Financial Services: tech tools to foster innovation
By Christian Lund, Co-founder, Templafy
The Financial Services (FS) industry is amid an era of digital transformation that came to life in customer forms like the offering of neobanks – banks operating exclusively online – crypto payments and more. But FS is still trying to shake a reputation as staid, with some stakeholders.
The ‘world’s largest unplanned work-from-home experiment’ meant that traditional, office-based FS businesses had to move online – completely changing the way the industry usually operates. It became evident that internal processes and workflows needed streamlining to keep up production levels while working remotely. To accomplish this, leaders realized the transformation must start with tech. Within months, businesses accelerated digital transformation strategies by up to four years and focused efforts on employees rather than consumers.
In 2020, nearly half, 46.6%, of FS professionals added two or more applications to their tech stack. But, this growing number of solutions, which was supposed to make employees’ lives easier, is actually making their jobs harder. In fact, more than a quarter of workers feel that the more tools they use, the less work they can complete.
Much of the tech tool pain FS professionals are feeling is because they’re drowning in documents. Employees’ days revolve around contracts, emails, client deliverables and presentations, all of which require several different tech applications to create. Information is often spread over various drives and folders which makes finding it a labour-intensive task. According to research from Templafy, 71% of employees are spending up to six hours a week consolidating information. This disconnect could result in issues of noncompliance or even worse, damaging lawsuits.
The core of this problem revolves around disconnected content. It’s not easy for FS professionals to find information and in turn, they’re wasting time and money on repetitive, redundant tasks. But automation tools are on the rise and can help streamline processes to complete administrative tasks more efficiently, so employees can focus on driving business results. WorkMarket reported 54% of employees could save up to 240 hours a year through automation – an incredible amount of time.
The disconnected content problem
The key to solving disconnected content lies in the tech stack. Current tech stacks ignore the role of content even though it’s essential for maintaining brand reputation and the overall success of a business. After all, content is exactly what clients, prospects and colleagues see day in and day out – from emails to new business proposals to audit reports. It’s what we use daily to bring ideas to life.
However, content is fragmented throughout organisations due to a lack of proper integration. Research reports 37% of UK employees do double the amount of work because their technology lacks useful integrations. This directly results in disconnected content, which can lead to a loss of compliance, delays in processing and a negative impact on business performance.
Enter content enablement
The key to combating disconnected content revolves around content enablement. A content enablement platform integrates the entire tech stack to connect content throughout an organisation. Employees are served the exact content they need, directly within the applications they’re already using. In turn, enabling them to not only create higher quality content more efficiently but also collaborate, distribute and manage content elements across the entire business.
In FS specifically, a content enablement platform ultimately allows employees to focus on value-add activity instead of simple admin work. Rather than tracking down different pieces of information to build scopes of work or business proposals, employees can focus on forecasting and business development – the tasks driving better, more impactful results. This level of automation also cuts the risk of sharing documents that don’t adhere to regulations or don’t have the correct disclaimer.
Content enablement driving innovation in FS
Not only does content enablement technology empower employees to be more efficient and productive at work, but it also fosters innovation. Employees can focus on topics like:
- Running the business more efficiently
- Identifying future trends
- Keeping up with ever-changing regulations that ultimately shape the industry
And as the FS space gets more crowded with newer and fresher competitors the ability to focus on these topics couldn’t be more important.
The only way to do this is to have the correct tools in place. In 2021, over a third of FS companies upgraded their tech to enhance productivity and boost profits and others are following suit. Technology in the hybrid work era should no longer be a barrier, but a booster to improve employee workflows and allow them to spend more time on the things that matter, servicing clients and innovation.