Digital transformation alongside automation enablers like Artificial Intelligence (AI) and Robotic Process Automation (RPA), coupled with the responsible utilization of data assets will be determining business success factors over the next five years. While the landscape will be enormously different in the coming years, Phillips says that the brands who will succeed the most are those that move beyond a fascination with the technology itself but to understand how it can address ever-changing customer needs and expectations, remembering that winning will be defined by how the technology capability has delivered a world-class user experience.
Looking forward, increasing digital interactions, engagement, digital delivery of services or products will fast become the norm. The further demise of brick-and-mortar and its associated servicing models is almost guaranteed. Many more consumers and business move into the digital world. Seamless digital interactions that are built around user needs will allow organizations to deliver bespoke solutions in near to real-time, effectively removing friction in value delivery
The approach by financial institutions will need to change as they look to evolve. In this way they will gain a much better understanding of every consumer, recognizing too that they are all different.
Traditional financial service organizations will need to look at their customer base differently. Portfolio level segmentation is no longer relevant as consumers demand customized solutions that fit their specific needs, without exception. In the future, digital technology will provide a million different products to a million different customers in near real-time in a channel of their choosing.
Protection of Personal Information Act
As South Africa moves closer to the POPIA (Protection of Personal Information Act) deadline, which impacts greatly on the consumerization of data, at e4 we have been incredibly pro-active in this space and are extremely well prepared.
Eighteen months ago, we formed dedicated teams to ensure that we are fully compliant by the end of June 2021.
There are also a number of senior stakeholders involved in this project and it features prominently at the board level.
Digital transformation in financial services
Digital transformation has been ongoing in most financial service organizations for some time, the last two years have created a realization that e4’s capabilities are more relevant now than ever before.
Front-end digital enablement was never viewed as an area of stand-alone value creation by the Group and in turn by our clients. This mindset changed internally a few years ago and led to us developing several value propositions in spaces that are becoming largely industry agnostic and have provided the business with permission to engage in areas we historically wouldn’t have considered.
In terms of processes, there is a much greater appreciation that the new way of business is a real-time ever-evolving environment, and what took 12 to 18 months must now take weeks if you want to stay relevant in this dramatic digital revolution.
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