Digital Transformation to the Rescue

by Shanthi Rajaram

I wrote a previous, cautionary blog — “Digitization is Transforming Banking: Are You Ready?“ —about the vastly changing world of banking, one that has to keep pace with the speed and capability of technology as well as the increased customer demands for efficiency and customization. That’s a monumental challenge. Here’s the solution:

Digital transformation – the process where companies modernize legacy solutions and focus on securely automating the customer experience.

Banking today and in the future is about what companies can do to enhance the customer experience – not only what they can do but also how they do it – while being productive and profitable. This will include a widening array of personalized services – no more one-size-fits-all banking – and fundamental changes in how customers monitor, transact, and invest their dollars.

CUSTOMER BENEFITS

Here are several benefits customers will experience from digital transformation:

  • Personalization of the customer experience, focusing on their needs and desires.
  • More efficient and easily-managed services.
  • Self-service enablement for greater customer control.
  • Increased mobility so consumers to leverage capabilities anywhere and at any time.
  • Eco-friendliness. For example, mobile push notifications will replace paper statements.
  • Voice enabled interaction can be completed while driving, saving valuable time.

BANK BENEFITS

Here are some benefits banks will gain from digital transformation:

  • Operational savings through reduction in customer service calls and routine transactions.
  • Market penetration into areas outside the reach of a traditional branch.
  • Digital interaction enables data collection and analysis for optimized product offerings.
  • Continuity of experience increases customer engagement and potential added services.
  • Better customer analytics ensures more targeted marketing messages with greater success.
  • Increased automated processes like credit risk assessment and loan underwriting.
  • Social media integration enables understanding of consumer behavior, trends, and patterns.

Digital transformation offers the bank of today and the future a win-win situation: customers are happier and more in control and banks are more productive and profitable.

What does your business need to start the digital transformation process?

Digitalization is Transforming Banking: Are You Ready?

Author: Shanthi Rajaram

As with most businesses, banks have always faced the challenge of how to retain and add increasing value to existing clients while trying to attract new ones.

Combine those concerns with today’s lightning-fast speed of information and business operations along with the demands for increased online services, mobile capabilities, and cybersecurity and you’re looking at a banking world that is undergoing drastic changes. Consider these trends:

  • Only 30% of bank consumers 35 or younger chose their bank based on branch location, according to PWC’s 2019 Consumer Digital Banking Survey
  • 1 in 3 Gen Zers with a loan used an online lender — a 2.2X increase from 2018
  • Individuals 35 and younger are more than twice as likely to use an online lender, and they are entering their prime borrowing years

The New Normal

What our clients are telling us is that due to increased technological capabilities, their customers are demanding easier, faster, and better solutions. Quite simply, the banking mentality and methods of yesterday aren’t going to be attractive or viable for clients today and tomorrow. The new look of banking will be:

  • Personal. Customers want customization that seamlessly adapts to their worlds.
  • Faster. If customers have to wait too long, they go elsewhere for services.
  • Easier. Customers don’t want complicated processes or they’ll look for alternatives.  
  • Integrated. Services that work within a cohesive system are much more inviting.
  • Mobile. Customers want to do their banking from their phones. Period.
  • Innovative. The more options and tools available, the better the banking experience.
  • Enviro-friendly. Customers today care about the planet. Electronic over paper.

Are you ready?

The issue in banking today isn’t about if a digital revolution is coming. It’s already here and customers are expecting its availability. The real issue is if the organization is ready for it or not. Does it have the philosophy and mindset for the upcoming change? Does it have the tools and technology to meet customer demands? Does it have the staff and expertise to execute all that will be required?

What are your greatest personnel and system needs in this new world of banking?

Rightraq Will Help You Manage Your Projects Better

You can decide how you want to configure the custom fields, settings, task lists, projects and jobs.

You can also control what your workers can and cannot do with the mobile application anytime or anywhere via your iPad, Tablet or mobile device.

With Rightraq the possibilities are endless. Website and pricing will be made available soon. Stay tuned.

New Product Announcement: OMNIS Management Tool

Amazech and Jordan Ferguson, the founder of Virtousic Arts, launched the Omnis Management Tool. Jordan says that Omnis – The Online Management and Networking Interface System – “is a Dallas-based startup management software company [that is] inspired by personal experiences with teaching and my own studio business. free domains With the Omnis Tool, I’m able to track my studio, manage my students, and teach more. It has saved me time and money.”

The program is user-friendly because it is an online teaching portal powered by Skype. All you have to do is log in and the system will help you manage and build your music studio through practice portals and online sessions. Tasks such as registering students, scheduling music lessons and handling payments are now accessible with one click. In an interview with Jordan Ferguson For pricing and information, please visit the official Omnis website.

Building Company Spirit One T-shirt at A Time

At Amazech we strive to build a sound work environment that facilitates both success and fun. Most importantly, we attempt to foster a high level of employee satisfaction because our employee’s loyalty, attitude and passion are key factors that assist production levels.

The Amazech T-shirt Initiative was started as a means to facilitate enjoyable productivity. It allowed Amazech employees to build a community in the workplace and show their pride.

Amazech Team Restored Payir Website

Amazech helped Payir, a nonprofit organization, launch an improved version of their website.

Payir is a grassroots organization based out of India. The company’s mission strives to empower rural communities through holisticsustainability. Payir’s crucial programs – Sustainable Farming, Nutrition, Health and Sanitation, Education, Governance, and Skills and Livelihood – allow the Grassroots Team and Partners to address key challenges that stifle villages in Perambalur, India.

In regards to the impact of Payir the founder, Senthilkumar Gopalan, said, “Mid 2005, we started our work in earnest at Thenur village. Today, 11 years later, we have grown to be a part of life for the people of 18 villages. In this period, we have ventured into providing primary health care, strengthening elementary education, increasing nutrition levels of children, facilitating Government – People interaction both at community and individual level, creating public infrastructure, boot-strapping new income generation ventures, building new community sacred groves and fostering social solidarity.”

Click here to read more of Gopalan’s words and view the new website.

Kids Therapy by Design Site Revamped

Amazech helped Kids Therapy by Design launch an improved version of their website.
Kids Therapy by Design is company that is committed to providing a safe haven for special needs children. More specifically, the Therapists and Pathologists at the company offer a vast array of therapy services to children at their doorstep. Kids Therapy by Design was originally created to “enrich the lives of children and their families by providing special needs children with a voice through genuine love, care, and passion for service.” The company says their mission says:

[Our company revolves around the] commitment to providing excellent healthcare. Kids Therapy by Design is committed to providing notable therapist; who have been defined as having ethical professionalism, passion, and dedication to serving families throughout the DFW metroplex. We will continue to provide exceptional service, craftsmanship and dedication to all of our families and community. Kids Therapy by Design will remain committed to providing professional development, accountability, respect and support to each member of our team.

Click here to read the services provided and view the new website.