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EQ Riskfactor Global Outlook Article 1

Get The Green Light On Your Next Digital Transformation Project

Wednesday, November 17, 2021

Research from our latest Receivables Finance Global Outlook report, Finding Your Competitive Edge with Technology, shows that globally, 80% of lenders aren’t benefitting from automation during the customer onboarding process. As such, they are missing out on business efficiencies which impact growth potential and reputation.

The onboarding process, arguably more than any other stage of the customer journey, is driven by the client and their needs, wants and preferences. Therefore, as individual expectations move towards digital, so too do the preferences of businesses, meaning it is only natural to see lenders planning greater automation across their operations. Our research showed that over 50% are planning to digitize onboarding processes within the next two years.

Before launching digitalization projects, one useful strategy to secure senior buy-in is to map the customer journey from beginning to end to show the overall purpose and value. Planning customer journeys brings a range of benefits, which allow senior stakeholders to define objectives, establish cost production and scalability and, ultimately, improve customer satisfaction. This will help to set lenders apart in a competitive market.

Lenders need to consider how best to map digital customer journeys in order to maximize the success of automation projects and optimize customer experience.

Why Lenders Should Map Digital Customer Journeys

  1. Lenders need to capture the current state of their customer journeys, from the initial onboarding process to issuing the loan. This will help lenders identify which areas can benefit from technology and leaner processes, to remove duplication and waste.

  2. Once these areas have been established, lenders need to consider how technology can add value to their customers in terms of cost, time and tangible returns – this will be crucial to securing stakeholder buy-in.

  3. The next step is to share all the information gathered with various stakeholders and open the floor to feedback.

  4. When all parties are happy with the planning stages of the project, lenders should re-map the customer journey and determine the key touch points and data points, which will streamline processes and improve efficiency.

  5. Finally, lenders should again share the draft format of the project with wider stakeholders, allowing them to challenge any points before embarking on the project.

Mapping digital customer journeys should be a priority for lenders considering automation projects. Demonstrating exactly where, why and how digitization will benefit clients and the business will not only assure stakeholders of the project’s significance, but will also reduce the risk of failure. By determining the key touch points, lenders can ensure they improve the customer journey and increase overall satisfaction.  

Read Finding Your Competitive Edge With Technology

Volume 3 of the Receivables Finance Global Outlook is now out.

Our international research report showed that 80% of global receivables finance businesses are not effectively using automation during the customer onboarding process.