“Today, great customer experience is being negotiated at the limits of self-service inside digital channels.”
— Lee Wetherington, director of strategic insight at Jack Henry & Associates Inc.
The financial services industry today is virtually unrecognizable from what it was just 20 years ago. In the past, we physically opened accounts, manually deposited checks and took out loans at a bank branch, and we relied on a human broker to buy insurance and trade stocks. Not anymore. Just as the internet knocked down the walls of retailers, it has wildly transformed the way banks and insurers transact with customers.
Less personal, more automated. People embrace the convenience of managing their finances online. They want to deposit and transfer money, research and buy insurance, and trade stocks and bonds with just a few clicks or swipes. They trust machine learning (ML) programs and artificial intelligence (AI) to facilitate and enhance these transactions.
Cross-selling on financial products is ubiquitous. Insurances are quickly selected and purchased online. The same applies to stocks and shares where they are bought and sold by the actual customers are machines leveraging AI algorithms. The next step in financial services CX is increased personalization and converging customers financial interest. RPA will drive operational efficiencies, while AI will drive enhanced risk management and personalization services.
The customer experience (CX) is fast, seamless and ever-evolving, partially thanks to fin-tech companies. Small and nimble, these startups are rapidly changing customer expectations, while large and heavily regulated institutions are struggling to keep up with compliance, let alone provide superior CX.
If traditional financial services businesses want to win against fin-techs, they need to play like them. They need the same equipment and experts. AI, speech recognition and natural language processing (NLP) technologies will be critical to help customers get the information they need fast.
OZ consultants work with clients to determine which of these tools best serve their goals. Our teams help deploy machine learning (ML) and deep learning to reduce risk and improve compliance, as well as develop personalized services for customers.
Robotic process automation (RPA) steers clients toward increased efficiency and accuracy with software that offloads repetitive manual tasks. These virtual “employees” work 24/7, boosting productivity, speeding up core processes and driving profits. By unlocking middle- and back-office efficiencies, OZ enables companies to redeploy capital and brainpower. These are just some of the ways OZ helps its financial services clients stay profitable and competitive.
Today's financial services industry is swiftly evolving. OZ's experts enable these institutions to be nimbler and more efficient than ever while still complying with regulations.
Sal Cardozo is OZ's VP of Consulting, Analytics & AI. He has extensive experience in the vision, strategy, architecture, delivery and support of innovative and scalable analytics, AI and IoT solutions that transform the customer experience.
Prior to OZ, Sal led consulting efforts for Accenture, Cambridge Technology Partners, and Capgemini. He recently held leadership positions at ADT and Ryder. Sal earned his B.S. in computer systems and economics from Southern Illinois University, Carbondale, and is a member of TDWI and DAMA International.
- Source: Gartner 2019
OZ is a leading global consulting company whose services and solutions enhance Customer Experience through digital innovation.