Finance Monthly June 2018 Edition

18 www.finance-monthly.com ASK THE EXPERT - DIGITAL TRANSFORMATION Finance Monthly recently spoke with Rajeev Tandon, CEO of Xavient Digital - powered by TELUS International, about how future competitiveness will be determined by those who make digital evolution a part of their core DNA to continuously adapt ahead of their competitors. AQ & www.xavient.com | www.telusinternational.com Q market, as both significantly contribute towards delightful customer experiences. Are there specific industries that should be focused on digital enablement? Regardless of product or service type, the size of your business or your industry, leveraging some aspect of a digital evolution will enhance your performance. This is because the true power of digital doesn’t live in the technologies themselves, but in how they are selected, customised and integrated with one another and into all aspects of a company, including customer service. Where there are customers, there will be patterns in their behaviours, expectations and attitudes, and digital enablement is about arranging all customer touchpoints into a connected network that is proactive, agile, intelligent and analytical. Financial services and FinTech are industries where digital enablement has flourished in order to meet the needs of consumers who are continually seeking more efficient, accessible and personalised experiences from their providers. Traditional banks, for instance, can no longer get by with simply a website and an app, they need to be able to offer far more features than the ability to check an account balance to keep up with the new products and services being offered by non-financial brands such as Apple Pay and Google Wallet. But, when FinTech providers focus entirely on launching new products or rolling out more flexible options, customer service can get left behind. By partnering with a customer experience provider to help sustain the brand experience, FinTechs can balance innovation with exceptional customer service. Today’s businesses are focused on digital transformation more than ever before, with many CEOs and CIOs listing it as a top priority in 2018 and beyond. Why is that the case? Digital transformation or digital enablement - the changes associated with integrating digital technology to enable innovation in all aspects of a business - is increasingly top of mind for many companies because of its significant impact on a brand’s ability to deliver superior customer experiences compared to their competitors. The trend towards digital is also being exacerbated by disruptive companies that continue to shake up traditional business models and steadily gain market share. In the digital age, consumers want next-gen technology-enabled user experiences today - not tomorrow - from the brands they support. These predictive and hyper-personalised interactions, which must also be available when, where and how they want, are quickly becoming the norm as opposed to a ‘value added’ feature. In addition to making every customer touchpoint and interaction more meaningful, evolving digitally also helps on the back end, improving processes and driving operational agility - critical factors in a rapidly evolving marketplace. Importantly, companies must recognise that digital transformation has no clear finish line, but must be repeatedly executed in order to keep pace with new technologies entering the market. What are the top factors driving digital enablement? Customer experience is arguably the topmost factor driving digital enablement as a captivating customer journey goes a long way in establishing unflinching customer loyalty. In fact, customer experience is becoming increasingly recognised as a fundamental competitive differentiator - even more so than the product in many instances. Rising competition in this regard has brought dynamic technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and blockchain among others to the forefront. When harnessed as part of an overall digital enablement strategy, these technologies can help brands develop a deeper understanding of their customers’ expectations in order to better align their products and services to meet, and oftentimes, anticipate their needs. Additionally, as tech-savvy Millennials overtake Baby Boomers as the largest segment of the population, brands need to up their ‘digital game’ in order to create engaging user experiences. Whether companies seek to accomplish this internally, or look to develop a trusted outsourcing partnership externally, this is how brands will thrive today and into the future in the new age of the digitised customer experience. Moreover, brands need to focus on delivering personalised services and shorter time-to- RAJEEV TANDON CEO AT XAVIENT DIGITAL - POWERED BY TELUS INTERNATIONAL Q Q “The overall corporate evolution, with an emphasis on strategy, operations and culture is the star - technology is the supporting cast.” HOW DIGITAL TRANSFORMATION IS HELPING BRANDS MEET THE HEIGHTENED EXPECTATIONS OF TODAY’S CONSUMERS

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