A guide to dealing with the lessons we are already learning from COVID-19: Bolster your digital capabilities and futureproof the way you offer your products and services to clients

The rapid spread of COVID-19 around the globe has disrupted millions of lives and led to unprecedented levels of uncertainty. Economic damage is widespread and organisations are concerned about how to protect the continuity of their operations whilst preparing for the future.

We at CREALOGIX recognise that banks and other financial institutions are currently busy dealing with the outbreak, whilst also already considering what some of the lessons learnt might mean for their digital journeys (both internally and externally). The rapid spread of the virus underlines the need for digital solutions and the effect they can have in terms of allowing businesses to be fully prepared to engage virtually when face-to-face interactions are no longer an option. This not only concerns the urgent need to offer employees remote and flexible work options; it is also a question of providing your employees with the right tools so they can serve customers with ease.

Regardless of where you find yourself on your digital journey, we believe there are a number of approaches you can take to help you and your clients prepare for the growing digital expectations clients have and for dealing with situations like the COVID-19 outbreak the world is facing now:

  1. Mobile Solutions:

    Make investment ideas and electronic trading available via mobile applications so customers have the freedom to review your advice and place orders remotely. Customers value flexibility in times of high volatility where speed is often important.

  2. Goal-Based Financial Planning:

    Transform your digital advisory offering by taking a longer-term approach to client investment planning. Clients committed to a goal-based approach will likely “ride the waves” in turbulent times.

  3. Co-Browsing and Video Chat:

    Staying connected with clients as if you were there with them offers a level of engagement that prepares you for the demands of the future whilst addressing the pains of today. Co-browsing features and chat capabilities are just some of the ways to get started.

  4. API Ecosystem:

    Maintain interaction with your third parties so you can offer the best service. Stay competitive by introducing new services and business models.

There is no doubt that your first priority should still be the safety and health of your employees. But to safeguard their economic well-being, it is critical you consider the competitiveness and performance of your company. In times like these clients (and employees) are looking to you for continuity. By defining the non-negotiables, in other words the products and services you have to offer without interruption to be able to compete, you can make your organisation ready for the next slowdown. For when purpose is put first, profit generally follows.

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