There’s certainly disruption in the air. It’s happening in all segments of the financial services industry. Challenger banks are confronting traditional banks, traditional insurance models are contending against online models and a number of lenders are looking to leverage digital technologies to keep up with this trend.
The trend itself is being driven by consumers, particularly millennials who have more disposable income and demand quicker and more convenient methods of completing transactions.
Here are some perfect examples on how a car purchase can be financed today:
- Zopa offers the ability for the public to lend to one another in a peer 2 peer style model.
- BMW has begun to provide the ability to configure and finance your car online and various car finance brokers are moving towards a model which allows the customer to apply and obtain a credit check, and complete documents all within minutes through an online experience.
So how can your business start its digital journey?Webinar: Drive Global Business with eSignatures
- Identify quick wins
Firstly, you’ll need to convince the business leaders that there is value in this journey. If you work in a large organisation, digital transformation can be a lengthy process so it is important to get the key stakeholders on board if you’re going to invest your time, effort and money.
By identifying opportunities that are quick to implement and produce immediate results, you’re helping your business to get comfortable taking bolder steps. An example of this could be to replace your manual process of sending documents through the post and instead use an eSignature web console. This will immediately reduce hard costs such as printing and postage, and also free up staff from having to chase unsigned documents and scan them back in.
- Look for a high value use case
After you’ve implemented your quick win(s), the next step is to identify an area of the business that could significantly benefit from having a digital approach. These areas are typically customer-facing use cases where revenue is transacted. These use cases may take longer to implement, as you’ll need to make sure your business process is ‘digital ready’ and there may be integrations required. However, once completed, the effort will be greatly rewarded.
A perfect example is integrating your online journey with your CRM/document management solution, an ID verification tool and eSignature solution. This will result in the complete removal of paper and a reduction in the time spent performing manual checks and rekeying information.
- Identify a champion and sell it into the wider business
By successfully executing the steps above you will quickly realise significant returns on your investment and will undoubtedly pick up a champion/advocate or two who has significantly benefited from this digital approach. These individuals are great resources to help you sell the concept of going digital to the wider business by engaging stakeholders of other business units in workshops.
By no means an easy feat, but this approach is a sure-fire way to steer your business on the digital path in the short term while enabling the wider adoption required to make your business successful in the long term. Once implemented, you can then sit back and reap the rewards.
Webinar: Drive Global Business with eSignatures
Register for the upcoming webinar, “Be Boundless: Drive Global Business with eSignatures” as I explain how you can best capitalise on this new opportunity and what the new regulation means for your business, whether in the UK, or the EU. Or continue on to our next blog post where we discuss how eIDAS has built on the foundation established by the Directive to advance the Digital Single Market strategy.