The Future of Customer Service is Online Self-Service Portals

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We’ve all been there. We have all been on the receiving end of the frustrating “hold music” when you’ve called an organization to resolve an issue. “One moment please. Your call is important to us. A representative will be with you shortly”…repeated… again….and again. Being put on hold when you call a customer-service department has become a fact of life. In fact, according to a survey by ResearchNow, the average person will spend 43 days on hold with automated customer service in one lifetime. Unfortunately, when people think about calling a customer service line, it is usually accompanied by negative and unenthusiastic feelings.

Consider these scenarios as well: Have you ever waited in line for an ATM machine even though there is nobody in line for the teller inside the bank? Have you ever arrived at an airport and chose to use a kiosk, rather then going to a person at the desk, despite being no line? Often, as consumers, we try to avoid situations where we can’t help ourselves in some shape or form. A recent study by Zendesk confirmed that 67% of respondents prefer self-service to speaking to a company representative.

Online self-service is becoming one of the most popular channels by which customers are looking to resolve problems and learn more about organizations. Today’s digital customers are happier when they can manage and complete their tasks at any time they want, 24 hours a day, 7 days a week. Is your brand delivering on what customers want?

Consider these facts:

  • 3 out of 4 consumers prefer to solve their customer service issue on their own (aspect)
  • 90% of consumers expect an organization to offer self-service customer support portal; 60% of consumers have a more favorable view of the brand if the self-service offering is mobile responsive (parature)
  • 73% of consumers want the ability to solve product/service issues on their own; one-third say they’d rather ‘clean a toilet’ than speak with customer service (parature)
  • 91% of survey respondents said they would use an online knowledge base if it were available and tailored to their needs (zendesk)
  • 75% of consumers move to another channel when online customer service fails, and Forrester estimates that unnecessary service costs to online retailers due to channel escalation are $22 million on average

Why self-service?

As consumers, we like to schedule appointments, troubleshoot problems, change a reservation, ask billing questions, get status updates, seek technical support, access FAQs, and ask our own questions, with minimal human interaction.

There are 3 underlying themes as to why consumers prefer online self-service:

  1. According to a survey done by zendesk, 75% of survey respondents said that self-service is a convenient way to address customer service issues. Customers can do it any time they want and take as long as they need.  Phone and email support can’t measure up to the timeliness of online self-service.
  2. Additionally, customers want online self-service for efficiency. Forrester found that 77% of consumers say that valuing their time is the most important thing companies can do to provide them with good customer service. Customers do not long for conversation and don’t want to be waiting in a queue to talk to a person, only to be transferred to a different department after already waiting. They want to get online, find what they are looking for, click around, and be done – as painlessly as possible, so that they can get back to what they were doing before they had the issue.
  3. Lastly, customers want control. Customers are increasingly being empowered to do almost anything themselves online. They do not want to have to rely on other people to do what they can do themselves. The customer does not want to give up control to the company but would prefer to take it into their own hands. Give your customers service on their own terms, not yours. 

Why self-service is also great news for companies

Online self-service is not only a good thing for customers. The shift towards online self-service is hugely beneficial for companies as well:

  1. Online self-service keeps your customers engaged with your brand and website.  A self service portal allows you to manage your customer relationships in a scalable way, as your company grows.
  2. Centralizes information and tools so that customers will always know where to find the information that they need.
  3. Online self-service provides companies with insight that simple website analytics can’t provide. Companies can track what their customers are doing on their self-service portals to get a clearer picture of their customers and experience with the brand.  This allows companies to continuously improve the experience based on observing what their customers are doing.
  4. Online self service portals are the most cost-efficient customer service channel.  A well built self service centre has the potential to be huge cost-savings for organizations.  By allowing your customers to track information online, in one place, you can lower the number of calls coming into your customer support centre

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Customers are making it clear that they are eager for effective self-service. But, they have also made it clear that the self-service experience that they want must perform seamlessly. Online self-service is only convenient, efficient, and control granting if you are giving your customers a great experience. On the flip side, a negative self-service experience provides your customers with an inconvenient and frustrating experience, forcing them to switch channels to get their issue resolved, which can be quite costly for the company.

So, how can your organization create an online self-service experience that lives up to customer expectations? Stay tuned for a new post, coming soon, where we will discuss the keys to creating a self-service experience that supports your customers and brand.

Improving Customer Experience: Mobile, Online Self-Service, Content Targeting

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Did you know that 88% of buyers are willing to pay more for a better customer experience? In fact, it is predicted that by 2020, customer experience will overtake price and product as the key differentiator (Walker). Take a moment to think, how does your customer experience (CX) stack up to your biggest competitors?

What is customer experience (CX)?

CX is the product and perception of an interaction between a customer and an organization. These perceptions affect how customers interact with a company, from their buying behaviours to what they say about you. A good CX can lead to higher customer loyalty. In other words, if their experience with you is positive, they’re more likely to continue doing business with you and recommend you to others.

In order to give your customers a positive experience, you’ll have to put in the work. You should know who they are, what they like, and how they interact with you, and use that knowledge to create and deliver personalized experiences that will enhance their experience. Gaining this in-depth knowledge isn’t something that happens overnight – it takes both time and effort. You’ll need to collect and sort through a lot of customer data and gain valuable insights from it. But, at the end of the day, a good CX will lead to an increase in sales and customer loyalty.

customer experience chart

 

So, what are some areas that you should focus on to improve your CX?

Self-service help is a must

Have you ever called a company and were immediately put on hold for 15 minutes to upwards 2 hours just to get your questions answered? Gone are the days where people are willing to wait on hold to have their questions answered. The data below demonstrates that 56% of customers either leave or go to a competitor because of website issues, this includes not having a self-service option on your website.self-service-matters statistics

Self-service is a way for customers to find answers to their questions using an assortment of options. This is important considering that 50% of customers think that it’s important to solve product or service issues themselves (zendesk), and 70% expect a company’s website to include a self-service application.

Different forms of self-service include:

  • E-Support: This is a web-based version of customer service. The customer can access information and perform routine tasks over the internet by searching a knowledge-base or reading a company FAQ.
  • Apps: A software program on mobile devices that is used for carrying out specific tasks. This could be like your mobile bank application to transfer funds or check your balance.
  • Interactive voice response: The customer can interact with an automated telephone system to perform specific tasks
  • Chatbots: This is a program that serves as an online customer service representative for a company. They have the ability to combine artificial intelligence (AI) with a graphical representation.

Is mobile in the picture?

When it comes to providing experience across different channels, ensuring that you have a good mobile customer experience should be at the top of your list. A bad mobile experience can do serious damage to your brand and could result in loss of business as 52% of customers are less likely to engage with a company because of poor mobile experience (Think with Google). If you want to improve your customer loyalty, retention, and overall CX, ensuring that you have a good mobile experience should be a focus for your organization.

Having a good mobile experience goes far beyond just being responsive. Companies have been a bit slow to adapt, with 90% of customers saying that they have had a poor experience seeking customer support on mobile (Software Advice).

 

Mobile experience issues graph

With a higher number of consumers looking for online self-service, it’s important that they are available to the consumer through several different channels, including mobile. Whether it’s a mobile-friendly FAQ, a phone application, or interactive voice response through calls, it’s important to ensure that you are keeping your target customers in mind, and how they would want to interact with your business.

Content Targeting

It is important for marketers to capture insights and information about their customers in order to provide effective customer experiences. With technologies such as Liferay, you’re able to create and track highly targeted marketing campaigns that present the right message to your visitors at the right time, based on social profile, behaviour and browsing history. Having a single-dashboard to view each customer’s behaviours, interests, and patterns can help you push out the right content to each customer. This can improve your customer experience and further build trust, loyalty, and engagement.

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By forming a better understanding of your customers, you’ll be able to build a customer experience that resonates with your audience. Tailor your website to the needs and preferences of each individual with targeted information and segment identification, giving your visitors exactly what they’re looking for. By creating user-friendly self-service options, having a consistent mobile experience and targeting your content – you will be able to improve your overall customer experience. If you ensure that your customer interactions with your organization are consistent, convenient, and evolving, you will continue to drive brand loyalty.

he Business Case for the Liferay Digital Experience Platform

How an Intranet Can Elevate Employee Engagement

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Over the last few years, intranet technology has evolved tremendously. From a simple online notice board to a technological opportunity with endless capabilities. Intranets have the ability to elevate employee engagement, enhance customer experience, and so much more.

According to Dale Carnegie, 90% of leaders think an engagement strategy will have an impact on business success, but only about 25% of business leaders have an employee engagement strategy.  Some other interesting statistics include:

  • Only 40% of the workforce knows their company’s goals, strategies, and tactics (Dale Carnegie)
  • 49% of employees are “not engaged” and 16.5% are “actively disengaged” (Gallup)
  • Companies with engaged employees earn 2.5 times more revenue compared to their competitors with low engagement levels (Officevibe)
  • 90% of companies using social technologies report business benefit from them including an 18% higher revenue per employee (Jive Software)

So, how can an intranet elevate employee engagement across your organization? This article will discuss how embracing technology can lead the way to employee engagement and higher productivity.

Centralize information

Digital isn’t just about marketing. An intranet can work across all departments, from sales and marketing to support and operations. It brings everyone in your organization together as you work to exceed client needs. One aspect of an intranet is the centralization of company information. Centralizing your organization’s information can help to improve the accessibility of information, and thus the productivity of your employees.

Accessibility

Working in a large organization, it can be frustrating when you require different logins, passwords, or applications in order to gain access to pertinent information. The good news is that modern intranets can help to empower employees with accessibility to information and insight. Intranets can centralize all pertinent information within a single login and application. On top of that, it can be accessible to every individual in your organization – not just those in the C-suite. According to Jive Software, using an intranet can reduce email use by 25% by minimizing “locked up” information in inboxes and folders.

On another note, the Internet has eliminated the significance of geography, and it’s now easier than ever for employees to work remotely. Centralizing your organization’s information, using an intranet, can make information accessible 24/7 to everyone in your organization, regardless of geography and time zone. This can elevate your employee engagement as it helps employees do their jobs more efficiently by having all of the information in one place, rather than moving from program to program or hunting down individuals with that information.

Within every organization, there is sensitive or confidential information that is only accessible to certain individuals. With an intranet, you have the ability to implement a role-based information setting, meaning that sensitive information can be made accessible to certain individuals based on their role within the organization. Intranets also support organization hierarchy so that you can easily accommodate formal organizations and informal teams of any size.

Productivity

69% of employees surveyed agreed that intranets help reduce unnecessary email and improve efficiencies within their organization (Jive Software). An intranet can help your employees make decisions, author content, and share information and ideas.

With tools like blogs, forums, wikis, and knowledge base, employees are able to share and grow their knowledge. A well-built intranet that includes some, if not all of these tools, has the ability to streamline entire business processes. With the ability to add, edit, share and collaborate real-time on essential data and projects, your employees can resolve problems more quickly. As a result, this will increase your productivity levels and help elevate your employee engagement rate.

Personalization leads to higher productivity

Personalization involves building an intranet that allows each employee to have a dashboard that they can customize to their interests, preferences, and job. Allowing your employees to add a personal touch to their intranet view can create several benefits such as improved company culture, increased levels of employee engagement and productivity, and easier navigation. Personalization can lead to higher productivity because employees are more informed, motivated and engaged.

You can also reflect your organization’s culture throughout your intranet through its branding, colour scheme, content, processes and contributions from employees. The best kind of intranet is not only aligned with your current organizational culture, but also continues to shape and influence it. There are different ways to promote a positive company culture through your social intranet including:

  • Sharing company news
  • Highlighting internal job opportunities
  • Feature stories focused on employees
  • Focus on Corporate Social Responsibility (CSR) initiatives
  • Share your organizations history and heritage
  • Broadcast company and individual accomplishments
  • Contests/gamification
  • Ask employees for feedback
  • List community events
  • Q&A forums
  • Employee profiles

Modern intranets are easy to use and empower employees with information and insight. When effectively developed and utilized, an intranet can produce endless opportunities and benefits to your organization. Intranets have the ability to centralize your information, increase your employee engagement, collaboration, and productivity levels, promote a positive company culture, and help your organization gain a competitive edge.

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Has employee engagement become an issue within your organization? If the answer is yes, it may be time to search for a solution that can help to drive your employee engagement. As an organization, it can be difficult to choose a technology solution that best fits your business. Many organizations are turning to Liferay, a leading open source platform, to help them build a fully integrated intranet that connects their people and systems. For more information, feel free to reach out to us.

The 3 Key Areas You Must Improve If You’re A Bank

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This post was written by Martin Yan and appeared here first on Liferay.com.

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The banking industry is trending up. With greater accountability and transparency in our institutions, customers are finally coming around to their banks. Confidence is being restored and their trust is growing. For once, the future of banking looks quite bright.

But competition is also on the rise. Customer loyalty can’t be taken for granted. Things like security and convenience, once tokens of a great and stable bank, are now merely assumed. New expectations include fewer fees, more personal insight and better online banking features. People want more, and they are putting a greater burden on financial service providers to step up their game.

How can financial institutions earn complete trust from their customers? According to Ernst & Young (chart below), it means providing stability as well as an excellent customer experience. (Though, of course, I would be remiss if I didn’t mention the transparency in fees/costs).

The 3 Key Areas You Must Improve If You’re A Bank

With this in mind, how can banks look to improve in these areas as they plan ahead? Three key strategies appear to be of the most immediate concern.

1. Focusing on the omnichannel experience

Let’s start by thinking about some of your major channels—mobile, online, in-person/branch—and how you can improve customer satisfaction in each one.

Traditionally, branches were where people performed most financial transactions. The staff, branch locations and resource management all played a big part in why a customer might open an account. But times have changed. With costly overhead, human resources, and the shift to mobile self-service, it makes sense to invest in the virtual space.

Think about how you can deliver some of these branch services via online or mobile channels. Find a way to create easy-to-use digital channels for day-to-day transactions. Streamline ways to sell products through the web. When you’ve developed a seamless omnichannel experience, you’ll be able to gain deeper product penetration and expand your portfolio.

2. Providing personal insight and wisdom for financial needs

Use all the data you have available about your customers to their advantage. Help them customize financial plans and long-term goals. Mint.com is a good example of a digital finance manager. It keeps track of a person’s spending history and recommends certain products or services based on that information. It can also track when bills are due and when a credit limit or budget is reached. This functionality will not only help your customers draft clearer financial plans, but it will also show your personal investment in their future.

Keep in mind, this point is applicable even if your technology is not quite in place. When it comes to financial advice, many people still enjoy speaking to someone at a branch or call center. So it’s important to equip your advisors with the right skills and a customer-first attitude; look to demonstrate your expertise and concern while building customer trust in the process.

3. Finding ways to improve margins and productivity

This idea might not sound revolutionary, but the principle remains. How do you trim the fat from current operations or processes? Given the lack of loan and revenue growth, are there any back office costs you can eliminate in order to improve margins and productivity? As McKinsey & Company notes in their report, Global Corporate and Investment Banking: An Agenda for Change, “Corporate banks should consider ways to make their models ‘capital-lite’. Banks can often switch to products that offer similiar economics, but require less capital.” Think of it as pruning: reducing capital waste and tightening your operations will prepare you for growth of new branches (no pun intended).

If your institution is able to execute on these action items, you’ll be on the right track to earning genuine loyalty. Your customers will be happier and more confident in your ability to solve their problems. And you’ll have less to worry about the competition.

Learn How to Put Customers First at Liferay Symposium NA

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This post was written by Angela Wu and appeared here first on Liferay.com.

A Conversation with Customers: Liferay Digital Experience Platform

As digital transformation continues to inform the way we live, work, and play, we expect companies and brands to understand what we’re looking for. Businesses have a great opportunity to hear their customers, understand the problems they face, and give them the right solution to make their lives easier. But, do most companies have an idea of how to listen to their customers?

In a recent interview with CMS Connected, Bryan Cheung, CEO, shared how listening to customers sparked Liferay’s progression into the digital experience market with the launch ofLiferay Digital Experience Platform (DXP). In Liferay’s case, transformation was not so much disruptive as it was natural, given its portal heritage, which already had laid out integrations with backend systems and the framework to drive personalized customer experience.

A Better Direction for Customer Experience

The unique infrastructure of Liferay DXP can help build a range of customer experience solutions including web, mobile, and hybrid online/offline experiences across the entire customer lifecycle. In addition, having a single view of the customer lets companies create better, more relevant interactions down the line and gets all departments working together to care for customers.

In this retail banking example, a teller displays a singular customer view. In one page, the teller can see relevant, current information, i.e., the latest conversation between the customer and the bank (wherever it might have been), gathered from multiple systems across the organization. Based on this customer view, the teller can then make intelligent suggestions to the customer and give the bank an opportunity to offer related or complementary services.
Single Customer View on Liferay Digital Experience Platform
Cheung also shared that Liferay DXP isn’t just about connecting surface level interactions. The whole point of Liferay DXP is to let businesses work smarter at what they do—without having to start all over. In this way, businesses gain another opportunity to engage, provide self-service, engender loyalty, and repeat purchases through all customer interactions.

A Natural Fit for Digital Experience Management

Over the past 15 years, Cheung notes that Liferay has set out to make technology work better for people:

“We see Liferay Digital Experience Platform as the next logical step in our evolution as a company, and I hope that we’ve done a good job listening to your needs as we’ve designed our product.”

As customers drive how they interact with brands, companies need to stay ahead of the curve with tools that deliver personalized digital experiences wherever, whenever they engage with your business.

3 Key Benefits for Digital Experience Platforms

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This post was written by Christine Reyes and appeared here first on Liferay.com.

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Business processes driven by customer needs are more than a popular trend; they are the driving factor behind successful digital transformation and company culture shifts.

Digital experience platforms are designed for companies that understand the importance of breaking down silos and bringing together data and channels in a way that can be shared among business units. Common features include analytics, customer context views, personalization and multichannel support.

Their goal is to enable companies to manage the elements of exceptional experiences with a clear view of business analytics, integration, comprehensive customer data and cost-effective implementation. Further benefits of digital experience platforms to digital businesses include the following:

1. Identify immediate needs in digital customer experience

As digital business becomes more personalized and unified across devices, it becomes increasingly important to interact with people at every stage of the customer lifecycle. Sophisticated data management streamlines the process of identifying customer pain points or gaps in communication, which can then be leveraged to improve digital experiences. This prioritizes what customers want without locking companies down to any specific technology or type of interaction.

Once companies identify immediate needs in digital customer experience, they can act on them from a place of knowledge, rather than trying to build strategies off of incomplete data. A digital experience platform will then be able to provide tools or integrate with the correct external products to address these needs.

2. Improve the accuracy of your marketing and customer engagement through holistic customer data and information

The first step to improving experiences is to offer the omnichannel interaction, and the second step is to constantly track, measure and analyze so that customer engagement can grow and evolve.

Digital experience platforms allow companies to track customer behavior at each digital touchpoint. As the Internet of Things (IoT) grows, companies will have access to more channels of customer data, enabling them to draw new insights. The goal is to discover patterns in customer behavior and constantly improve customers’ experiences, even before they ask for it.

Customer data can include basic contact information, demographic snapshots, psychographic data points such as details about personalities or lifestyles, transactional data, communications history with the brand, account preferences, responses to marketing campaigns, and site engagement tracked through clicks, browsing time and social media shares.

A digital experience platform will pull this data into one place that each department can access as needed through customized views. This ensures that the entire company is working with consistent, updated information and basing decisions on accurate, holistic insights.

3. Use integration and flexible architecture to stay on the cutting-edge of digital trends

A common burden of technology upgrades is the unforeseen costs when development takes longer or is more complex than planned. If a digital experience platform achieves an effective level of integration and flexibility, then it will be cost-effective over time.

Veterans of digital change know that a technology upgrade can take months or even years. Sometimes, by the time you get the technology and strategy right, the trend is in its last days and the industry leaders are already gearing up for the next change. This makes it risky to pursue any new digital trend, because it may have evaporated by the time your company finally gets the fancy new software configured for your needs.

In today’s quickly changing digital environment, vendor lock-in is a handicap, and any digital experience platform should also make it easy to integrate with outside products, not just the vendor’s own offerings.

Because a digital experience platform starts with the core components in one place and product, it would be a cost-effective, long-term investment that mitigates the risk in acting on a digital trend. This could potentially level the playing field for companies that don’t have the largest budget, provided they have the foresight and agility to respond to the shifting sands of the market.

Final Thoughts

A digital experience platform provides the capabilities that you need to produce a variety of user-facing experiences. The exact tools offered will differ by vendor, and it is up to companies to assess their goals and determine which components are required for their strategy. However, the unifying principle for digital experience platforms will remain the same: architecture that integrates core business tools and provides a foundation for future digital innovation.

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DXP: Digital Experience Platform

Read more about the digital transformation and how you can create customer-first digital experiences. Download Liferay’s Digital Experience Platform whitepaper.

Business Uses and Benefits of Intranets & Extranets: Part 2

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According to techopedia, an extranet is a controlled private network allowing customers, partners, vendors, suppliers and other businesses to gain information. Extranets make communicating simple for individuals inside and outside of an organization.

Keep in mind that intranets are also a controlled private network, except access is only given to individuals within an organization.

In this 2-part series, we will walk through what intranets and extranets are, how they differ, and how they can benefit your business.

What is an extranet?Visual diagram of the intranet and extranet spectrum

Extranets are an expansion of your intranet. They are private networks designed to allow certain individuals outside of your company to communicate with members within your organization in a secure and private virtual space. To put it simply, it is an extension of your intranet that you make available to users outside of your organization.  Generally, organizations will use extranets for:

  • Customer service through distributing personalized information to customers in a more efficient way
  • Training and education for new employees
  • Communicating and connecting with customers in a more controlled setting
  • Easing project management tasks by providing a workspace with access to common online documents for teams

Why should I invest in an extranet?

Extranets act as a system of engagement for your business’s prospective clients. Just as intranets can increase employee engagement, extranets expand to engage individuals outside of your organization too. There are many benefits that a business can reap from an extranet including:

For Customers (extranet):

  • Improves your collaboration with customers, clients, and partners by providing personalized and specific pieces of information to specific groups.
  • Easy access to relevant information for consumers through FAQ’s, company and product details, and more
  • Present customized and exclusive content or offers to your customers in a secure way.
  • Make information available to consumers on a variety of devices
  • Shorter time from business to consumer by eliminating communication barriers
  • Builds customer loyalty and improves customer experience by providing additional channels for communication
  • Improved customer service and experience by allowing customers and users to resolve their own queries.

For Employees (intranet and extranet):

  • Increased productivity by making information more accessible to employees
  • Reduced margin of error by centralizing company information
  • More effective collaboration by easing department-to-department communication
  • Cost effective by cutting overhead costs and streamlining work practices
  • More efficient communication of internal job opportunities

Using an extranet in the Real World

We know that an extranet is an extension of an intranet. It’s the part of the intranet that outsiders can use. The Bank of Veriday (BoV) has invested in an intranet and an extranet. They are able to share all of their internal information with employees within the institution. When their customers log in online to check on their personal banking, they are logging into BoV’s extranet, which provides them with selective information that was made available to them. Extranets are still closed off to the general public and require some type of authentication.

An extranet can help give your company an edge over the competition.  Extranets help streamline processes, workflows, and business functions, while cutting your overhead costs.

 

To learn more about intranets, check out Part 1 of the series!

The Anatomy of The Connected Consumer in the Digital Landscape

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The Internet has molded the way we are as consumers. Now a days, more and more consumers use the Internet to quickly find the information they are looking for in seconds. People are evolving into a new type of consumer,  “the connected consumer”. They also want the option to choose when, where, and how they are interacting with brands. As a result, the consumer landscape has evolved and changed drastically since the days of traditional media such as TV commercials and radio ads.

Despite how connected consumers are, they are harder to reach than ever. Research suggests that 30 seconds or less is how long consumers typically spend absorbing digital marketing content. 30 seconds?!?!? This isn’t even enough time to make a coffee. How are we as marketers supposed to engage our target audience in less time than it takes to make a coffee?

Each interaction consumers have with your brand is a piece of the overall experience.  So, what is the best way to reach and engage the consumer? The Infographic below, courtesy of Gigya, highlights the key qualities of the connected consumer to help your organization more effectively reach, engage and convert your customers in the digital age.

Anatomy Infographic

Why Banks (And Other Businesses) Can No Longer Afford Not To Innovate

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This post was authored by Martin Yan and originally appeared here on Liferay.com

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“Financial transactions are just numbers; it’s just information. You shouldn’t need 100,000 people and prime Manhattan real estate and giant data centers full of mainframe computers from the 1970s to give you the ability to do an online payment.” – Marc Andreessen

There’s good news and bad news for those involved in the financial sectors. The good news is that this isn’t 2008, and if your company hasn’t gone under and you still have a job—well, that’s good. The bad news is that it’s 2016, and simply staying afloat isn’t going to cut it anymore.

Many technological changes have happened over the past seven years. Your average consumer is now experiencing a lot of their lives on mobile. According to a survey by eMarketer, US adults spend an average of almost 3 hours per day on their devices. This means people are using their smartphones and tablets to perform tasks like shopping, reading, viewing, and working.

Banks, however, haven’t done a good job of adapting their customer experiences. Which means they are not only playing catch up, but also giving space for fintech startups to capitalize on the void being left behind.

These disruptors are identifying the gaps in between consumer expectations and their actual banking experiences. Instead of focusing on a specific product, they are asking questions from the user standpoint and putting the customer experience first. This has meant a market filled with new entrants offering personal wealth management, mobile payments, eCommerce, peer-to-peer lending and more.

What does this mean for banks? Quite frankly, the risk of becoming irrelevant. If financial institutions do not adopt the right technology and make it a priority to innovate, they will have a harder time driving revenue and retaining their customers.

Granted, the problem is not so simple. Any traditional monolith faces a harder and slower process of change. Historically speaking, financial IT has been resisting change to legacy systems and processes with which they are familiar. The technology is a central part of operations, albeit outdated and unstable, and shaking things up in one area could mean seeing more than a few straws falling out in other places.

But to not be innovating is to be preparing for your own coffin. Questions revolving around cyber threats and security breaches need to be addressed, but so do your customers’ demands for online and mobile banking. All banks are expected to be secure—not all of them offer a good omnichannel experience.

How will you provide for them? Because the future is quickly shifting towards those who are not only meeting the expectations of today’s customer, but predicting the needs of tomorrow’s.

Increase Your Bottom Line Using a Corporate Intranet

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Employees are the backbone of any business. Not only is it important to hire the right people, it is equally as important that you are keeping your team engaged. Employee engagement, productivity levels, and technology are completely intertwined. The more engaged your employees are, the more productive and successful your business will be.

In today’s age, embracing technology is one of the best ways to reach your goals when it comes to employee engagement. Intranets promote productivity because they can help employees focus better, listen more effectively, and can eliminate unnecessary noise.

The world of intranet technology has been constantly changing and improving over the years.  The year 2016 is set to bring more innovation to intranet technology that will help organizations do more, and reach new heights. Increasing your employee engagement through the use of technology is just the tip of the iceberg to the overall success of your business.

The infographic below, courtesy of Jive Software, validates the need for a corporate intranet to drive employee engagement today. Lack of Employee Engagement is Killing Your Bottom Line Infographic