Dell EMC Thought Feast

Thought Feast

EMC Thought Leaders share their views on how I.T. transforms and protects businesses

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Everywhere I turn, I see innovations that are proving out how different our future will be – especially in the financial services sector. All I can think about is how my customers can take advantage of these unprecedented changes.

Several trends are behind the FinTech innovation bonanza. It’s important to first baseline on these new realities, some of which affect multiple industries.

Then, let’s look at what you can do to harness these innovations for your business gain.

Three New Realities

  1. The way people interact with lenders or investors is already vastly changed from prior generations. No single communication channel is enough – texting, in-app email andbot conversations are the new normal.
  1. Customer commitment levels are lower. Personal relationships have given way to convenience and instant gratification needs, creating less opportunity to secure banking loyalty. Feeding into this is a bustling marketplace of apps and vendors distracting your customers, luring them with time-bound deals or newly priced packages.
  1. The nature of software has changed and can better deliver on customer needs. Offshore development teams are not always necessary for financial firms, now that off-the-shelf single-function apps, APIs, and connectors are readily available. Software delivered as a service is expected and commonplace, as mint.com and others have proven.

What remains consistent, however, is the value and potential of enterprise content.

We have all seen the stories describing information as the new gold or oil. In fact, starting with a focus on your crown jewels the first step in harnessing innovation for your enterprise.

The Urgency of Content Unification

How can you capitalize on ample innovation and burgeoning industry transformation?

In our last blog, we talked about first clarifying your digital transformation business objective. Here, I’d like to focus on a technical infrastructure step you can take today – content unification. Not only is this essential for future growth, but organizing your content riches can also help your organization get grounded on identifying those transformation goals.

Content unification is what you will need to determine customer needs and prescriptively orient your enterprise. Specifically, unifying several types of content in one archive:

  • Historical information – Content of many vintages is likely living in applications scattered across your enterprise. Together in a single archive, this content might yield new insights. I’ll give an example in just a moment.
  • Current content – Without any meta structure or information hierarchy, your current content may be disconnected, making it harder for bankers to upsell or wealth managers to advise. Worse, your employees may be drawing from outdated content, simply because they can’t find current interest rate documents or customer account information.
  • Real-time data – Instant search and hashtag-led discussions have yielded an entirely new set of content you can leverage. Aggregated with other content, you may uncover new finance offerings to deliver in-the-moment to a targeted segment, location, or imminent need.

Let’s look at a related example to help you envision why content in a single scalable archive is so critical.

Harnessing Innovation to Deliver Time Savings

I first heard about this innovation through Twitter, from an incubator day from Standard Bank in South Africa. I have since seen several companies addressing queuing management.

By looking at a collection of data, consolidated from multiple sources, Qber-Queue came up with a smart idea – help people stop waiting in line. Whether requesting a travel visa or getting a business license, a large volume of people were spending substantial amounts of time queuing up (or standing in line, in American English!).

Just like Uber made it easy to call up and use a taxi, this idea was to make it simple and painless to keep your place in line. The effort began by consolidating data to test out several ways to embark on a new business:

  • Why are people waiting on line? To do what? (current content)?
  • Was the passport office or local city license office slower in servicing constituents? (historical information)
  • Is there anyone currently waiting in line who will never get service, based on the above data, and can we text them to instead secure a slot on Thursday at 7AM? (real-time data)

With useful content identified, then brought together in a single information archive, this company found and built out a great new idea!

Similarly in any financial services organization, there is wealth in your content. By consolidating it now, you can better think through what problem you can solve for customers – both now and amidst the rapid level of innovation underway.

Where do your customers need a better experience? Is your content ready to help you solve important business problems? Was this blog helpful? Please share your comments below.

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Suren Naidoo

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COMMENTAIRES

  • Ashwin

    Hey Hi,

    I am currently working with a company that provides litigation, compliance and legal services to major Fortune 500 companies, I am more concerned about my customers data and storage a very large data which is unstructured. we are looking for a solution on how best we can delivery the service to the customer.

    Thanks