A race against the clock: disruption across countries in the Atlantic and the Caribbean
In international financial centers (IFCs) such as the Bahamas, Bermuda, British Virgin Islands and the Cayman Islands, we have seen an uptick in interest for RPA and intelligent automation solutions from C-suite executives and senior management. However, whether locally headquartered or branches of large multinationals, most organizations have yet to implement automation across their enterprise as part of their digital journey. But time is working against them.
According to Yahoo Finance, a fifth of tech-lagging Fortune 500 companies that struggle to keep up with a digital-first framework will be disrupted in 2021. Alternatively, customer-focused organizations that invest in technology and adaptive strategies as a result will grow their firms up to 3.5 times faster than the average of their peers.[1]
We foresee that financial services organizations in IFCs are ripe for disruption, and first movers who successfully deploy intelligent automation will likely gain substantial market share. Furthermore, we anticipate that organizations in IFCs that focus on using RPA and intelligent automation as enablers to meet changing customer demands will significantly stand out from their competitors.
Shifting customer expectations
With COVID-19 restrictions changing the dynamics of customer interactions, the rapid advancement of new technologies, and millennials and Gen Z making up increasing numbers of consumers, the experience customers are demanding is rapidly shifting. In fact, our data shows that the number one improvement priority for the IT function at corporates is improving customer experience and engagement (40%).[2] Here are a few of the key trending customer expectations that we are seeing across financial sectors in IFCs.
Omnichannel access with personalization
Whether engaging via a website, social media, phone, email or in person, clients are expecting to be at the center of an organization’s omnichannel presence with highly personalized service. In fact, Salesforce’s most recent State of the Connected Customer report reveals that 78% of consumers expect a consistent experience wherever they engage.[3]
The case for change isn’t just with the retail customer. Corporate clients, particularly international businesses with offices in Atlantic or Caribbean-based IFCs, want high-quality services at speed and the robust digital functionality that they get from large multinational financial service providers in global capital cities. The ability for an island-based bank to address this market segment in a peer-differentiated way would enable banks to gain market share from new clients and gain share of business from corporate clients who are double-banked.
Ease and mobility
According to the EY 2019 Global FinTech Adoption Index, 96% of global consumers are aware of at least one money transfer and payment FinTech service, and three out of four global consumers use a money transfer and payments FinTech service.[4] Customers no longer want to stand in line at the bank to cash a check or go into an office to wet-sign documents, all of which is still commonplace in IFCs across the Atlantic and Caribbean region. Most clients would prefer to access accounts and documentation digitally, either online or on their mobile. This trend has been compounded by COVID-19 with new considerations around touchless contact, social distancing and doing business remotely.
Responsiveness and self-service
A study conducted by Lithium Technologies found that, when asking about a product or service, 66% of consumers expect a response to their query on the same day, and over 40% expect a reply within the hour.[5] This echoes the request for responsiveness we are experiencing in the market. Coupled with responsiveness is the ability for customers to self-serve. A consumer survey commissioned by Nuance Enterprises found that 67% of respondents said they preferred self-service over speaking to a customer representative. Additionally, 91% of respondents would use an online knowledge base if it were available and tailored to their needs.[6] The option to self-serve puts clients in the driver’s seat to get the service they want, when they want it.
So, now that we have outlined customer expectations, how can automation be leveraged to make a difference?
Creating value across the enterprise