Digital Customer Experience is the tip of the iceberg in Digital transformation, what lies beneath is the business in millions

Digital transformation across any business primarily targets achieving superior customer experience. Customer experience supported by business functions such as better Insight driven customer service, data driven operational efficiency, efficient warehouse and product maintenance, scalable support systems etc. Many often believe that the simultaneous orchestration of all the said business functions together is necessary to strike the right chords of delivering superior customer experience. While seamless superior customer experience still remains to be the golden jewel that every business wants to achieve, it is only the tip of the iceberg. The business functions that need transformation to achieve this end of customer experience stand strong underneath the iceberg.

It is extremely difficult and practically impossible to synchronize all the business functions together simultaneously to achieve this transformation. It is ideal to break the pieces of puzzle into a hierarchical order of influence over achieving the optimal performance in their respective functions. For e.g. in a retail baking customer journey identifying the services that the customer has already opted for and offering the cross/up sell assistance which is emerging from customer’s interest is the need of the hour. Developing a customer context stands as a precursor to formulate any customer journey. In developing this customer context sources of data such as product/service data, customer data, support, click stream etc. should be intertwined together. In order to reach the right customer context it is empirical to incorporate the accumulation of data from the inception of customer’s journey with the bank. Ideally onboarding processes position as the first interface between the customer and the bank. The era of the involvement of underwriters during the accumulation of documents from customers is long gone. Banks are relying on scanning documents such as pdfs, images, text both structured and unstructured to digitize this process. The accurate digitization of this on boarding process supports the organization to realize huge savings in the OPEX costs for banks.

In most scenarios customers often see the advancements in the Banks as shown in their front offices. In order to achieve these advancements there is an impeccable handshake of physical functions performed in back office through human interventions. The future of banking is entirely about digitally enabled customer experience. This enablement requires empowering every business function and process to be empowered with the strategy and technology to be ready for the transformation as a Digital Bank. 

The digital empowerment of enabling digital boarding processes is the primary step of the Digital bank transformation. The ability to extract information from any and every form of legalized KYC document resolves the down time of processing applications coming in for a retail bank. Legacy Banks systems already encompass credit risk, compliance etc. automation engines. The information extracted can be pushed down stream to manage insurance policies for expiry, premium payment, renewal or converting the existing policy into other services from the retail banks.