Tag: legacy technology

Amid a flurry of fast-tracked digital transformation initiatives over the past few years, hyper-automation has emerged as an essential approach in the drive toward operational efficiency and seamless customer experiences. For companies seeking to counteract the disruptive effects of the pandemic and its ripple effects on global supply chains, hyper-automation can ease the burden that repetitive processes and legacy infrastructure place on organisations.

We live in a new reality post-COVID-19, where customers are more digitally savvy, online 24/7 and have easy access to more options than ever before. Businesses need to adapt to this new reality, or they will be at a significant disadvantage.

An entire continuum of cloud solutions now exists across the organisation, spanning public and private clouds, applications, data, edge devices, and Internet of Things (IoT) connectivity. They were combined with the need for flexible 'anywhere, everywhere' access.

Digitalisation was already a key theme in the growth strategies of financial services providers before the global COVID-19 pandemic struck. The need to innovate in response to shifting customer demands around engagement and experience, rising industry disruption from digital-native challenger banks or pivots from major digital-native businesses, and the need to respond to a dynamic regulatory environment has spurred digital transformation and entrenched an innovation agenda across the industry.

Boardroom efforts to make customer experience a priority is being hampered by rising costs, retention and bad debt. South African firms continue to be challenged by rising costs of customer acquisition, retention, fraud and bad debt while striving for innovation through leveraging data and AI techniques.