Digital Transformation in BFSI | 2021

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It’s not long ago when Ms Marianne Lake, the then CFO of JPMorgan shook up the BFSI industry by declaring themselves to be a ‘technology company’. This happened at a time when JPMorgan has already spent and invested billions of budget on technology and cybersecurity. The main reason behind this strategy was to enable the company to match the interests of their growing digital savvy consumer base and also redefine the experience.

In the financial sectors, there’s an ever-growing list of challenges frequently requiring digital solutions. A PricewaterhouseCoopers survey lists these challenges as:

  • Getting the branch traffic declined while also meeting rising customer expectations.
  • Growing competition from non-financial tech companies like Amazon, Google, Facebook
  • Rising regulatory constraints resulting in reducing profits.

JPMorgan realised that its edge over other competition depends upon providing innovation and technology to the customers. For this, an investment in digital transformation is needed to be equipped with the best technology and systems for maintaining a high performing standard of operations. 

Benefits of digital transformation in banking and financial services

Digital transformation (DT) implies various developments in the banking industry which are undertaken to unite multiple fintech solutions in a way to automate, optimize, and digitize methods, along with increasing data safety. This process indicates many big or small changes reshaping the processes and technologies applied in financial services. 

According to a study by Deloitte, 37% of respondents in BFSI organisations opine that their company has been sceptical and cautious in their digital transformation process, while 38% responded about being more forward in this journey. 25% claim that they are outdoing their rivals.

To outperform the competition, it’s better late than never for financial institutions to adopt digitization and harness the technical prowess in business to redefine the customer experience and optimise customer onboarding processes.

Digital Transformation is often flagged off with an adaptation of digital workspaces, where technology plays a vital part in facilitating the work process and takes the workload shift from offline to online. This is a crucial aspect that makes remote working possible worldwide, in today’s time, even for banks and financial institutions.

Other than redefining the customer experience, the process of streamlining operations with robust technology makes way for many other benefits, such as:

  • Inter-team processes are propelled to optimum creating more efficient services
  • Automation of older processes aids financial experts to aim their efforts towards tackling more challenging tasks in operations or legislation
  • Greater ROI leading to more efficient problem-solving abilities and optimal customer onboarding.
  • Hyper personalisation of UI UX for a more humane way of interacting with customers in the way of creating a trustworthy and genuine brand identity in the market.
  • Faster escalation resulting in quicker resolution for critical incidents.
  • Wider transparency at the organisational level.

The process of digital transformation may be specific for different companies, but it can be initiated by identifying the available best practices in place; e.g. employee needs, processes and tools, customer experience, hyper-personalisation. etc. 

A Big 4 consulting firm, BCG says ‘Digital transformation must be a clearly articulated strategic priority, supported by appropriate funding, talent recruitment, openness to new agile ways of working, and a willingness to take risks.’

This is on basis of the following guidelines:

1. Set the vision:

The senior leadership should be fully committed and reinforce the reason behind taking forward such digital transformation while periodically highlighting its advantages for both its employees and customers. Addressing relevant concerns throughout the process is also necessary. This will arouse inspiration among employees and help them to stay motivated. 

2. Providing continuous support and training programes

In the process of adopting a new system, it’s difficult for simultaneous monitoring across all sectors. For providing regular support, an internal champions network needs to be created in order to keep the momentum running and keeping all stakeholders aligned.

3. Investing in digital tools to empower collaboration

Setting up a collaborative workplace builds a solid foundation for a company’s digital transformation in BFSI. Technology is redefining the financial services sector and according to a PwC report, many organisations are now able to replace entire physical processes with fully digitised hubs and tools.

If information is easily searchable, manageable and readily available, the work can be focused on delivering top quality services while redefining customer experiences, optimal customer onboarding and hyper personalization of assistance.

All in all, digital transformation in BFSI is an exciting and important prospect for all businesses across industries. To stay updated and keep up with new players, it’s elementary that embracing digital technology happens and be put into practice as soon as possible.

How to make successful animated videos for your business?

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Toy Story is one of the best-animated films ever!! When spoken of Toy Story, there’s an image that pops up in your mind within seconds, isn’t it? It is so effortlessly recognizable and relatable. What made the movie so successful? Was it animation or the story? Or was it technology? Let’s dig in.

Your answers to what and how to create successful animated videos will be cleared today. If you notice, one of the supreme reasons for any successful animated film or video is the enthralling & captivating story it tells. But having said that it’s important how the story is told, the Visuals, planning and execution play a vital role. Here’s where animation companies come into the picture. 

Animation incarnated years ago is in a super competitive business today. It’s an oceanic opportunity out there, afoot!! You’ve got to dive deep to yield the best pearls. But what is it that you need to do to get the “WOW” response from your viewers? 

Firstly you need an excellent team of executors to bring your vision to your audience. Animation companies have evolved drastically over the years. One such rare and long-standing company is iRealities. The team of iRealities focuses on every aspect of video animation. They believe it is not just the aesthetics of the video that take it to the top performer, but what’s in the video. “There are either marketers, film-makers, scientists, or idealists. We are all in one” says iRealities.

Below mentioned are a few points that explain what makes the best-animated videos.

1. Story Execution Done Right

Thoughtful scripting is the most important way to get started. Ensure your video always tells a compelling story with the right tone and super conversational language. The video should relate to the target audience and communicate its unique value proposition in the simplest way possible.

2. Involve emotion and interest in the subject matter

Adding to point one, your video must be filled with emotions with the story you tell. It doesn’t have to always be a happy ending fairytale type but it needs to be delivered in the right emotion to your audiences. When you design your story with emotions and culture you’re promoting a brand promise through a promotional video that deviates from traditional marketing traits and focuses on brand value.

3.Engaging music 

Never forget that music connects a lot. Be it, people, be it emotions or be it liking and trust in a matter. But how do you know what’s the music or background score that’ll go with your commercial video or film? A piece of really good and powerful music is the one that gives the message while setting the right mood in, particularly suitable genre. And this is how you innovate goosebumps-worth energy in your audiences. 

4.Efficient animation 

When we speak of efficient animation, we are not just talking about seamless motion graphics and highly technically designed characters. We’re talking about what exactly goes in creating and defining the right characters while setting the right animation tangents to the story. Know your animated video approach, know your target audience and know what style of video needs to be promoted out there.

Animated videos are the most efficient media projection of telling complex stories in the simplest way

5.Linking through hypothetical dimensions

When we talk about being hypothetical here what we mean is that there is no limit or boundary to create your animated video unlike in actual video production. You can curate your character and story visuals in any relatable context that suits your creative exposition. For eg: When Vodafone created zoo-zoos, they were unreal characters yet projected strong and relatable experiences to humans. 

6.Keep it simple and connecting

For most animated videos, the more simple and raw the message is the more authentic the content is to your audience. 

To conclude, ensure that your video is an amalgamation of a holistic business approach that is created and produced by all terms in a conversational, relatable, and measurable way. And to support this is what iRealities has to say, ” What we bring to the table is our understanding of marketability, we understand the science of business, we understand the science of communication, we understand the grammar of film making and we also understand the aesthetics and consumer behavior.”

So given all the tips and tricks above if you are looking for ways to use video marketing in 2021, animated videos are one trend you should consider. 

AI Chatbot: Why Conversational Bots Are The Future Of E-commerce

When it comes to chatbots, the typical image that is spun around is of a figurative robot giving monosyllabic answers. Well, those were technological perks of the past. Chatbots have been in the market for quite a while now and as per Martech, AI (Artificial Intelligence) chatbots will drive $112 billion in retail sales by 2023. However, using AI to make intelligent human conversation with customers can help customers feel more connected to the brand thereby improving customer experience. 

What is conversational AI?

Conversational AI is the brainpower that boosts the understanding and processing capabilities of a machine. They apply Natural Language Processing, AI, and Machine Learning to converse, learn, and improve their interaction. 

In contrast to generic chatbots, several bots that are currently used by brands which reach out to you on platforms like Messenger, Kik, WhatsApp, or even Siri on behalf of brands; are all conversational AI bots. Using a generic AI chatbot leads to many customers feeling disconnected from the brand thereby resulting in them shying away from the brand. However, with a human-like conversation, you can boost customer experience and bridge the gap between technology and human touch.

How are conversational AI chatbots different from typical AI chatbots?

You must have been in situations wherein a chatbot gives you answers that are not relevant to the question posed. The chatbot may even claim to not understand your question and request you to rephrase. If this has happened to you, you’ve been a victim of the age-old chatbot. Typically, a chatbot uses a rule-based algorithm to provide answers. If you ask questions that have not been programmed into the bot, you may not get the right answer. 

However, a 21st century customer expects more than automated chatbot responses. To keep up, a conversational AI chatbot online is plugged into play. It understands keywords from your query and provides the right answer in a conversational manner. This gets customers hooked, thereby leading to improved engagement. Hence, it is no surprise when apps relate with customers better when they integrate conversational commerce and send out personalized messages. 

Why are conversational AI chatbots key to your business?

While conversational AI technology is currently not used in India, iHumanoid by iRealities will be the forefront technology that enables brands in India to leverage conversational AI and house the best AI chatbot. 

But, what is iHumanoid?

iHumanoid is a convergence of photo realistic human animation, conversational communications and Artificial intelligent technologies. In simple terms, the iHumanoid goes miles ahead of a traditional chatbot and provides a conversational experience. Here are some areas in which the humanoid assistant can help.

  1. Enables smart automation: Most emails are auto-generated and sent out as a script to customers. As a result, the engagement rates of customers via emails plummet. One of the main reasons for this pattern stems from the passive communication of these emails. Using iHumanoid will start a conversation with your customers through smart automation with a layer of emotion attached. This further builds memorable conversations and boosts customer engagement. 
  1. Better outcomes with limited human resources: Talking to a human is the best way to have a conversation. But, gone are the days when a human face was irreplaceable. Now, with photo-realistic computer-generated characters, the need for the presence of a human team is redundant as it may not always be feasible to recruit an entire team.
  1. Minimize expenses: Instead of hiring a dedicated team to address the concerns of customers, iHumanoids can provide a humanistic experience at a minimal cost. Besides, as the requirements of the company expands, instead of hiring more workforce, iHumanoid could be used as a smarter alternative at the same cost. 
  1. Customize to your business needs: The iHumanoid can be designed according to your business needs depending on the nature of your business and the industry you hail from. iHumanoid can be used by businesses across several sectors such as E-Commerce, F&B, Retail, Fashion, etc. Irrespective of the industry you are in, iHumanoid will ensure to maintain a human-like conversation with your customers to ensure engagement and build a better relationship with your brand. 

Final thoughts

With the progressing field of AI, conversational chatbot has taken the limelight. You can gain a competitive edge by integrating the humanoid assistant by iRealities to your business that can boost customer engagement and amp up your business be it in the E-Commerce, Technology, or Retail business. Get conversational and integrate the best AI chatbot to build a legacy out of your brand!