Bring financial processes into the digital age
Changing demographics, technology, and regulations are impacting customer-centric organizations in the financial services (FS) industry.
New generations of young, tech savvy, and connected customers are accustomed to instant transactions. This shift extends to employees, agents, and partners who need new technology and enablement tools to be more efficient at work. At the same time, rapid change in technology—such as automation, AI, IoT, and the cloud—has lowered barriers to entry, forcing FS firms to adopt multichannel, real-time capabilities to compete. On top of all this, changing government regulations require firms to regularly update rules, rates, and processes to maintain compliance.
Unfortunately, traditional financial processes weren’t designed for the accelerated pace of the digital age. Client information is often collected in paper form and manually entered into multiple, disparate systems. Disconnected processes, long cycles to onboard clients, and an over-reliance on humans to maintain data quality result in negative customer experiences and lost revenues. Attempts to update these legacy systems with new, custom code or integrations can take years.
To deliver truly integrated, digital platforms for B2B and B2C transactions, firms must transform their processes and technology. KPMG and Unqork can help by combining business competency and process knowledge with a no-code development platform to deliver both the organizational change and the scalable, adaptable technology required to create agile, nimble financial services companies.