Digital Transformation - Definition And Impact Of Digital Transformation On Financial Technology

Digital Transformation - Definition And Impact Of Digital Transformation On Financial Technology

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What is Digital Transformation?

Digital transformation is the integration of digital technology into all areas of a business, resulting in fundamental changes in how a business operates and the value they deliver to their customers. Put simply, it offers organizations an opportunity to engage modern buyers, and deliver on their expectations of a seamless customer experience regardless of channel or place. It's the customer who is in the driver’s seat. And in order to deliver on a better customer experience, you first need to understand who this new kind of digital customer is.

Digital technology has transformed consumer habits. Mobile devices, apps, machine learning, automation and much more allow customers to get what they want almost exactly at the moment they need it.

Digital transformation offers organizations an opportunity to understand the modern-day buyer, engage with them and deliver on their expectations of a multi-channel customer experience. To help you succeed, here are three ways to help your business to get started with digital transformation.

1. A Swift, Adaptable IT environment

Having the right technology to power up digital strategies is fundamental in today’s business world. But, did you know that 45% of executives believe their companies lack all the necessary technology to conduct a digital transformation strategy?

Cloud adaptation is the top priority. The cloud enables companies to be fast, dynamic and flexible – giving your organization the ability to test new projects that are cost-effective and low-risk – allowing you to use technology to meet customer demands quicker. This brings us to the next factor in digital transformation – personalization.

2. Personalized customer experiences

Today’s buyers want organizations to treat them as a unique individual, and know their personal preferences and purchase history.

According to Accenture, 75% of customers admit being more likely to buy from a company that:

  •   Recognizes them by their name,
  •   Knows their purchase history, and
  •   Recommends products based on their past purchases.

The best part is that they’re happy for organizations to use their data.

But, in order to take advantage of this opportunity, you need to invest in CRM

3. A seamless multi-channel experience

In Digital transformation, technology has empowered customers to get what they want, whenever they want, and how they want it. More than half of all consumers now expect a customer service response within one hour. They also expect the same response times on weekends as on weekdays. This need for instant gratification has forced organizations to remain accessible and on-demand, 24 hours a day, 7 days per week.

Today’s consumers are not tied to a single channel. They browse in-store, shop online, share feedback through mobile apps and ask questions for your support team on social media networks.

Have you started the digital transformation journey yet?