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Companies need to know what their customers want tomorrow

Digital Process Automation Fintech Credit Highway Client Onboarding Digitalization
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Joachim Brügger
by Joachim Brügger

Suppose a company is to continue being successful in the future. In that case, it is essential to deal with the following questions: What new possibilities do my customers have using digitalization? What influence can these possibilities have on my current business model? Which of these possibilities could be harmful to my current business model?

 

1 | Get out of the comfort zone

What customers expect in the future is crystal clear: fast and simple services, regardless of time and place. If a company cannot offer this, customers will move to the next one. Therefore, innovative companies are asking, "What must our business processes look like to meet these expectations in the future?"

The quintessence of this can only be to get out of the comfort zone and proactively take advantage of beneficial digital transformation opportunities.

 

2 | Back to the drawing board

According to a leading international market research company, the opportunities of digitalization are accompanied by three terms: the "business moment," the "business process," and the "business model." A business moment is a new customer touchpoint between the customer and the company.

Where, in a defined process, are fundamental, disruptive changes possible? If these moments are determined and evaluated, a new business process can be created with digitalization. If this new process is disruptive and innovative, chances are good that a new "business model" has emerged for the company.

 

3 | Use case: Opening a bank account

This sounds sufficiently theoretical, but areal world example exemplifies this: opening a classic bank account is slow from the customer's point of view. To carry out a successful identification and credit check, the customer must make a personal appearance at the bank.

If they have provided the required information and have an identification card available, the necessary processes are executed in the background but needlessly prolong the opening of an account. Essentially, processes that have barely changed over several decades have a high potential for digitalization. Today, this process can be done in ten minutes. Through the digital transformation of opening an account, both customers and banks benefit:

 

  •  Customers can open an account entirely online, regardless of location and time.
  •  On the bank's side, manual work steps, interfaces, and time-consuming sequential steps are removed.

The Axon Ivy solution is recognized internationally. It is also congruent with the Swiss «Finma» guidelines of the company. The outdated process – where different systems were called, with waiting and idle times together with media disruptions - belongs to the past.

 

4 | The future is simple

Axon Ivy has the knowledge and experience to help companies digitalize their processes. With Axon Ivy's digital business platform, business moments are identified to implement disruptive changes that result in a new business model.

 

5 | A business moment in the financial sector

For example, in Switzerland, the financial supervisory authority FINMA has created a business moment with persons' online and video identification.

Axon Ivy Tip

Would you like to learn more about the successful implementation of a digital bank account opening? Our AXON Fintech colleagues use their know-how every day and support companies in this step of digital transformation.