The growth of a finance company in the midst of the outbreak of a disease is a major challenge. Yet, despite these difficulties, the financial services industry is predicted to expand to the U.S. $22.5 billion by 2021. This is an annual compound growth rate (CAGR) of 9.9a>. 9.9 %.
It’s now more essential than ever for businesses in finance to take every step they can to keep their competitive edge. Here are five strategies that can be used to grow your business’s finance operations:
1. You should think about self-service when you have the opportunity.
The epidemic changed not only consumer habits of buying or the way they interact with other people however, but they also changed the way they managed their finances. Social distancing and branch closures regulations led people to switch to self-service options for banking for convenience. Today, banking with smartphones is a common routine, and it’s self-service opportunities such as those that financial institutions should consider to satisfy the demands of today’s customers. In fact, almost two-thirds (65%) of financial institutions believe that ATM use to grow over the next few years as well as nearly 50% considering enhancing ATM functions because of the increased demand.
Self-service is advancing at the ATM level and which is why the possibility of up to 95 per cent of bank routine transactions completed through the ATM using instead of having an internal branch manager or teller who can assist. With the majority of customers preferring self-service to speak to representatives from companies, financial institutions need to be able to adapt to the rapid digitization of banking transactions to meet the needs of consumers and requirements. There are numerous alternatives to self-service for financial institutions to cut costs associated with overhead, shorten waiting times and boost customer satisfaction and loyalty. This includes:
- Cardless transactions
- Video tellers
- Tablet integration
- Online application for loans.
2. Check the online reputation of your brand
Social media use is growing all over the globe. With it comes new ways of attracting potential customers, retaining current customers and putting your name known. Analyzing how your financial business is performing against competitors on platforms like Facebook, LinkedIn, Twitter and Instagram are vital in today’s “connected” world.
Lead generation is a crucial factor when it comes to potential growth opportunities for your business online. Enhancing your company’s social selling is a great method to create leads from a selling perspective. Social media platforms can assist you to establish your brand’s name, logo and mission, values, products and services in your audience’s minds, so you are the leader when they think about which company can meet their financial requirements.
It’s not as easy as simply placing an advertisement that is paid for on Facebook. It is also important to be accessible to customers on the internet in answering questions, and also showcasing your financial expertise online – either in one-on-one chats or general posts or blogs.
3. Put your money into artificial intelligence and automation
In just four years businesses that have adopted AI (AI) have seen their revenues increase by 270 per cent. Customers are increasingly demanding faster bank response times as well as the growth of digital banking as a result of the pandemic, banks must find solutions to meet the needs of their customers. Chatbots powered by AI are an excellent solution to this issue.
Chatbots can collect and process data from various sources, and then respond to customer service queries swiftly and effectively. They can now detect when a customer’s needs may surpass their own AI capabilities and forward the issue to live customer service reps. As for cost savings for businesses, chatbots have been expected to save businesses U.S.$8 billion annually in 2022. In actuality, the financial sector is taking on this technology so so that 70 per cent of all customer interactions are expected to include some form of involvement from machine learning apps, chatbots, or mobile messaging in 2022.
Automated and artificial intelligence systems are “super data” processing machines. They can extrapolate huge amounts of data, create crucial information needed for business decisions and can even handle jobs that free up the time and resources of organizations to concentrate on other areas.
4. Prioritize an omnichannel experience for customers or CX strategy
A seamless customer experience is essential. Customers today want to be able to move from one thing to another without a hitch – begin an experience in one channel, pausing and switching to another to complete the journey in the future; an Omnichannel customer experience. Banks that use multichannel strategies that offer personalized, interactive experiences across different channels will be better positioned to not just keep customers, but also access the information necessary to better comprehend and predict their behaviour. If they don’t, they could face the consequences with 51 percent of customers saying that they would not ever do business with a firm ever again after having just one bad experience.
In order to implement an omnichannel user experience for your business of finance Consider the following suggestions:
- Learn about your customer’s preferred methods of communication
- Increase the speed at which you respond to inquiries and questions.
- Gather data from multiple sources to provide insights into the buying habits of customers
- Employ the right employees who can provide omnichannel customer service.
Omnichannel is about going above and beyond to satisfy your customers. They are more aware of digital channels than they have ever been. That means that there are specific requirements regarding communications that you must be able to meet. When you adopt an omnichannel strategy it means that customers are a priority for your company and you are prepared to meet their communication requirements wherever, when and the way they would like.
5. Explore alternative strategies for sourcing
30percent of businesses can fill a job in just 30 days and others take as long as four months. Alternative resourcing methods could actually speed up hiring times, increase the efficiency of businesses and give the time to focus on the growth of your business.
One of the reasons that finance companies are struggling to expand is an insufficient amount of money to invest in additional resources to help achieve the growth goals. When confronted with a sudden rise in demand or an influx of requests from clients across various functional areas, many finance companies don’t have the time to hire an employee who can benefit from the potential growth opportunities. Outsourcing is a different method of sourcing that will handle recruitment so that you can focus on the things that matter. The most efficient outsourcing companies can make your team up in only 6-8 weeks.
If you employ an offshore staff, you’ll be able to generate funds that can be used to invest back into the development of your company. With the help of an offshore team, you can boost the ability of your company to handle more tasks.
What do we do next?
Utilizing the maximum value of your resources and ensuring low costs is an essential objective for many finance companies. Finding ways to optimize business operations for 2021 by learning from the pandemic is crucial. They could be:
- Incorporating new technologies
- Improving remote work practices
- Automating business processes
- Thinking about outsourcing business functions