Wouter Kielblock | Chief Operations Officer | Corporate and Institutional Banking | Investec | mail me |
Digitalisation was a transformative trend sweeping across industries even before the global COVID-19 pandemic changed the way we work, shop and interact. Society’s ongoing transition to smart and sustainable living leverages information and communication technologies (ICT) to improve the quality of life and unlock greater convenience. And ubiquitous and seamless access to digital services underpins this trend, with the digitalisation of banking a core enabler of the emerging smart economy.
Fintech innovation continues to advance our ability to engage, learn, transact and pay via digital channels. These digital capabilities interweave our physical existence with the burgeoning online ecosystem, while simultaneously broadening access to online services for financial inclusion. This digital-first urban lifestyle is reshaping customer attitudes, expectations and preferences. As a consequence, the new generation of city-dwellers expects on-demand convenience and a seamless customer experience (CX) from all service providers.
In addition, the social implications of the world’s COVID-19 response have accelerated society’s digital transformation. The globe’s en masse shift to online engagement and commerce has created a much higher level of comfort around digital channels and entrenched consumer behaviours around digital services.
The resultant shift to this digital-first model has amplified the need for self-fulfilment and self-service capabilities as customer preferences for engagement via digital channels will likely persist into the post-pandemic era. These modern digitally-savvy consumers demand immediate answers to simple questions, expect instantly discoverable information and quick and easy transactional capabilities.
Leading the way
Financial institutions find themselves on the digitalisation frontline as most banking interactions now happen via digital channels. Moreover, retail banking customers expect their bank to deliver the same experience and capabilities offered by other digital-native and digital-first service providers.
Now that digital banking channels have become the de facto standard, corporate banking clients expect the same frictionless, personalised experience they receive from their retail and private banks.
Many businesses have also commenced their digital transformation journeys and expect their financial and banking partners to support their efforts with relevant digital solutions and capabilities.
In response, corporate banking is evolving by reimagining the legacy customer journey, with a focus on providing omnichannel engagement options beyond the brick-and-mortar branch and call centre, along with digital self-fulfilment and self-service capabilities.
First impressions
As the initial customer touchpoint, this digitised corporate customer experience begins with a streamlined onboarding process.
Onboarding can be a significant…
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Read the full article by Wouter Kielblock, Chief Operations Officer, Corporate and Institutional Banking, Investec, as well as a host of other topical management articles written by professionals, consultants and academics in the December/January 2020/21 edition of BusinessBrief.
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