When it comes to delivering an exceptional client-centric customer experience, enterprises in all key markets today are taking very seriously the responsibility of exceeding customer expectations.
According to Forrester Research, in the age of the customer, executives don't decide how customer-centric their companies are — customers do. Changes such as the explosion of digital communications, mobility, and insights gained from big data are having a profound impact on customer expectations.
With the customer in mind, Erik Raper, Senior Vice President, Business Technology Integration Advisory & Strategy at Paragon Solutions, shares his insights on driving enterprise engagement - by driving client-centric customer experiences that optimize today's mobile and big data opportunities.
Erik, what is driving consulting demand, in terms of creating and nurturing the customer experience?
Erik Raper: Delivering a consistent and seamless client-centric customer experience anytime, anywhere, across physical and digital channels with the highest level of data security and compliance - this is a driving mission with our customers today.
The delivery of a technologically savvy and easily accessible customer experience cannot be understated. Today’s global financial services institutions and insurance companies are continually challenged to exceed customer expectations for fast, accurate and secure communications, services and transactions.
We are in a consumer-driven society accentuated by the rise of the Millennials who, by 2020, will comprise nearly half of the American workforce and nearly 70 percent of consumer decisions.
Currently, today's millennials use of technology clearly sets them apart. This generation has grown up with Wi-Fi, smartphones, laptops and social media being the norm, and expects instant access to information. The agenda, for example, for financial services institutions today is to fully leverage the functionality and value of mobile technologies designed to support this evolving ‘profile customer’ expects to do business – 24/7 convenience, security and collaboration.
What is Paragon's approach to engaging the customer?
Erik Raper: Paragon's Solutions Financial Services and Insurance team provides industry-specific expertise, strategies and technologies that help some of the leading wealth management, global insurance and banking institutions to improve operations by transforming processes through digital automation.
One of the ways we do this is through our ‘voice of the customer’ assessment methodology which we use to facilitate analysis of complex business processes and understand the impact on client experience. Our methodology goes beyond key touchpoints like account opening or service resolution; we examine the cumulative impact of multiple touchpoints over time and impact on the overall relationship.
We also have a more broad view of the client.
Taking it from the enterprise perspective, providing an excellent experience also translates to customer facing roles like sales and service operators. Our deep industry knowledge and expertise offers us a unique ability to understand the experience of customer facing roles like agents, brokers, and operations associates involved in the end to end process providing for a more holistic view of the experience of everyone in the value chain.
Erik, what does the exponential growth in data today mean for customers?
Erik Raper: Good question. Due to today’s exponential growth of data, for example in financial organizations, consumer demand from mobile applications and the need to have technology enabled business processes, we are seeing traction in helping organizations evolve the digital workplace and gain command over enterprise information assets.
Essentially, more organizations are moving to digitize transactions at the source like mobile check deposit or pictures captured at the scene of a car accident to initiate claims. We are even seeing this with the more traditional paper-based processes that require wet signatures like opening an investment account or applying for life insurance, organizations are looking to intercept the paper intensive processes at their source, digitize it and leverage technology to automate processing.
So, the financial services market is more digitized than ever for today's businesses - and consumers.
Erik Raper. Yes. We are seeing strong demand in assisting organizations in developing fully digital processes that dramatically reduces processing costs and cycle time by enabling rules based technologies like business process management to digitally orchestrate what are otherwise manual, error prone human tasks. Additionally, digitizing content early in the business process allows organizations to improve control and governance over information, applying record specific rules and rights management to improve compliance and security.
For example, Paragon’s Financial Services and Insurance team stays current with these emerging trends by participating in industry forums and conferences, following research analysts, monitoring the regulatory environment, partnering with leading technology companies and, most important, talking with our clients about their challenges today and what they see down the road.
Paragon works with some of the leading banking, wealth management and insurance companies across the United States - these leaders turn to us to integrate business strategies with software products to enable them to best leverage IT and optimize business operations, while ensuring information governance and compliance - all while delivering a truly digitized customer experience.