Collaboration needed to address the complexities of financial services

To address the complexities of the financial services industry (FSI) and the need for collaboration, Microsoft and Mint Group have been hosting Dynamics 365 events throughout Africa since July 2016, with the next one to be held in South Africa.

Owing to the pressure to conform to stringent regulatory requirements, the need to meet consumer expectations, the ever-increasing competitive environment, as well as the stress of ensuring client retention while enabling growth, financial services providers (FSPs) are realising the importance of using technology to digitally transform and are eager to learn more.

The world of banking and insurance has changed considerably due to the information age where customers want instant access to information, especially when it comes to their finances. Customers want to know that their insurer or bank understands their needs and is doing everything possible to satisfy them, while enabling a personalized experience.

Customer centricity in the FSI, however, is no small feat as organizations are serving thousands of clients and need to ensure client retention and growth while still having to conform to all the regulatory requirements imposed on them, enable impenetrable security measures to keep their clients data and assets safe, and implement best of-breed technology systems that allow them to manage all those requirements.

FSPs need to ensure that they are offering their clients security in terms of their finances and fostering loyalty by satisfying any queries or needs as soon as they arise. To enable this, the FSI needs to create operational environments that cultivate security, compliance, and customer centricity through digital transformation.

Digital transformation, however, does not happen in a week or simply by implementing a CRM system, and is not comprised of only front-end features such as mobile apps. It is a journey ...