One of the leading benefits of digitalization to an enterprise, as all experts agree, is cost benefit. Though on the surface it might sound like a no-brainer. But is it really?
In a series of blogs we will try to answer the question – Under what situations can enterprises maximize the digital transformation cost benefit both in short and long term?
CUSTOMER CYCLES and PAPER APPLICATION FORMS
Here we are looking at customer acquisition function of a typical BFSI enterprise. The customer acquisition can have different customer cycles. For example, a lead can originate from tele-caller, go to a branch and from there get assigned to a field agent. Or, a lead is captured on an online platform, then verified by a tele-caller and in the end, application process is fulfilled by an agent using paper form. Whatever be the source of the lead, multiple channels are involved in conjunction to complete the application process. After this, the paper application is submitted in a branch. From there it may go to a central office for processing. It is not until a much later stage that the customer really gets to view the offer that he is getting. Of course, because the paper applications move across multiple departments, the turn around time of publish a successful offer is high.
DEEPER CONSEQUENCES OF GOING DIGITAL
Very obvious digital transformation step is to bring in digital interfaces which replace paper application forms fully. But does it stop there. If you replace paper forms with digital interfaces, there are other dependencies that you will need to consider almost immediately,
- How do you undertake the multi channel communication?
- What level of sophistication do you build in the digital interfaces so that there is a real benefit in downstream operations?
- How about security and offline mode of operations of digital devices?
- How do you bring in new features, new services, changes in application forms and new offers?
Without considering these aspects it is really questionable if you will be able to reap real benefits of digitization. And when you start putting together the answers to these questions in architecting a digital system, you realize, even to gain minimal cost benefits from digital, you would have to consider a lot of IT investment and widen your scope of digital transformation. Also you should be ready to invest more as your need of sophistication goes up. Then in short term or long term would you really derive a cost benefit?
DIGITAL PLATFORM BASED APPROACH
This is where we believe a choice of a platform is crucial. A platform with built-in features of digital collaboration between multiple channels and out of the box features can help you cut costs immensely. And if you are aware of the platform’s roadmap features and can ensure alignment of these features with your growth plan, you will be able to cut huge chunk of costs from your digital transformation implementation. Not only will it give you short term cost benefits, it will also mean quick go to market and your worries of building features over the long term will also be put to rest.
WHAT SHOULD YOU LOOK OUT IN THE PLATFROM
Lets see what a mature digital platform should provide.
- Multi channel communication should be made available out-of-the-box in a digital platform. This has to be the core feature. The platform should have integration points available to talk to any third party system.
- Features that help you validate leads at the source will help you reduce the TATs in downstream activities. Therefore, the interfaces need to be smart with possibly an ability to access services (like credit check, citizen id verification) directly from smart phone or tablet.
- Security should be available out of the box. The platform should allow you to implement security policies. The apps should work in offline mode and you should be able to implement offline mode processes using the platform’s core features.
- The platform’s well planned roadmap should take care of your future needs. There should be enough flexibility in the platform wherein you are able to perform many changes as configurations or as part of admin controls.
In next few blog articles we will talk more about the various cost factors and how a mature digital platform can help you maximize on cost benefits. Leave your comments below for this article.
If you would like to know more about digital transformation for BFSI customer acquisition using Enterprise Tiger platform, do write to us.
Visit our website : www.sumeruentiger.com
You may directly write to us at: firstname.lastname@example.org
Or, call Priyank Daga @ +91 – 96639 41504