A perfect storm is in full swing in the Life and Pensions sector – and, gladly, I don't mean this winter's extreme weather.
This storm is virtual (literally), formed over the last couple of years by the regulator changing the rules of the game (RDR, Pension Reform), individuals increasingly expecting new ways of engaging with financial institutions and technology advancements making it all possible. The timing is perfect as the UK economy gathers momentum, putting growth firmly on the corporate agenda.
Educated over a number of years by the banks to do their banking online, consumers in the UK have seen further empowerment in the last couple of years. The range of financial interactions online is growing, with platforms supporting do-it-yourself and advised savings and investments; and offering online services almost certainly means via smartphone and tablet as well as a PC.
In an attempt to reap the benefits of this perfect virtual storm, most leading Life and Pensions providers are thinking of, or building, a truly new and increasingly digital customer experience.
For many, offering a convenient service through multiple channels is difficult. Complex legacy IT and business environments have traditionally meant cumbersome customer experience as expensive armies of customer service agents try to join the dots between disparate legacy systems that are too difficult or expensive to integrate. This becomes even more difficult with increasing volumes of business, and with the introduction of digital and mobile channels.
Thankfully, new technologies are now making it possible to solve these issues in a cost effective manner, enabling growth and responsiveness to fast changing consumer attitudes while improving customer experience and reducing the cost and risk associated with manual processes.
One such example is Software Robotics. It introduces a virtual workforce capable of executing the same repetitive rules-based processes faster and more accurately than its human counterpart. As Software Robots interact with existing systems in the same way that humans do, they are a non-invasive option for enhancing the speed and quality of traditional contact centre transactions, as well as introducing new digital services without complex integration.
Software Robotics helps leverage the different opportunities thrown at Life and Pensions providers in today's perfect virtual storm. I see it as part of the new wave of core enterprise capability.
Visit www.deloitte.co.uk/FScustomer for more information on customer in Financial Services.
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