Welcome to the second blog in our series: Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. Throughout our series, we are featuring exclusive interviews with industry experts to help create a snapshot of where banks are on the digital continuum, where they’re going and the steps they’re taking to get there.
Welcome to Kofax Conversations – Thought Leaders Talk “What’s Next” in Digital Banking. This is the first blog in an exciting series showcasing video discussions with thought leaders in the financial services industry.
Pundits, experts and analysts have been talking about the “Age of the Customer” for several years now, but businesses are slow to catch on. It’s not that we don’t want to create seamless experiences for our customers. The challenge is behind the scenes: A combination of legacy processes and systems that don’t talk to each other or share information, creating a frustrating ordeal for customers.
If 2017 was the year of digital disruption, then 2018 is poised to be the year of digital dominance. Many of the technological “nice-to-haves” are becoming “must-haves,” as customers now have a clearer vision of the experience they expect – and are empowered to demand it.
In the first quarter of 2017, the cost to originate a mortgage hit a new peak at $8,887 per loan, up from $7,562 in fourth quarter 2016 and just $5,985 in 2008. These rising numbers are no doubt disturbing to financial institutions, but even more disturbing are the hidden costs of a slow and expensive manual mortgage process.
As customer expectations move past transactional experiences, towards more personalized engagement like Google and Amazon, your organization will need to make engagement in the age of the customer a key imperative.