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FI's Digital Transformation More Real Than Ever

I don’t usually talk in absolutes, but there are two things that are absolutely clear about the effects of the Covid-19 pandemic. First, there will be more demand for online financial services, from a broader spectrum of consumers (by a large margin) than earlier projected growth rates led us to believe. Second, this mass migration to online services is uncovering several weaknesses in the FI space which will require the industry to step back and consider new ways to meet the demand of their customers.

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The Changing Face of Risk

As we continue to navigate the uncharted waters of the COVID-19 pandemic, risk is taking on a whole new face for financial institutions. What may have been seen as an average credit application a few weeks ago, now could be considered high-risk, or worse...fraud. And, I don’t expect things to change back very quickly.

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Lenders Tap The Brakes

There is no question, the current economic conditions are uncharted waters for most businesses today, including online lenders. It is ironic that as thousands of households are tightening their belts and looking to unsecured loans as a way to bridge the financial gap, that online lenders are being much more selective in whom they extend credit.

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Coronavirus Forces Consumer Traffic Online. Are You Ready?

COVID-19 has accelerated the pace of digital transformation globally, forever changing the landscape of CX, digital risk, and fraud for financial, payments and insurance institutions. The ability to engage with prospects and clients in a digital environment has gone from a nice-to-have feature to a business-critical foundation overnight. 

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What Does Coronavirus Mean for Online Lending

The coronavirus outbreak currently affecting the world population has concentrated our worries quite rightly on our families and friends. Their health and well-being are paramount. The pandemic not only has an immediate effect on us as individuals and our loved ones but has wider implications for the online lending industry and associated businesses.

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Why Do We Rely So Heavily on the NPS to measure CX?

I was looking over the “State of Digital Customer Experience Report – 2020,” published by CMSWire.com and Simpler Media Group, and many of my suspicions and observations were confirmed when it comes to the current efforts to improve CX using today’s most popular technologies. They fall short, typically making decisions based on treating symptoms and not the root cause of CX issues – friction in the digital customer journey.

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Now Serving #29G6S08X

Are your customers feeling more like a number than a customer?

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Do Your CX Tools Show You What You Really Need To Know?

If you can’t see what your customer is experiencing in real time, how are you going to make their experience better?

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Putting Customers Back In The Customer Journey

Somewhere along the way during the digital transformation era, the customer fell out of the customer journey.  Just ask yourself, “Are our customers at the center of our digital transformation?” They should be.

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Enabling Digital Transformation has to Begin with the Customer

In the early years of digital transformation, organizations digitized their customer interactions by merely replicating face-to-face and paper-based processes for the online world. Today, that’s simply not enough to meet the demands of a savvier digital customer. 

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