Note — this is section three of our new content series: Redefining digital transformation.
Read section two: Making the business case for digital transformation
Read section four: Avoiding the pitfalls of point solutions
The case for investing in digital transformation is clear. But this change won’t amount to much unless you’re aligning your efforts with the customer lifecycle. Ask yourself if the measures you’re taking will have a positive impact on the customer experience. How can you use technology to provide more value to your customers?
If you’re successful in this, you’ll be able to gain and retain customers throughout each stage of the customer journey. If you lose customers at any of these stages, your bottom line suffers and you’re losing out to competitors.
We’ve outlined the stages in the customer journey and compiled the questions you should be asking yourself as you undergo digital transformation. These questions will help keep you on track with prioritizing your customers, which is key for the health of your business.
We noticed that Digital Lending Platforms address these questions in three notable ways: reducing friction, offering consistency, and deepening relationships.
Want to know how a DLP can help you keep your digitization customer-centric?
Reduce friction for happier customers
A great customer experience takes the burden off of the customer, so it follows that reducing friction helps deter customer defection.
Minimizing the effort it takes for a customer to apply for your product is one stage in which DLPs shine. They enable you to offer a streamlined experience that customers can breeze through without having a chance to think about what they might have missed had they gone with another institution.
A Digital Lending Platform also helps reduce friction in other stages of the customer journey, like transacting and problem resolution, by offering easy access to assistance in channels that work for each customer.
Offer consistency across your portfolio
You want your customers to be with you for life. How do you do that? You offer an experience that they can rely on, so they can trust that their interactions with your institution will always be helpful and positive, no matter how small.
A Digital Lending Platform helps offer a consistent experience across channels and products, so your customers know to expect best-in-class service whether they’re chatting with an employee in a branch or using an online chat function.
Deepen relationships with digital transformation
Customers who have more than one product with your institution are more likely to stick around, so deepening relationships is helpful to your long-term success.
DLPs surface the right product recommendations at the right time to your existing customers, so you can offer them the solution that will help them meet their next financial milestone.
Interested in how else a Digital Lending Platform can help strengthen your customer relationships?