During the Covid-19 lockdown, we have seen a massive surge in the use of digital channels as firms have been forced to use the web wherever possible to give their customers access to the information, products and services they need. As we start to emerge from the enforced restrictions to stay safe, it is clear that things will not go back to the way they were.
Digital is here to stay and organizations are going to continue expanding the range of products and services which can be delivered whenever, wherever and however customers want to access them.
This is great news for business and consumers alike—but it increases the pressure on organizations. They have to deliver the best possible customer experience and the best range of products and services via digital channels so that customers can choose what they want to buy and from whom. And if it’s not seamless process, customers will go elsewhere.
This is particularly true when it comes to financial services. Firms have to make sure that:
- they are delivering products which customers’ need and want,
- the products are competitively priced,
- and are capable of being explained simply so that customers understand what they are buying.
Not only this, but when it comes to financial services, firms have to make sure that they are complying with a whole raft of regulations designed to protect customers from harm and making sure they get the right outcomes.
We at Glassbox have decided that now is the right time to start a regular blog in which we will share our knowledge and insights about how technology can solve the challenges posed by compliance and regulation when it comes to digital business—and digital conduct risk in particular. Our objective is to inform and educate you about how new technologies like Glassbox deliver a suite of powerful new digital tools which enable firms to transform the way they do business. We will include contributions from experts in the field as well as case studies and commentary on developments and events in the market. Our aim is to show you how to:
- increase the effectiveness of compliance,
- reduce regulatory risk
- and reduce the cost of compliance.
At the same time, we will show how you can improve the overall customer experience, provide enhanced levels of online support and automate the monitoring of digital sessions—including support for vulnerable customers.
Stay tuned to this space for future posts about the challenges facing digital channels as we come out of lockdown and how you can use technology to respond quickly to the challenges.