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DS News May 2021

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

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64 that once consumers understand the value and benefits of these technologies, trust will follow suit. Not surprisingly, digital transformation strategies have been fast-tracked over the past year, and although initial distrust in emerging technology is completely normal, it is vital to embrace the adoption of new technologies to provide a better experience not only for your customers but for your organization. Many financial institutions found quite quickly that if they hadn't already started to optimize their digital channels, they were late to the game and at a disadvantage in adapting the digital environments to support their employees and customers during the height of the pandemic. e good news is it's not too late to start digitization processes to best support the digital experiences consumers want, as it's a crucial component to an organization's success. Although organizations are scrambling to compete and keep up with emerging tech, there are ways to navigate business and master the digital collection, distribution, access, and analysis of data to mitigate risk and provide exceptional customer service. FOCUS ON CUSTOMER EXPERIENCE Navigating digital customer experience has been a major shift for many organizations because a larger digital presence requires more data to measure the level of consumer satisfaction. With digital interactions it's important that the customer knows you have their best interests in mind and will work with them in the way(s) they want—including supporting omnichannel initiatives to deliver information and interactions where they expect. A positive customer experience is a powerful and attractive quality for consumers and helps financial institutions build brand differentiators in a competitive market. TIPS FOR PROVIDING A BETTER CUSTOMER EXPERIENCE Quick access to customer interactions and data in one place allows for frictionless omnichannel interactions. Utilize the valuable customer data you already acquire to better understand their needs. Additionally, adding regular touchpoints with consumers allows for better insight into their needs and expectations. Provide advice and services that satisfy customer needs. UNDERSTAND DIGITAL TRANSFORMATION Digital transformation may be one of the most widely used buzz terms in recent years but remains a cornerstone of a modern customer experience. As technology evolves, it directly impacts consumer demands and service expectations. e decisions you make now regarding the adoption of new technologies will have a profound effect on the growth and success of your organization in the future. It's important to have a strategic approach to technology adoption to ensure ongoing success. It has become increasingly clear that customers want digital banking and lending options, but they also want to know they can access an expert when needed, with 45% of respondents saying in-person customer service is the most trustworthy method to resolving issues. Information is the most valuable asset for every organization, and today's world requires quick access to data to support from anywhere—whether it be in a typical office setting or remote location. ree best practices to keep in mind when assessing solutions to support digitization efforts include: » Ensure the solution provides a seamless flow of information across your organization. » Equip your employees with information they need, easily accessible from anywhere. » Look into solutions, like content services platforms, that manage your content in one secure location. DELIVERING A GREAT CUSTOMER EXPERIENCE In order to maintain a long-lasting relationship with your customer, it is crucial that your services and staff be readily available Today's consumers expect a proactive approach to deliver the innovative products and services they need. Feature By: Steve Comer

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