How financial service organizations can boost revenues with digital journeys in 2024

When it comes to serving financial service products in 2024, most organizations are faced with four common challenges:

• Scaling up remote service capabilities
• Building relationships with potential clients remotely
• Winning business against stiff competition from digital-first challenger
• Maximizing business with current clients and bolstering loyalty

Digital is the primary revenue generation channel in 2024

The good news is that you can overcome these hurdles by implementing digital journeys in your sales processes. The bad news is that many financial service organizations are still lagging behind when it comes to creating digital experiences in their sales processes.

Many core business workflows from new policy issuance to bank account openings are still reliant on paper-based (in the worst case) or PDF-based (in best case) processes.

While it is obvious that paper-based processes can’t scale in the digital world, reliance on PDF forms is a problem as well. If you even filled in a PDF on your mobile phone, you know what I am talking about.

Imagine for a second that you are a customer who is researching a new bank account. Bank A sent you a 10 page PDF document to sign. Bank B sent you a link that led you to a user-friendly digital journey to submit your details that you can save and continue later, add attachments right from your phone and sign on your laptop. As a customer, what bank would you go with?

My bet is, you will prefer the company that offers a flawless experience from the get-go.

The challenge of building digital journeys at scale

We all understand the importance of digital. But implementing digital journeys at scale remains to be a challenge for many enterprise organizations for multiple reasons

• Limited IT resources that are further strained by WFH requirements. When your IT teams are busy trying to keep the lights on, it is difficult to venture into new ambitious projects
• Difficulty in finding vendors who are well versed in the world of the financial services business. Compliance, security, and regulatory requirements must be met. That is why many organizations are reluctant to delegating those projects to outsiders.
• Legacy code and enterprise tech stack are not the most friendly when it comes to integrations with external vendors and service providers.

Scaling your digital presence with no-code development

That is where no-code development platforms such as EasySend come into play. Until relatively recently, no-code has been something that was limited primarily to the world of SMBs. However, in recent years enterprise-grade no-code development has started to make waves, as vendors erupted onto the scene who specialize in enterprise-grade no-code platforms.

By enterprise-grade no-code, I mean platforms that support:

• Highest security standards (SOC2, PCI, ISO27001)
• Compliance with regulatory standards (GDPR, HIPAA, Privacy Policies)
• Integration with enterprise technology – from core banking to legacy systems and enterprise ERP and CRM systems
• Fully white-label, invisible to end-consumer

Key to growth: Optimize and personalize to support your customers

Some executives believe they ‘are digital’ because they have transactional mobile banking app or they “digitized” paperwork by turning it into a PDF that can be signed digitally. However, this is not necessarily the case.

Financial service enterprises must rethink their roles and transition from transaction culture to play more active roles in their customer’s lives, filling in an advisory and supportive role for their overall financial wellbeing.

The challenge lies in finding ways of delivering personalized advice, insights, and offers that are relevant and beneficial for that one individual customer. And doing so at scale.

How EasySend supports personalized digital engagement at scale

One of the most visible and successful manifestations of EasySend’s commitment to digital transformation lies in the platform’s personalization and optimization capabilities. EasySend platform consists of three modules:

• Build: a no-code builder to support rapid transformation at scale
• Integrate: robust integration with an enterprise-tech stack
• Optimize: auto-optimization toolkit that adapts digital journeys based on customer feedback and personalization that adapts digital journeys to each individual customer based on data you already have about them in your systems.

There is only one key to selling financial service products in 2024: deliver superior service at every stage of the customer journey. EasySend can support you to do just that. Request a demo now.