Frank Rocha explores the importance of leveraging your content and data
There are a number of challenges facing financial services organizations, all of which ultimately point back to how well organizations can deliver a positive customer experience. Today’s highly connected digital consumers no longer differentiate their expectations across industries. If a customer has a positive experience from one provider, they expect similar results from all providers - regardless of the industry.
What that means for banks is that your competition is no longer just other banks. Today, your competition are the organizations that excel at operating business models that are hyper-focused on the customer - the so called BigTech companies.
It was Steve Jobs who famously said, “You’ve got to start with the customer experience and work back toward the technology, not the other way around,” and this is now becoming the new norm for a generational cohort who have already demonstrated little tolerance or brand loyalty when their expectations go unmet.
But BigTech is not the only competition.
FinTech, BankTech, InsurTech, whatever label you want to put on them, are more nimble and digitally agile than traditional financial services institutions. These players come into the market place and are not saddled with legacy systems or legacy thinking. They are free to throw out the rule book and think along the lines of “First Principles.” Without the burden of legacy, they can look at business challenges through a clear lens that asks “What business problem am I trying to solve?”
What differentiates this new competition is innovation, speed, the delivery of a highly personalized experience, and the ability to connect with consumers more deeply and closely than ever before. This is an area that traditional financial services organizations can learn significantly from.
But everything comes back to the understanding that today’s consumer wants an experience, not a transaction from their financial services institutions. Understanding the customers needs; what their financial goals are; being in tune with their life events, and delivering solutions that are relevant, customized and accessible is how traditional financial services organizations can and must compete.
Using information intelligently
The life-blood of any financial services organization is “information.” But the amount of information created by any financial services organization is staggering - just think of the decades of information that these organizations already have on their customers. For established financial services organizations, information typically started as “paper.” Policies, Loan Documents, Statements, Notices, Bills, Correspondence - decades of files taking up expensive floor space. Records centers with tens-of-thousand of boxes stacked to the ceiling along endless rows of racks.
Take all the information that a financial services organization stores - all the types; all the formats; all the repositories scattered across the enterprise. Now try to find a specific piece of information that you need to do your job. We all know how simple this should be, but how hard it is in practice. This is where Nuxeo comes in.
A strategic battleplan
Nuxeo enables organizations to store and manage any type of content - from traditional documents to today’s rich media. Organizations can gain actionable insights from their information - all with amazing performance and scalability, that legacy information systems simply cannot deliver.
Nuxeo understands content and how critical content is to business strategy and operations. However, vendors have long promised financial services organizations the nirvana of content stored in a single repository - solving every content problem known to man. The reality was not quite so heavenly.
Why? Consolidating all of the content within an organization into a single repository doesn’t make sense. Every organization has numerous systems that each perform specific tasks and have specific needs - you cannot provide a single solution to deliver against that. Then add mergers, acquisitions, point solutions, and executive mandates into the mix, and the ability for a single solution to address this disappears.
Information needs to live across the enterprise - in different places and different systems. Nuxeo connects into these various content repositories to create an information hub - managing content in place, providing a single, central place to manage, classify and get value from corporate information. Migrating content to Nuxeo is an option - but not a requirement.
Finally Nuxeo is re-inventing how data is related to content. Legacy systems retain the minimal amount of metadata - just enough to be able to retrieve the information later. Most organizations now realize that a minimalistic view of information isn’t sufficient - but trying to extend that metadata model on legacy systems is incredibly difficult, and typically causes performance and scalability problems - if it is possible at all. Nuxeo provides the most extensible metadata model on the market to allow businesses to enrich and augment their information systems as much as they want and need in order to gain value from their content.
Preparing for future battles, today
2019 is seeing Artificial Intelligence (AI) blossom into a truly beneficial tool for the business. AI models that can be customized to specific business requirements in order to help businesses gain more insight from their content are starting to emerge. Imagine receiving an email and being able to automatically determine the service being requested, route that email to the individual with the proper skill set and availability, then provide suggested responses to that email.
AI is capable of delivering this - today. This huge time saver for businesses eliminates the misrouting of service requests to the wrong department, or the sending of requests to someone who is not available or cannot service that request.
Configuration-based solutions (as opposed to fixed products) have significant benefits allowing users to quickly create applications using drag-and-drop design tools. This low code approach provides organizations with the ability to rapidly prototype, build, test and deploy applications that solve real world business problems in a minimal amount of time compared to traditional development methodologies.
Both AI and Low-Code development capabilities are in production today, with innovative and forward-looking financial services organizations taking advantage of the agility, insight and scalability provided by Nuxeo’s Content Services Platform.
