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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

If a company is to continue to be successful in the future, it is essential to deal with the following questions: what new possibilities do my customers have by means of digitalization? What influence can these possibilities have on my current business model? Which of these possibilities could even turn my current business model into danger?


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. And if a company cannot offer this, customers move to the next one. Innovative companies are therefore asking themselves: «what do business processes have to look like to meet these expectations in the future?» The quintessence of this can only be: get out of the comfort zone and proactively take advantage of the opportunities of digital transformation to your own benefit.


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 the help of digitalization. If this new process is disruptive and innovative, the company has developed a new business model.


3 | Use case: Opening a bank account

This sounds sufficiently theoretical. An example from practice ensures clarity: opening a classic bank account is slow from the customer's point of view. In order to carry out a successful identification and credit check, the customer then makes personal appearance at the bank. If he or she has made the required information and an identification card available, the necessary processes are executed in the background, but needlessly prolong the opening of an account. Essentially, it can always be assumed that processes that have barely changed over several decades have a high potential for digitalization. Today, this process can be reduced to ten minutes. Through digital transformation of the process of opening an account, both customers and banks benefit:

  • For customers, it is possible to open an account completely online, regardless of location and time
  • On the bank's side, manual work steps, various interfaces as well as time-consuming sequential steps are completely invalidated

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» can be identified, in order to subsequently implement disruptive changes that result in a new «business model».


5 | A business moment in the financial sector

As an example, in Switzerland, the financial supervisory authority «Finma» has created such a «business moment» with the online and video identification of persons.

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.