Customers at the center
The top areas in which banking and financial services respondents expect to reap benefits from digitally augmented processes by 2023 are customer data management (51%), customer experience (49%) and financial management and accounting (43%) (see Figure 4).
A recent study found financial institutions lose up to $10 billion in revenue a year due to insufficient data management practices. One example is the customer onboarding process, which can be lengthy and cumbersome when client documentation is spread across systems and data is siloed.
Data management is also essential to building the hyper-personalized experiences that will deepen the customer experience. With technology augmentation, banks can gain significant insights into customer preferences and needs, such as predicting what kind of loan a customer will need next, whether for a wedding, college tuition or debt refinancing, before the customer approaches the bank directly.
Augmenting processes to augment the customer experience
Respondents were asked about the progress they’d made in augmenting a range of processes across the business, now and in 2023. (Percent of respondents who had achieved some level of augmentation: implemented projects/good augmentation or widespread augmentation)
Base: 287 senior banking and financial services executives Source: Cognizant Center for the Future of Work Figure 4