Competitive Advantage is life or death in Financial Services
By Isabell Berry | March 3, 2016
3 minute read
Achieving competitive advantage in Financial Services means one thing: delivering an exceptional customer experience. Successful customer relationships are driven by responsiveness, intelligence and anticipation; technology is imperative but ultimately only when used proactively and intuitively. From an enterprise standpoint, a number of factors contribute to this customer-centric experience. Working with customers across the industry, we see a number of trends and frequent mis-steps in their approaches to Information Governance.
Here are our top 4 key findings regarding how the management of business information is affecting the Financial Services world today.
1. Risk is more than just legal – it’s your BRAND
In delivering superior customer service, it’s important that customers feel confident in the choice they’ve made, that their chosen service organization can be trusted. This is why risk mitigation can make or break a bank or insurance company.
Recently we’ve been working with customers that need to get a handle on Personal Identifiable Information (PII). A newsworthy topic, PII has exposed enterprises to risk and public unravelling. Organizations turn to Adlib because company leadership is often concerned with not only identifying PII and securing it, but implementing a system to help them identify, redact, classify and store unstructured content, including PII, on an ongoing basis. (check out our upcoming webinar on this topic for information and insights on addressing PII effectively).
Another frequent use case we have come across is the need for companies to provide immediate access to customer information. Seems simple? Usually it’s not. With 90% of enterprise data unstructured, this information is often trapped in various formats including emails, forms and Word docs and in legacy systems, meaning the content either can’t be found or cannot be accessed. A bank we are working with faces this dilemma and has turned to Adlib for help in standardizing the content, making it searchable and preparing it for long-term digital preservation. Once this work is complete, the bank will be able to breathe a little easier and rapidly deliver information to customers, avoiding hefty fines and the loss of customer trust.
2. Shareholders demand Cost Reduction:
The need to reduce operational costs to satisfy shareholders and increase value is paramount to large Financial Services organizations. With unsettled markets and other environmental factors making an impact on the bottom line, many organizations have had to scramble to implement cost-cutting measures. When embarking on migration projects due to digitization initiatives, M&A or other reasons, we find it is critical to look closely at the cost of these projects and the potential for escalation. Automation vs. manual work, for example, should be a key component of their assessment.
3. Migration is more than just moving content around:
From decommissioning legacy systems to gaining control of post-merger content, migration is top of mind for enterprises today. The problem is migration projects can escalate up to 10x their projected scope, costing the enterprise often hundreds of thousands unanticipated dollars per project.
One of the world’s largest banks recently turned to Adlib to help ensure the success of planned migration projects. One of the challenges was the lack of readability of files housed in unsupported legacy systems. Adlib enabled the standardization of content allowing the bank to successfully execute migration plans to their chosen ECM system.
4. Elevating content enables analytics and drives business growth
Automation and increasingly intelligent technologies are presenting a viable option to not only getting an understanding of what content enterprises have (standardization) but also in cleaning it up (de-duplication), finding similar buckets (classification), extracting maximum value from it (auto-attribution) and more. By enabling the preparation of content for analytics, Adlib is helping customers gain sharp market insights and make more intelligent business decisions.
Customer experience is the number one factor cited to increase customer loyalty and satisfaction; delivering it is a matter of life or death for financial institutions. Every day we help to empower customer experience capabilities through enhanced content management processes. Adlib has served the Insurance and Banking industries for 15 years, providing technology to power intelligent solutions and help our customers make better decisions, drive business growth and achieve Information Governance goals. By helping enterprises identify the scope of their business problem, Adlib can go to work delivering the insight and guidance required for customers to master unstructured content and build unparalleled customer relationships.