While the disruptions and economic fallout from Covid-19 have been disheartening to witness, the ongoing pandemic has served as a wake-up call for individuals and organizations to reevaluate their processes, particularly when it comes to the use of technology.
The pandemic challenge has been seen by some as an opportunity to experiment, to think outside the box, in order to offer better services to clients. For some, the increasing reliance on digital channels amid the turbulence of the past year was a vindication of the digital transformation journey they had taken even before the crisis broke out.
As part of the evaluation process for The Asset Triple A Digital Awards 2021, our board of editors reached out to the financial community in Asia over the past several months. And they were captivated by memorable stories of companies and individuals stepping up to address the complexities brought about by Covid-19.
With social distancing and working from home becoming the norm since the early part of 2020, banks and other financial institutions have sought to revamp their engagement with customers. For The Asset, this is a welcome development as tools such as chatbots have made communication much easier.
The year 2020 also saw several institutions relying heavily on social media channels to increase visibility with customers and share useful digital tips. With some banks pushing ahead with a mobile-first strategy, the whole process of digital customer onboarding became more refined with users able to apply for loans and open standard savings accounts without having to go to a physical branch.
The board of editors was likewise impressed with firms that sought to rewrite the way retail banking financial services were conducted. Some virtual banks, for instance, embraced the concept of gamification as a way to create “stickiness” with customers and also to teach them important financial lessons such as the importance of financial planning and investing.
Underpinning the customer relationship operations of financial institutions during the pandemic has been a robust back-end system that is able to handle additional volumes originating from digital channels. Customer data has never been more important than now for financial institutions looking to recommend more meaningful services to customers such as financing or wealth management products.
Throughout the awards review period, financial institutions have shared how many of them had been proactive over the past year, breaking down silos between different departments in order to get a 360-degree view of the financial needs of their customers through the integration of information.
The pandemic has also offered firms the chance to do some internal digital housekeeping as well, strengthening their cybersecurity practices to prevent and detect fraudulent transactions. Some banks have opted for machine-learning algorithms to better identify abnormalities in customer habits.
During the review period, several institutions have taken a proactive approach to financial technology, opting to reshape decades-old practices with concepts such as API (application programming interface) connectivity and distributed ledger technology in a bid to create additional efficiencies.
While the pandemic has disrupted our lives in ways we could never have imagined, it has also forced those in the financial services industry to disrupt themselves and adopt a more agile approach to improve the overall customer experience.
To see the full list of winning fintechs and institutions of the Triple A Digital Awards 2021 please click here.
To view the best digital procedures and initiatives across the region please click here.
For the list of the best digital projects please click here.
Winners of The Asset Triple A Digital Awards 2021 will be virtually honored during an awards ceremony scheduled for April 28, 2021.