Most leaders recognize that it’s not the technology itself that is the most difficult part of a digital transformation. Digital technology only provides the possibility of gaining efficiencies and a better customer experience.
A digital transformation essentially extends the physical world, weaving together the offline interactions and conversations with the digital ones.
Going digital doesn’t mean leaving the physical world. A digital transformation enables an extension of the physical world, and it includes all the interactions and conversations we have in the physical world.
The majority of insurance customer journeys get interrupted or stalled. They start off well, but generally a bottleneck pops up as soon as there is some complexity in the claims process. Most insurers are not truly considering the journey their customers want to take. With an end to end digital journey, they can radically improve the customer experience, make the claims process a lot simpler and faster, and increase their bottom line. But it has to start with an agile approach.
The banking industry is still gripped by the fallout from the financial crisis, and customer trust is at all time low. Despite the distrust, customers still endow banks with their basic trust of keeping their money safe. This is a huge advantage that must be leveraged wisely.