Digital Disruption in Fintech – It’s not just about customers

OstiaBlog fintech22

The concept of digital disruption within the Fintech world regularly addresses the issue of customer requirements not being satisfied fully if at all. This leads either to customer churn when apps delivered by banks and financial institutions don’t live up to expectation or simply millennials not even bothering to consider that bank or institution’s products.

This is an issue that must be dealt with, however, it misses another large target that should be dealt with as part of this disruption, namely the employees of the banks and financial institutions themselves.

These institutions by their nature are large and normally have many thousands of employees if not tens of thousands of employees.

As a valuable resource to any organization, they must also be considered as valuable, if not more valuable, than a customer as they can be ambassadors for their business. This means that their digital requirements must be considered, as an internal customer, on the same level as an external customer if not even more so.

There are many benefits to being digitally aware of what an institutions’ employees would like to see in their apps:

  • Better apps for employees will result in improved productivity.
  • Apps that are evolving based on employee feedback are likely to improve the organizations processes quickly over time.
  • In the same way that organization measure customer behaviours, staff behaviours can be tracked in order to improve the employee experience.
  • This can help an organization to engage more positively with their large numbers of employees.
  • Engaged employees are happier employees and happier employees tend to be more productive.
  • Engaged employees are likely to stay longer with the organization.

The bottom line is that applying the same lessons that banks and other financial institutions are applying to their external customers can have the same and even more benefits when applying them to employees.

This quote and piece below from The McKinsey Global Institute further emphasises the point that digital disruption is changing the landscape.

This quote is extracted from a piece written by by James Manyika, Michael Chui, Jacques Bughin, Richard Dobbs, Peter Bisson, and Alex Marrs and says -

"Business leaders should keep their organizational strategies updated in the face of continually evolving technologies, ensure that their organizations continue to look ahead, and use technologies to improve internal performance."

The piece contains a fascinating infographic and slideshow of the economic impact of disruptive technologies by 2025.

Have a look at this thoughtful insight to the present and the forecast for the next decade. View the article below:

Disruptive technologies: Advances that will transform life, business, and the global economy

 

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