Getting these new processes in place while serving customers has highlighted a range of gaps. COVID-19 has become a digital litmus test as many basic capabilities are non-existent or coming up short of customer expectations. Creating a hi-tech way to deliver high touch services will be a standard going forward, and digital will be the standard for delivering high touch services. This will require organizations to rethink customer engagement, multi-channel capabilities, mobile offerings, security, and customer support.
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Organizations must look at the line-of-business level and assess how they can digitally deliver the same, if not better quality of service. Even in the short term, many processes need to be re-thought in a digital manner as social distancing will require an alternative to in-person meetings. In retail banking, the system is so branch-centric that organizations now need to separate banking from the branch.
Most banks have not fully digitized specific products, like mortgage lending, where they still need the customer to either meet in person or mail information to the bank. Insurance companies must think about how their agents and adjusters can interact with clients in a safe, digital manner.
Wealth advisors now need to function using as many digital channels as possible—SMS, voice, and video. The challenge is to be able to deliver this in a compliant and integrated manner. Even processes like client on-boarding will need to be fully digitized.
Thankfully, the technology exists and many fin-techs have led the charge in offering a complete digital, mobile experience
Regulated industries beyond financial services, such as the public sector and healthcare, are tackling these very challenges knowing that security and scalability are central elements for safely moving businesses to a digital way of engaging with their clients.
At the outset of the pandemic, we worked with international, national, state, and local agencies to provide digital tools such as alerts and notifications so they can engage with citizens in the most efficient way possible. We supported organizations to help create and scale work from home contact center agents, like in Pittsburgh, where the city's 311 service went fully remote in just one week.
In healthcare, also a highly regulated industry, providers are quickly pivoting to telehealth and mobile communications for a more consumer-centric delivery model that can also scale.
Epic Systems, which holds medical data for 60 percent of Americans, built a new video-based telehealth offering, and MDLIVE now offers convenient and affordable virtual health care services to more than 40 million members nationwide. As we go from response to recovery, we expect financial services to broadly adopt these digital capabilities across their organizations from customer engagement to customer support.