ravitejafe Ravitejafe is a Digital Marketing Analyst associated with the active blogger and a business spokesperson. https://technoofreakk.blogspot.com/2020/02/computer-science-degree.html

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In a legacy technology world, IT is always a bottleneck in providing systems and solutions. With CDP, a data layer is created which empowers various functions such as marketing, customer success, IT, etc. to draw their own insights and take action accordingly.

 

How can leaders build a team that is ready to embrace digital transformation?

Leaders need to communicate clearly what they want to do as an organization with respect to digital transformation.

They need to invest in upscaling their existing technology and processes.

They need to do away with big-scale projects and adopt agile projects that can be rolled out in a couple of weeks.

 

COVID-19’s widespread outbreak has confined financial consumers to their homes. They are no longer visiting a financial institution in-person to tend to their financial needs and requirements. This in-person visit has, in fact, translated into a digital visit. Due to this, their expectations have become quite elevated with respect to the rendering of their financial needs online. 

According to Salesforce’s State of the Connected Customer report, 68% of customers expected their financial services companies to step up their digital capabilities during COVID-19. The remaining 28% felt that these companies were doing their best during the crisis. Additionally, 59% of customers expected financial firms to improve their customer service standards, and 66% wanted their firms to understand their needs and wants.

 

Only a few enterprises were prepared to meet these customer challenges head-on as they had the resources to invest in new-age digital technologies. Most financial institutions weren’t quite prepared to move their business completely online. They never expected such a situation to arise. As a result, they stumbled to provide the same offline customer experience, online. The deliverables that were meted out to consumers were half-baked and didn’t meet their expectations. Thus, a menacing gap has been created between consumer expectations and financial deliverables. 

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