Digital Technology Adoption Survey Findings

Digital Technology Adoption Survey Findings

Digital Technology Adoption Survey Findings

The CRM Team, in partnership with ITWeb, conducted a Digital Technology Adoption survey in May 2022 to find out how effectively South African companies and people are adopting technology in different industries.

The survey was met with great participation with a total of 209 valid responses recorded.

From these captured responses, the key findings were that only 53% of the respondents stated that they had the right software to serve their customers, and 32% said they did not.

49% of the survey respondents stated that they had a digital adoption strategy for at least three years. While 20% of respondents reported having a digital adoption strategy for one to three years, and 13% of respondents said that they are not currently planning to deploy a digital adoption strategy. 12% said they were just about to roll out a digital adoption strategy, while 6% said it had been in place for less than a year.

The survey asked participants how familiar they were with the ADKAR model of change management. 57% said they had no idea what it was. 25% of respondents are aware of ADKAR but have never used it, while 12% stated that they use ADKAR to manage change on various projects.

According to the respondents, when asked which factors assisted their organisation’s adoption of digital technologies, 22% said online training, 14% said cross-functional collaboration, 14% said integration with customer experience, and 12% said change management practices.

There were five main points cited by respondents as the primary drivers for adopting digital technology: increased agility (15%), easier customer service (14%), better innovation (14%), improved departmental collaboration (12%), increased revenue (10%), and reduced non-value-added work (10%).

Within their digital adoption strategies, respondents plan to implement the following technologies:

According to the survey findings, the top 3 drivers for digital technology adoption are customer experience improvement innovation, and process improvement.

Respondents responded that the most common barriers to digital transformation are: economy (29%), lack of resources (21%), and lack of digital business skills (17%).

The survey results indicate that CEOs are most likely to adopt digital technology (32%), followed by CIOs (21%).

 

Thank you to everyone who participated in the survey we value your feedback and we received quite insightful results. The participants who completed the survey stood a chance to win a R3000 Takealot voucher. A draw was conducted from the 209 valid participants, and Riaan Myburgh won the voucher! A huge congratulations to Riaan.

 

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Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...

Drive Change And Adoption Of Your Technology Investments

Drive Change And Adoption Of Your Technology Investments

Drive Change And Adoption Of Your Technology Investments

The CRM Team will be hosting a free webinar titled Adapting To Change: User Adoption & Technology, helping business leaders optimise their software investment through effective change management.

This topical session will illustrate how effective change management and training improve user adoption and help maximise investment in new solutions. Whether one is planning to implement a new solution or already has a solution that users are failing to embrace, this user adoption, training, and change management session will outline how to improve adoption through proven methodologies.

Mark James, head of training at The CRM Team, says new technology solutions may promise to improve your business, however, without user buy-in and adoption, your ROI and business impacts may be disappointing. “Imagine you have to complete a series of tasks in a dark room. The fact that there is low to no visibility makes it almost impossible to execute your tasks effectively.” 

“At the risk of stating the obvious, it might be easier if you could simply flick a switch and light up your playing field. Creating the ideal systems solution for all your users and stakeholders can be just as challenging, but you can light up your playing field by consulting and involving key users in the process, from planning, through execution, all the way to realising a return on your investment,” he explains.

Discover what works and what does not in change management and user adoption programmes. Join The CRM Team and get an overview of the most effective Adoption and Change Management strategies to accelerate one’s digital transformation.

Delegates will see first-hand how to rapidly release the value from your technology investments as these change management specialists share their insight and practical tips for maximising user adoption.

The webinar will be held at 10:00 on 21 June 2022, for more information visit https://www.itweb.co.za/webinar/crm-team-adapting-to-change-user-adoption-technology/

Register for the webinar
Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...

The CRM Team welcomes changes to the Microsoft Cloud Partner Program

The CRM Team welcomes changes to the Microsoft Cloud Partner Program

The CRM Team Welcomes Changes To The Microsoft Cloud Partner Program

Microsoft continues to evolve its partner program and will be rolling out a new Microsoft Cloud Partner Program. This change reflects the vast transition of business operations to the cloud, and Microsoft plans to support its partners in the future.

Microsoft is terminating its Silver and Gold competencies, achievements that partners could earn to help differentiate their businesses to customers beyond a baseline partner network membership status.

The CRM Team Head of Delivery Operations, Bertha Musanhu, says Microsoft is simplifying its partner programs with solutions partner designations, anchored on the Microsoft Cloud in six solution areas aligned to how Microsoft goes to market.

“By attaining these designations, you can demonstrate your organisation’s capabilities in delivering customer success in the solution areas. That’s valuable for you, because it’s where we see customer demand, and where the opportunity is for partners to scale to meet customer needs,” she explains.

The Microsoft Cloud Partner Program will be open to Microsoft’s current partners including managed services providers, resellers, systems integrators, independent software vendors (ISVs) and device partners.

However, Microsoft is changing the way it categorises its partners to signal their cloud capabilities and experience. Microsoft will have six solution areas that partners can specialise in. Solutions Partner is the first new partner qualifying level.

The new partner program opens the opportunity to grow and develop as a Microsoft Partner. This model provides two qualifying levels: solutions partner and specialist/expert. The partner designations will be aligned to the six Microsoft Cloud solution areas including:

  • Data & AI (Azure)
  • Infrastructure (Azure)
  • Digital & App Innovation (Azure)
  • Business Applications
  • Modern Work
  • Security

Musanhu says a new partner capability score will rank partners’ performance and technical skills based on their certifications, new customers, successful implementations and overall growth.

“Microsoft’s new program will be mainly focused on several different areas: Azure data and AI, Azure infrastructure, Azure digital and app innovation, business applications, modern work, and security,” she concludes.

Microsoft continues to invest its partner ecosystem and continues to grow its Azure cloud offerings. These changes to the partner program certainly reflect their cloud-first approach. The new program introduces three levels of competency for partners who demonstrate expertise in the various Azure offerings. This partner status will solidify their authority as Microsoft experts.

 

Bertha Musanhu – Head of Delivery Operations

Bertha has been with The CRM Team for 5 years overseeing Delivery Operations, she is a Prosci Certified Change Management Practitioner, a Microsoft Dynamics 365 Marketing Functional Consultant Associate and she holds a BCOM in Marketing Degree. She is currently busy with an Advanced Project Management Certification and is equipped to deliver projects using Agile Principles. Her Favorite workplace Moto is  “When our Customers Win, We win! ”

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Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...

What Are Some Trends in Improving Financial Services?

What Are Some Trends in Improving Financial Services?

What Are Some Trends in Improving
Financial Services?

Did you know The Harvard Business Review conducted a study that showed 50 per cent of consumers would trust AI to provide financial services?

The business and finances world is in constant evolution and you want to be sure you can keep up. Financial services institutions have to be on the lookout for the latest trends so that they can offer the kind of services their clients want.

If you are afraid of falling behind, there are some trends and emerging technologies in the financial service industry you need to watch. Read on to learn what they are and how they can benefit your services.

 

Hyper-Personalisation

The newest generations do not want to be treated like a number or even as a segment of the population. They want personalised financial services.

Hyper-personalisation uses big data to find ways of making the financial experience of a client unique. It works with what the particular client needs at that time and does not use a one-size-fits-all process.

Hyper-personalisation can be as simple as allowing clients to set up automatic mobile payments. It can also be as complex as suggesting investments the individual would be interested in making.

With this kind of personalisation, you will be pleasing the client. You will also be building up long-lasting relationships that will ensure the person relies on your services and your financial institution.

 

Digital Engagement

Digitisation is the rage in the financial industry. Technology comes in to provide gaps in the industry. This is why banks are cutting down on spending in physical branches and instead investing in self-service digital options.

The customer base depends on mobile and online banking. Smartphones are making it easier than ever to offer targeted services to individuals.

Customer service has also taken a leap into the digital world. Clients expect to be able to chat with someone online or resolve issues via apps. In 2020, the need for contactless transactions and digital options increased and that is only going to continue.

 

Artificial Intelligence

Data protection laws have increased with the trend of financial services heading toward digitalised options. Regulatory compliance is a concern that financial industries were not sure how to tackle.

AI is the solution. Artificial intelligence for anti-fraud services, as well as data analysis and reporting increase security. AI completing repetitive tasks can increase operational efficiency, as well. Even robo-advisors have become more popular in banking and financial services.

Not only does AI offer a great customer experience, but it also frees up the institution’s workforce to deal with more complex activities that AI cannot perform. Robotic process automation is the future.

 

Collaborating with Fintechs

Banks are beginning to collaborate with FinTechs to improve and grow their digital experience. FinTech companies were seen as the competition at first. Since they could offer the services that the slower-evolving banks could not, they are now part of the evolution of the banking and financial services world.

FinTech companies provide loan servicing, marketing, administration, and other services. This lets the bank offer banking services and products that work with the latest technologies. FinTechs provide the chance of constant innovation.

 

Bank Loyalty

A challenge that banks face is ensuring they can offer whole bank loyalty even for clients who only have credit cards with them. The client-bank relationship has to extend beyond credit cards. The bank has to provide all  the essential services that a customer needs.

You want to be able to offer excellent services throughout the entire relationship between a customer and you.

 

Biometrics for Financial Services

This is an excellent option that providers digital transformation and operation efficiencies. With biometric access controls like fingerprints and facial recognition, it can be simple for customers to make payments and perform other services solely through mobile options.

 

Cross-Platform Services

Financial transactions many times cross over to retail, utilities, and even healthcare services. It can be frustrating and slow for clients to have to switch back and forth between apps and other websites. Providing cross-platform services is essential to solve this.

You can do this with embedded payment services. Turn to mobile pay or hybrid wallets to allow your clients easy transactions without having to switch back and forth between sites or apps. The financial services industry will greatly benefit from cross-platform services.

 

Chatbots

Chatbots can save, on average, 4 minutes on every interaction. This makes them a huge asset to any financial services provider.

Chatbots provide the 24/7 interaction that clients expect. Financial markets can also benefit from the quick resolutions to problems that they offer. They maximize the customer experience and can allow for customer feedback, as well.

 

Blockchain

Blockchain can help ensure the safety of customers’ payment transactions. It can also help investment banks with challenges they may face.

Blockchains also ensure data security.

 

Moving Trading Off the Trading Floor

2020 proved that trading does not have to happen on the trading floor. This has opened up opportunities and options. There is now a need to separate financial activities from physical locations.

Zero trust networks can allow for these transactions and are not tied to any location. They still remain secure.

 

Updating Data Systems

When 2020’s shutdown occurred, there were backlogs of loan document processing. It was taking too long to get the loans reviewed and approved.

The data system was too slow to respond to customer needs. It could not provide the real-time information needed. Stronger, faster, and secure technology systems for data are vital for financial institutions.

 

Improve Your Services

You want customers to be satisfied with your business. Financial services can always evolve and you want to be certain you are at the cutting edge of improvements.

Contact us today to revolutionise your business!

 

 

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Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...

Digital Transformation and Customer Experience: A Deep Dive

Digital Transformation and Customer Experience: A Deep Dive

Digital Transformation and Customer Experience: A Deep Dive 

Consumer habits have changed as a result of new, more accessible digital technologies. 

Businesses must now focus on providing more personalized services. These personalized services communicate with and serve their customers better. Businesses must determine how to digitize in a way that meets the demanding and ever-changing needs of the customer. 

Your company might undergo a digital transformation for a variety of reasons. For certain, the biggest factor is survival.  

Do you want to know more about digital transformation and what this means for customer and personal experiences? Read on to learn more. 

What Is Digital Transformation?

Because digital transformation looks different for every organization, there is no single definition. With so many publications and definitions of digital transformation available, it’s easy to see why the topic is confusing.  

Digital transformation is, in its most basic sense, the use of digital technologies to improve and optimize the customer experience. 

Businesses that try to understand their consumers in the digital age are transforming. This means investing in new technologies and business models that prioritize the customer experience. 

 

Because digital transformation looks different for every organization, there is no single definition. With so many publications and definitions of digital transformation available, it’s easy to see why the topic is confusing.  

Digital transformation is, in its most basic sense, the use of digital technologies to improve and optimize the customer experience. 

Businesses that try to understand their consumers in the digital age are transforming. This means investing in new technologies and business models that prioritize the customer experience. 

Why is Digital Transformation Important?

79% of corporate strategists claim to be digitizing their businesses to generate new income. To date, the transformation has been slow, with less than half of surveyed companies claiming to be fully digital. 

We live in a digital, global, and hyper-connected world marked by social and technological change. There is a constant emergence of: 

  • New-market players 
  • Off-site mobility 
  • Continuous connectivity 

These exert significant influence. Today, digital transformation is not an option. It is necessary to leave one’s comfort zone, reinvent oneself, and compete in a world dominated by technological advances. 

Studies have shown that companies that have embraced digital transformation are 26% more profitable than their competitors! 

Companies that digitally transform create engaged customers, who are: 

  • Six times more likely to try a new brand goods or service 
  • Four times more likely to recommend your brand to friends and family 
  • More inclined to buy from the favourite brand even if the competition offers superior goods or pricing 
  • Highly engaged customers also buy more frequently, spend more per purchase, and have a 3x yearly value (compared to the average customer) 

One thing is certain – the customer is in the driver’s seat. In order to provide a better customer experience, you must first understand who this new digital customer is. 

Getting Started With Digital Transformation 

Before you start improving the customer journey, there are a few things you need to reflect on. A digital-first approach requires you to rethink how your business interacts with customers and users. 

The 3 focus areas should be: 

  • Sales 
  • Marketing 
  • Service 

You should be able to contact your customers instead of waiting for them to call you. Your clients’ demand (expect) highly focused communications, which can only be delivered through a data-driven approach.  

You no longer have to wait for a phone call or fax. Digital-first isn’t about the reaction. It’s about being proactive in helping your clients, who use a variety of channels. Customer service today includes social media, review sites, forums, and communities. 

Define Your Transformation Strategy 

Changing technologies and breakthroughs have accelerated business world change. Every year, new technologies even disrupt the most established businesses. 

Companies need a long-term strategy to adapt, compete, and thrive in this new digital landscape. You need a strategy that addresses both technology adoption and digital disruption. Understanding your basic systems and processes is crucial to identifying opportunities before embracing digital transformation. 

Rethink the Customer Journey 

With customers gaining control over how businesses deliver experiences, it’s time to create new ones that meet their needs. According to a poll, customer experiences are the top priority for 40% of respondents. 

Because every interaction with a customer influences their overall perception of a brand, focusing on connections with customers is key. 

Make the User’s Feel Personal Experiences 

Consumers today expect businesses to know their specific preferences and buying history. According to Accenture, 75% of customers choose companies that: 

  • Address them using their name 
  • Know their purchasing history 
  • Can recommend products based on past purchases 

The good news is that customers are comfortable for businesses to use their data to improve their experience. 

But you need to invest in CRM. Whatever industry you may be in, there is no better time to take advantage of this opportunity. 

Without CRM, you can’t treat customers like people. It’s impossible to deliver a unique experience without storing their interactions with your firm. 

A CRM system allows you to evaluate and examine client data based on accessible customer data. For example, general queries, product quotations, and support inquiries might help you understand their needs. Because users’ experiences are more tailored, this data can be leveraged to develop highly targeted messaging. 

The Experience Must Be The Same Regardless of the Channel 

Customers can now get what they want when they want, and how they want it thanks to advances in technology. 

More than half of all consumers now expect a response from customer service within one hour. They also expect the same response times on weekends as they do during the week. Because of this need for instant gratification, organizations must be available and on-demand 24 hours a day, seven days a week. 

Everything is now happening in real-time, so businesses that can provide their customers with immediacy, personalization, and accessibility.  

It’s also important to remember that consumers today aren’t tied to a single channel. They purchase in-store, online, provide feedback via mobile apps, and ask inquiries on social media.  

Technology and Systems Have to Be Flexible and Agile 

Agile innovation methods have completely transformed information technology. Over the last 25 to 30 years, they have significantly increased software development success rates, as well as improved quality and speed to market, and the motivation and productivity of IT teams. 

Traditional organisations were designed for “stability in a well-known environment.” “Technologically Agile” organisations, on the other hand, are constantly evolving and have the flexibility to adapt quickly to a changing environment. This adaptability is especially important in a world where digital technologies are altering the fundamentals of how businesses interact with their customers. 

Don’t Wait – Start Your Digital Transformation Journey 

The modern consumer expects instant gratification – I want service and I want it now!  

These new digital technologies have shifted customer expectations, resulting in a new breed of modern buyers. Consumers today are always connected, app-native, and aware of what technology can do for them. 

Customers frequently rate organizations based on their digital customer experience first. They say good news travels fast and bad news travels even faster and so does the personal experiences of your customers. People talk to each other all the time, continuously sharing experiences and opinions – customer service is not immune to this!  

To make use of the correct approach and leverage new digital technologies,  Find out how right here. 

 

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Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...

How Microsoft Cloud Optimises the Customer and Employee Experience

How Microsoft Cloud Optimises the Customer and Employee Experience

How Microsoft Cloud Optimises the Customer and Employee Experience

The concept of a digitally centralized cloud started in the 1960s. However, usability and access to cloud services have grown drastically in recent years.

The Microsoft cloud allows us to store data online, rather than on our hard drives. Whether it be for professional or personal use, we can access data from across the world in a matter of seconds. 

Microsoft Cloud services can help financial businesses by providing data centralization and security. These Cloud services also positively impact the customer and employee experience. Keep reading to learn how Microsoft Cloud optimizes the customer and employee experience. 

What Is Microsoft Cloud?

Microsoft Cloud services run on the internet, rather than a computer’s hard drive. Integrating products and services onto a digital cloud platform helps any financial business. The cloud streamlines the transfer of technology and gives users easy access. 

Microsoft Azure is Microsoft’s cloud platform. This cloud computing service offers over 200 products and cloud services. These services range from computing to storage tools.

5 Keys to Cloud Migration in the Financial Services Industry

As technology has continued to evolve, the financial services industry must keep up. Shareholders, employees, and customers’ needs are changing and cloud migration services help these institutions ensure that they can meet growing expectations and streamline financial services operations. 

 

 

1. Differentiated Experiences

Cloud technologies ensure that financial institutions can customize their workspace. Differentiated customer experiences enable a user-friendly experience for all customers. 

Workflow Automation

Introducing workflow automation is a methodology of task management. Workflow automation in the cloud should increase a financial institution’s productivity. Financial services institutions can adapt customizable workflows to a bank’s exact needs. 

Scalability 

The cloud allows businesses to be scaled quickly. You can adjust the size of your operation in minutes. The cloud allows businesses to have low-cost sustainable growth.

It is as simple as acquiring a larger “office space” in the digital sphere. A quick storage update can help get you online even with a major business expansion. 

 

2. Optimized Customer and Employee Experience

Digital transformation is happening in real-time. The cloud is a constantly evolving technology that works to develop solutions.

When you empower employees and customers you are able to boost satisfaction rates. This can translate to profitability and efficiency.

Centralized User Profiles

Unified customer profiles allow administrators to deliver top-notch service effortlessly. Microsoft Cloud services allow administrators to sort and manage user profiles. This grouping system can offer more control to account managers.

Streamlined Customer Onboarding

During customer onboarding, a profile can be developed for new users. Their profile keeps track of relevant reports and forms.

Scheduling and storing reports can help you build a robust customer profile that allows you to build this without strenuous effort on the customer’s side. 

 

3. Achieve Regulatory Compliance

Technology has been integrated into retail banking and financial services. Achieving regulatory compliance helps you to keep your business’ resources and reputation intact. Customers do not want to trust financial institutions that neglect regulations. 

Enforce Regulatory Requirements 

In order to meet standards, institutions must constantly update their services. Institutions are bogged down by lawsuits if they fail to meet regulatory requirements. 

Regulatory requirements are rules imposed by the government. Regulations often mitigate the liberties of financial institutions.

These rules limit advancements by making institutions jump through hoops to expand. Institutions must reach regulatory compliance while updating their systems. 

 

4. Increase Security and Compliances 

Cloud services can be viewed as an investment in risk management. Microsoft Cloud can help keep your finances protected. These services keep you secure by boosting security and launching investigation features.

Combat Criminal Behavior 

When you start implementing risk management protocols you will undergo an audit. This audit helps to assess the weak points of your current security measures. Once these risks are assessed you can strengthen your defense systems. 

The Cloud is able to combat criminal activity. It can be proactively building firewalls and implementing high-level security measures. Microsoft Cloud services can also aid in a breach by identifying financial crimes. 

 

5. Centralized Access to Financial Records

Banking is made simple by cloud-based finances. These solutions allow employees and customers to remotely have access to financial information. These services make record access convenient.

Easy Access to Financial Summaries

Managing your personal finances used to be a very challenging feat. By stocking up on all of your receipts you were able to track your expenses. This process has gone entirely digital. 

When using the cloud for financial services, customers have access to financial summaries. This allows them to quickly review their expenses.

Regular review of financial accounts can help you critically analyze your spending. This accessibility is valued by customers.

As an employee, fast-tracking customer requests can ensure a positive interaction. The cloud ensures that employees can quickly pull relevant records. This rapid response to pull data can streamline the customer service process.

Integrate Microsoft Cloud Services Today

Crafting a unique user experience for all customers is important for financial institutions. Customers need assurance that their financial records are secure and well managed.

Focusing on the customer experience allows owners to adapt to their shareholder’s needs. When owners prioritize the user experience they can develop positive reforms.  

Microsoft Cloud for financial services helps to make financial management easier. Partner with us to implement software that improves your employee and customer experience.

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Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)

Digital Transformation & Customer Experience (CX)Background In today’s customer-led business world, most businesses are not facing digital disruption – they’ve already been disrupted by Industry 4.0. In fact, digital tech and customer centricity is not a...