Developing a strong workforce that produces positive results is nothing short of tough. As the work-life balance shifts for many, there have been emerging trends in Finance that pave the way businesses can improve as they continue to grow.
Being able to adapt to the growing needs of employees and clients has been achieved through digital transformation and expansion for many businesses. This year, roughly 88% of organizations have either encouraged or required employees to work from home due to the coronavirus.
Working from home is becoming a new normal, but there has been resiliency within Finance. Whether working from home or in the office, the show must go on. The demand for workforce efficiency and positive work culture is more prevalent than ever due to the needs surrounding world events.
Here are a few current trends that will help strengthen your business for the future.
Investing in Data
No matter the size of the company, data leads to better decision-making and a stronger sense of understanding with an audience. With many adjectives, collecting key datasets is the path to providing the best experience for employees and clients. To improve internal and external workload efficiency, businesses have taken on cloud-based services to measure actionable data and scale.
The more accurate data one has, the better results they can achieve. Many financial services are catching on to new use-cases with analytics that were untapped. Poor data has cost the U.S. roughly 3 trillion a year. No wonder acquiring quality data is so important going into 2021.
Looking Forward with AI and Machine Learning
The power of AI and machine learning continues to be a factor of success within Finance. According to a recent study, 85% of all respondents have implemented AI in some form. In 2019 the deployment of AI rose from 25% to 37% and grew exponentially this year. Every strategy toward a digital transformation consists of some form of AI power. Because of AI, businesses have been able to optimize credit options, reduce fraud, and create better customer experiences.
Machine learning continues to help many financial services reduce operational costs and boost revenue from productivity. Positive user experiences become increased while meeting the ever-changing security and compliance measures. Having the correct digital infrastructure has proven successful in creating more growth opportunities. Early adopters are witnessing results but as the demand for AI and machine learning expands, so does the need for the experienced and skilled within management.
Employee Experience Drives Workforce Passion
As work-life balance shifts and team collaborations rise, employee experience has taken the stage. Since the virus, roughly 41% of U.S. employees feel burnt out from work, and about 23% feel depressed. Disengaged employees can cost companies between $450 and $550 billion annually, while over-engaged employees can cost American companies roughly $150 billion a year. So, it makes sense why companies are gearing efforts toward balancing this matter. When an employee is in pain or unhappy, they will perform poorly in comparison to when they are motivated and happy; it’s that simple.
Employees have been under heavy stress this year, and company culture is now becoming a matter to approach. To navigate through this time, many have implemented flexible work policies and digital tools that connect everyone and boost experiences.
Budgets are becoming increased toward employee wellness programs, career paths, and digital tools like video communication. Each generation of employees has a unique expectation about technology and workplace culture. It is up to the company to meet these expectations and go beyond as leaders.
Customer Experience with Technology-Driven Solutions
The growing importance of customer experience is nothing new, and many financial services are expanding upon their digital foundation to tap into cost-effective solutions that provide great experiences while getting the job done. To adapt and scale, many businesses are collaborating with IT transformation services to catch these datasets and grow accordingly.
Businesses are rushing to gain positive customer experiences for more than one reason. When the public supports a company, employees will inherently have a better outlook toward their job and excel. Generally, there are four types of customer data sets to acknowledge when it comes to providing the best digital solutions that are cost-effective.
Customer data sets as followed:
- Personal Data
- Engagement Data
- Behavioral Data
- Attitudinal Data
- One can achieve this data from:
- Website Analytics
- Customer Service Software
- Transactional Information
- Feedback & Surveys
- Contact Information
- Social Media
- Pixel Tracking
Toward the Future
It is easy to mistake employee engagement with retention. Those that have will struggle to adapt. As many businesses look toward the future, the expansion of technology will continue to lead the way within Finance. Now is the time to support employees and clients by providing efficient digital solutions that solve the rising challenges every business will face.
As a leader in technology solutions, Tekscape continues to help financial companies increase revenue with cost-efficient IT transformations. We equip businesses with a strategy and foundation, helping provide the tools to gain actionable data through managed services, cybersecurity, workforce productivity, and IT transformations.
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