Digital Transformation In Financial Services

Digital Transformation In Financial Services

In today’s hyper-connected, global economy, digital transformation has been embraced by businesses across industries. This trend especially became relevant in the wake of the 2020 COVID-19 pandemic when customers migrated online, and businesses had to cut costs to operate.

One industry that has adapted well to digitization is financial services.

The Financial Services Industry Overview

This is because the financial services ecosystem lends itself to digital initiatives. It is a highly regulated and complex industry reliant on the customer experience to drive revenue. Digital transformation provides the financial services industry an opportunity to differentiate customer experience and transform it into a digital experience. It enables banks, insurers, or fintech to provide what customers want, when customers want it and how customers want it.

Such instant service delivery makes businesses more competitive in a sector where innovation is hot. The financial services industry was once comprised of a few well-known institutions that had significant resources to innovate. Now, new businesses of different sizes and services are entering the market.

Barriers In Financial Services To Innovation

This creates an interesting dynamic. Smaller startups are more agile and able to quickly pivot in response to market trends. But the middle-sized companies neither have the resources of the larger counterparts nor the agility of the smaller companies to be responsive. A barrier to innovation forces the industry to become more creative in finding digital transformation solutions.

The Adoption of Digital Transformation In Financial Services

As the market landscape shifts, financial services companies are in the process of developing or implementing a digital transformation strategy. Research has found that nearly 97% of financial services firms are actively pursuing digital transformation. In the big picture, 68% of financial services firms are committed to digital transformation v 63% of overall businesses across industries.

A closer look reveals that only 23% of financial services firms view themselves as “advanced” in digital transformation compared to 35% of all organizations. This indicates that the financial industry is hyper aware of the challenges and benefits of digital transformation on the road to adoption. Middle-sized financial services firms stand to gain the most benefits from digital transformation as they can scale up to the big players.

3 Benefits Of Digital Transformation For Financial Services

1. Better Customer Experience

During the pandemic, customer trends, and buying trends shifted online and businesses had to respond. Now, financial service companies are competing with other brands for more than just customer service, but an overall customer experience. The customer journey from start to finish is critical in driving revenue and building brand equity. It can be compared to the way customers had a personal relationship with a bank in the past. The same level of care and personalization needs to be expressed online as part of a successful digital transformation.

2. Improved Employee Experience

As much as customer experience is a driver for financial services firms, part of successful digital transformation is an improved employee experience. Robotic Process Automation (RPA) can be a part of the digital transformation. Banks and other customer-facing services are embracing automation such as virtual assistants and bots for service delivery. This enables employees to focus on higher-value tasks and to be relieved from mundane and repetitive tasks. The increase in employee satisfaction and the buy-in of employees is what financial services firms need to execute digital transformation initiatives.

3. Increase In ROI 

For financial services firms, a better customer experience and more operational efficiency led to an increase in ROI. This industry can see even more profitability than other sectors. Some middle-market financial services companies can anticipate a revenue increase of 10% in the first few years of adoption.

Conclusion

In the financial services industry, the road to digital transformation is complicated by changing market demands, customer preferences, and technology. By being responsive and focusing on the customer experience, financial service firms can digitize, increase revenues, and drive innovation.

What Is Content Analytics?

What Is Content Analytics?

Content analytics is the practice of applying business analytics and business intelligence to digital content.

Since the internet embraced content as king, the content transformation has been top-of-mind for enterprises globally. The goal for the digitization of content is to make it more digestible, valuable, and engaging for readers. For content transformation to be successful, an enterprise needs to include content analytics to assess the performance of digital content.

It includes analyzing:

– content patterns

– content trends

– key performance indicators (KPI)

– valuable insights

Research has shown that 75% of enterprises believe that content analytics is correlated with powerful business insights. Insights that can truly take a business inside the mindset of customers and what they are most interested in reading about.

Businesses engage with different types of content such as:

– Blog posts

– White papers

– Social media

– Customer support (text and audio)

– News sites

These can indicate behavioral and consumer trends that drive revenue and organizational growth.

Content Analytics Benefits

Reader Engagement Tracking

Because content analytics tools are more precise and reliable in measuring engagement than web analytics tools. These tools measure when readers are actively engaged with content, with or without subsequent action. It can get as granular as being able to track when a reader opens a page v. engages with a page. Having such useful metrics enables the enterprise to truly understand the impact of their content and how to shape the content strategy to be the most effective.

Actionable Metrics and KPIs

The benefit of the content analytics tool is access to insights about how content performs across multiple platforms or how long readers are actively consuming content. There is a wide range of metrics that are more precise than web analytics tools in giving marketers an in-depth look at digital content. This can inform the overarching content transformation because it enables marketers to identify and focus on top-performing content.

Real-Time Decision Making

The advantages of content analytics for an enterprise are actionable insights and real-time decision-making. Having a large data set is effective for making strategic decisions about which content to create, promote and edit. It gives the enterprise a real-time pulse on content to focus on the most ROI per page.

Content Analytics Structure

1. Choose Content To Analyze

Select the content to analyze based on:

– Medium and genre

– Specific criteria (ex website for a specific type of product)

– Dates and location of content

2. Define Parameters Of Analysis

Once the content for analysis has been chosen, it is time to define the parameters such as:

Units of meaning

Repetition of words and phrases, themes and concepts, people, and images

Set of categories

Objective or conceptual characteristics for analysis.

3. Figure Out Rules For Coding

For analysis to be effective, content needs to be coded consistently. This involves organizing units of meaning into defined categories, what will and will not be included.

4. Code The Text Based On The Rules

After coding rules are in place, marketers must go through the research sample and code it.

5. Look At Results And Actionable Insights

After coding is done, marketers can examine data to find patterns and draw conclusions. An experienced marketer can use statistics to find correlations and trends in the content.

Conclusion

As part of content transformation, content analytics can be an effective tool in analyzing and measuring content that performs well over time. By using content analytics tools and a structure, marketers can glean actionable insights and data from digital content that moves the business forward.

Digital Transformation Guide

Digital Transformation Guide

As the world becomes more connected, businesses are facing a new era of digitization. Digital transformation is ubiquitous, a process that uses digital technologies to change or update business processes, systems, and customer experiences to keep up with changing market conditions.

To understand digital transformation is to take a big picture snapshot of a business. It is a process that transcends typical organizational roles like sales, marketing, and customer service to reimagine and redefine the business. It is the evolution from analog to digital, from paper to spreadsheets to apps to disrupt how business is done.

Steps In A Digital Transformation

1. Define The Problem And Be Clear About Priorities

In pursuit of digital transformation, businesses have an opportunity to examine current and legacy processes and reinvent them with digital tools. By spending time with employees from different departments, a business can get a holistic idea about the challenges and problems of existing processes. While personalization of customer experience leads to more customer loyalty and retention that is just the tip of the iceberg of digital transformation.

In preparation for digitization, businesses need to consider employee experience and harness the power of Artificial Intelligence (AI) and automation for true digital transformation. As those priorities are set, the business can outline the metrics of what successful digital transformation entails.

2. Outline Metrics Of Successful Digital Transformation

Once the business has identified which problems to tackle with digital transformation, it must set the metrics of what a successful digital transformation will look like for the organization. This depends on the goals of an organization and the scope of the digital transformation.

For some businesses, digital transformation will be limited to:

– New business unit

– Department

– Region

– Product line

For other businesses, digital transformation becomes an enterprise-wide initiative that delivers positive results over time. Often, digital transformation is a lengthy process that happens over years with cumulative results. Therefore, any digital transformation initiatives needs to show progress metrics over time.

3. Designate A Leader, Promote Company-Wide Buy-In

The foundation for success in digital transformation is picking the right people in the business to share the “big picture” vision for the initiative. The business needs to pick a leader, ideally from the C-suite that will oversee the initiative. It is also imperative that individuals across the organization are educated in the benefits of digital transformation. For some business departments, immediate gains of digital transformation may not be tangible. Therefore, the leader needs to instill confidence and a timeline across the organization for digital transformation.

4. Embrace Flexibility

For most businesses, the road to digital transformation is filled with uncertainty. That is why it is important to embrace flexibility in the process.

External factors:

– shifting market dynamics

– new trends in customer behaviors

– disruptive competitors

– advancements in AI technology

By encouraging employees to share about difficulties and project fluctuations, the business ensures its survival and thriving in the face of change.

5. Carefully Choose Digital Transformation Tools

Optimal digital transformation happens when the right mix of people, processes, and technologies comes together to innovate a business. A business must choose the right digital transformation tools or software. As part of the set-up, a business needs to consider whether to rely on a single vendor or multiple vendors for a solution. Other considerations include utilizing a digital transformation software that is new on the market or a tried-and-true solution. These decisions become integral in executing a digital transformation that is right for the business.

What Technologies Are Used In A Digital Transformation

Fundamentally, digital transformation is driven by advancements in technologies that disrupt business practices. These technologies may include 

Content Transformation Example

Likewise, content transformation is at the core of a successful digital transformation. This is because content plays a critical role in the digital customer experience. A business cannot achieve digital transformation without looking at the content. The goal of content transformation is to make relevant and engaging content accessible to customers anywhere at any time. When a business chooses the right solution to transform legacy content into digital content it enhances business operations. Optimized content serves as a sales and marketing tool for attracting customers and positioning the business in the marketplace.

Digital Transformation Benefits

Once a business has taken the steps to digital transformation it can experience the benefits. Some benefits will be more immediate than others. However, in modern business digital transformation has become more of a requirement than an option for being competitive.

Digital transformation benefits include:

Optimized For Mobile

These days customers spend a lot of time online but the way that they hang out online has changed. Increasingly, customers are tied to smartphones. Businesses need to reflect these trends with increased mobility. A focus on the end-user experience with mobile platforms is the way to:

o Enhance operational efficiencies

o Improve satisfaction rates

o Retain customers

o Learn about customer behavior

o Attract new customers

Data Security

An effective digital transformation strategy is committed to data security. Businesses need to protect user-information collected from connected devices and big data. These large quantities of sensitive information may be subject to privacy laws which need to be considered in the transformation. A business that has secure data policies in place gives confidence and consideration to customers who share sensitive information online.

Better User Experience

Part of successful digital transformation includes consideration for user experience as well as customer experience. As more work tasks are being automated, users are becoming more discerning about technology. The business needs to focus on simple interfaces and intuitive interactions to make work easier for employees. In return, employees are more productive and engaged in the workplace.

Digitization Of Customer Experience

At the core of digital transformation is a technology and the purpose of this initiative is an enhanced customer experience. In an increasingly competitive marketplace, the leverage of digital technology is the key to:

– better decision-making

– smarter efficiencies

– paradigm shift in customer experience

– Efficient processes

– Greater productivity

– Better customer and employee experience

– Manage business risks

– Control and reduce costs

New Insights To Drive Business

Digital transformation disrupts business processes and creates new ways of doing business. Part of the interaction of the right processes, people, and technology is responsible for new insights for business leaders and employees. Business leaders can shape the direction and the trajectory of the business as it enters new markets and develops new product lines. Employees can be trained and up-skilled on incorporating new technologies into their tasks. Digital transformation creates a win-win for the business.

The Future Of Digital Transformation

The rapid advancement of technology has changed the way business is done. The days of analog and “pushing paper” are gone as new technologies such as RPA and content transformation emerge to drive business processes forward.

A business that embraces digital transformation is undertaking a project that will create a paradigm shift in operations. For some businesses, it is the insight into the customer experience and the opportunity for personalization that leads them to take the steps toward digital transformation. Other businesses, seek out the positive effects of digital transformation to gain a competitive advantage in the marketplace which has become increasingly hostile to obsolete business practices.

The businesses that remain flexible and vigilant about internal processes are the ones that see the most transformational results. These businesses gain new insights that breed innovation and birth new ideas and solutions. These are the businesses that push the marketplace forward, gain competitive advantage, and shape the future.

As digital transformation continues to evolve with technology, it will be exciting to see how businesses transform into the future.

What Is A Content Transformation

What Is A Content Transformation

As businesses evolve globally, content transformation is used to give access to dynamic and relevant content to customers anywhere at any time. Content transformation is the seamless transfer between physical and digital media of content, often legacy stored in business repositories.

Technological innovation has changed the way people access and interact with information daily. The days of paper trails are in the past and today’s audience expects content that is:

– Personalized

– Omnichannel delivery

– Available in any format/language

– Instantaneous

The demands of the audience have placed user experience at the core of digital transformation and therefore content transformation efforts. For businesses, it is not enough to transform into digital formats for the mere understanding of “content”.

True content transformation happens at a “context” level for businesses. Technology tools like content analytics platforms are used in content transformation to adjust, change, and dramatically improve content.

Content Transformation Benefits

Given the importance of user experience in content transformation, it is important to understand how unstructured data provides unprecedented insight into a user’s mindsets.

Converting Unstructured Data To Knowledge 

Intrinsically, data has no value until you understand it. When you understand it, it becomes knowledge that can be used in action. Content analytics takes information and converts it to knowledge. For example, a content analytics platform can take a large paper document and convert it to knowledge by identifying keywords or dictionary terms.

Prioritizing Information

By adding weight to dictionary terms, it tells you how important the content is in the document. Once the document is broken down into manageable pieces, the reader can gain more insight into the text. It reduces the complexity of the content which improves the ROI of the content.

Content that performs well is ready for content transformation. The ultimate form of content transformation uses a combination of machine conversion and human expertise.

Content Risk Analysis

Another use case for the benefit of content analytics platform in content transformation is risk analysis:

– A user can create a dictionary of risk terms and weigh them to compare multiple agreements for which one has the lowest risk.

– By assessing risk, a business can mitigate difficult risks that pose a financial or legal threat.

– The benefit of having weighted risk is that it reduces the level of subjectivity in the assessment.

Decision Making

When a business needs the content to do more but not cost more it invests in content transformation.

For example, for knowledge insights, you can use a compliance matrix to divide the knowledge up and give it to people to address those areas.

Decision Making Example:

– Take an RFP for building a ship, there are different components of a ship that need to be put together to make a complete vessel.

– The scenario can be used to have more decision-making with the shipbuilding process.

– What are the risks with these requirements as far as legal and engineering for tolerances and backup systems?

– Using content analytics helps you make decisions in your approach and avoid making costly mistakes.

The Content Transformation Process

Discovery

Content transformation capabilities are distinct in the two areas of knowledge and decision-making. There are differences when it comes to the players in the game. Decision-making is typically relegated to the middle to upper management and knowledge is made at the director level. In small companies, upper management does both knowledge mining and decision-making.

Implementation

Once the right person for content transformation is identified, the right tools are chosen for services. For example, in the Content Analytics Platform (CAP), the QC Readability capability is helpful in content transformation. It helps you identify an area of the document that is poorly written and guides how to rewrite them for clarity.

Document differences, another capability of the CAP compares the differences between two pieces of content. A useful capability when you are dealing with legacy documents and multiple versions or drafts of documents as part of a larger digital transformation initiative.

Content Transformation Vs. Digital Transformation

Digital transformation vs. content transformation is to think of digital transformation as unlocking the potential of a business and content transformation as unlocking the potential of content. At the core of a successful digital transformation is an effective content transformation practice.

Digital Transformation

Digital transformation is a process that happens over several years in a business. It happens by using the right tools and targeting the right content that is useful and relevant to the customers. A business leverages content transformation as a part of the overall digital transformation strategy.

Digital Transformation Benefits

As a result of a successful digital transformation, a business can have:

– Better sales

– Better services

– Improved customer experience

– Better personalization

What Industries Utilize Content Transformation

Content transformation can be used by any industry that has a collection of unstructured data and normalizes it into a structure that provides either knowledge or decision making. Thousands and thousands of business areas can innovate using content transformation to take legacy content and make it more digestible and relevant to the customer. By targeting the right audience, these industries from marketing to tech can sustain long-term growth, become more user-centric and encourage innovation.

The Future of Content Analytics

In today’s competitive business landscape, content transformation is a necessary component of an effective digital transformation. Digital transformation is the bridge between legacy content and the future of doing business.

As the future of content analytics continually grows in terms of insights into knowledge so will the power of content transformation. In the future, decision-making will be partly automated and partly reliant on human beings.

It will be a part of a different workflow process for businesses that enhance human capabilities and cognition with technology. As a result of content transformation, in the future, the content will become more customized and responsive to the audience. It will anticipate their needs with data-driven insights and hyper-personalize the message to enhance the relationship between the business and its customers.

The CAP and Customization

At Scion Analytics, the CAP is at the forefront of the content analytics industry with customization capabilities. For example, a user can customize the output of the CAP when an artifact is being generated with tasks or applications.

This capability is unique to the CAP in the industry and has many benefits for business insights. Rather than a static output, the CAP gives the user the ability to define what they want to do. A single user with the ability to customize content analytics output contributes to building uniformity and consistency in teams. Having uniform teams contributes to the enterprise-wide success in improving systems and processes needed to scale.