesn’t have to be this way. 

Therefore, by ensuring that compliance checks and processes are engrained in your Customer Engagement platform, you are able to simplify compliance for both customers and employees whilst at the same time eliminating the risks associated with non-compliance by insisting on data capture and approvals throughout the process. 

Ok that’s great but how does that help to drive business growth? The whole point of this is free up time so you can focus on other more important tasks but at the same time helping to drive behaviours that will enable your business to deliver success whilst working in between the compliance frameworks and eliminating the time taken to get employees up and running. 

To put this into context through an example: 

  • Automate the process of compliance case review based on case information and system-implemented random selection – result – a 75% reduction in case admin time and manual errors reduced by 90%. 

In Summary 

If you are a business that is operating within the financial services sector and are finding it difficult to keep up to speed with the rate of innovation and change in the market and you believe that this is partly because of an outdated or legacy system then it might be the right time to consider making the move to Microsoft’s set of customer engagement tools. To discuss your requirements in more depth, please reach out to our team of Microsoft experts now

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