On a recent episode of the Nuxeo Content Journey’s podcast, we chatted with Sean Calvillo the Director of Financial Services at Perficient. Sean shared his thoughts on how content can create a more seamless experience for direct customers, and why that is important. He also gave his thoughts on legacy systems vs. modern content systems, and how they can be used together - and more importantly, how those roll-outs can take place with the least negative impact on the customer.
Here’s a little taste of the conversation:
Alan:
What do you believe is the driving force behind the current push for enhancing customer experience, especially in the financial sector?
Sean:
A lot of it is coming from non-traditional competition like BigTech. Companies like Amazon, Google, Facebook, and Apple have raised the bar for what it means to be customer-focused, and those customer expectations are spilling over across all vertical industries, including financial services like banking. At some point, your customers are going to ask, “why isn’t it as easy to do business with my bank as it is to do business with Amazon?”
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Alan:
What are the main challenges that keep traditional financial services organizations from competing on a level playing field when it comes to customer experience?
Sean:
Probably, the two biggest inhibitors are the accessibility of content and data, and the legacy systems that rely on that information. First, as we all know, the volume, types, and size of data are exploding. Banks have more access to customer data than ever before. But it’s scattered all across the enterprise, making it difficult to obtain a 360-degree view of your customer. And legacy systems are slow to adapt to changing customer preferences and expectations. Monolithic legacy systems were never designed to adapt quickly to dynamically changing business models. Combined, they present a dramatic negative impact on the banking industry’s ability to deliver a positive customer experience.
Alan:
Can you give a specific example of how this approach will improve the way that financial services organizations operate and how that impacts the overall customer experience?
Sean:
Let’s start with consumer credit. With mobile becoming firmly established as the banking contact channel of choice among consumers, there is a critical need to deliver straight-through processing and real-time decisions, or at least as close to it as possible. Banks have a wealth of customer and transactional content and information available to them to establish creditworthiness if they can only find it and utilize it properly.
Even when that information becomes available, you simply cannot throw enough bodies at it to satisfy the desire for immediate responsiveness. You need something more to scale the process. That something is AI and machine learning.
With AI and machine learning, banks can ingest a lot more information from traditional and third-party sources to quickly render lending decisions. They can use this same technology to ensure adherence to proper processes and procedures, including Fair Lending regulations. Plus, this wealth of new content and information can help banks quickly identify fraud indicators before a credit decision rendered.
This wealth of information infused with AI and machine learning can reduce the reliance on manual due-diligence. This, in turn, means banks can render credit decisions faster, and with better outcomes.
I want to again thank Sean for his time, and the engaging discussion. You can join us for the full conversation on The Content Journey podcast, now available on your favorite podcast service, and on our Content Podcast page.