More than 70% of business and technology banking professionals reported recently that their company would maintain or increase investment in banking, lending, and digital engagement platforms in 2023. Yet within the same report – Forrester’s 2023 predictions for Europe – analysts warn that cost-cutting in the face of the current economic crisis cannot derail financial institutions from their previous commitment to tech spending, and that ‘those banks and financial services organisations who reduce tech spend will become uncompetitive and fail.’
There are huge benefits to lenders who work with FinTech firms to drive innovation, maintain competitiveness and drive customer satisfaction. Let’s look at some of the benefits:
In a recent report, McKinsey suggested that up to 70% of all digital transformations fail, and when they do, they eat into business resources in the form of time, money and resources.
Yet working with FinTech providers like Financial Cloud reduces risks, leverages the expertise of an external resource and allows you to rapidly implement the capabilities needed to serve your customers, gain efficiencies and scale.
We’ve already built the cloud capabilities you need to provide great customer service to your borrowers and manage collections efficiently. And we can implement these fast while customising to your specific need.
When you work with a FinTech partner, it frees up the CTO and their team to focus on high-value, strategic tasks and projects, while accessing the expertise and capabilities needed to succeed.
Financial Cloud did just that when we partnered with Oplo to future-proof operations, improve customer experience and reduce delinquencies. You can read more about how Oplo were able to bring brilliant customer communications and flexible contact strategies to life with Financial Cloud.
While the pandemic accelerated the pace of change in the financial services industry, there is a danger that the cost-of-living crisis slows down investment and innovation, which could be detrimental to collections revenue. Choose your partners and projects carefully to keep collections cash flow moving quickly and efficiently.
Customers no longer tolerate slow systems, disconnect and lack of real-time insight into their accounts. Accessing cutting-edge technology via strategic FinTech partners allows you to maintain a competitive advantage without tying up internal resources on expensive projects that may not even work.
If your collections processes are still running on outdated, disparate legacy on-premise platforms, you are undoubtedly opening the business to risk through dated and disconnected security protocols. A cloud CRM for collections ensures up-to-the-minute real-time compliance protecting both the business and your customers from exposure to data breaches.
It’s not just the collections team who gains when FinTech partners improve collections processes. The entire C-suite is satisfied when debt collection is improved, recovery rates improve, and expenses reduce. Increased profits and more robust cash flow drive business growth and satisfy shareholders. Efficiencies across the business from call-handling agents to administrators create a happier and more productive workforce. Customers who can transact and communicate in a way that suits them and who receive personalised offers then become more satisfied too.
Ultimately, digitally agile lenders are leading the way in the global age of technology and cloud CRM is the key to change enablement. Beyond improved loyalty and sentiment, the benefits of the shift to digital engagement are immeasurable.
Financial Cloud is fully-customisable, easily integrated with existing systems and can be implemented rapidly for proof of concept. Get in touch today for a demo, or email sales@financial-cloud.com to discuss your needs in more detail.