Challenges of the Banking Industry Today


Challenges of the Banking Industry Today

Interview with Julian Colombo

In an interview with a Google Cloud representative, Julian Colombo had the opportunity to talk about the current challenges in the financial industry, the technological change of the last few years, and the benefits of the N5 platform.

Challenges of banks with digitization

The Google Cloud representative begins the interview by asking Julian about the state of banking communication, especially due to the fact that the Covid-19 pandemic has accelerated digital communication. Have you imposed these challenges when it comes to providing personalized attention to customers?

To this, Julian replies that the digitization of banking is linearly incremental. “Every year that passes we are more digitized,” he says. “However, today we see a certain regression. Today there are digital banks that are assigning the highest value customers, a human.”

The existence of humans in the banking and insurance industry cannot be ruled out, only functions change. Chatbots are not enough to provide good service. Banks need to digitize their humans to provide a better service.

Banks currently have 4 main objectives:

  1. Orchestrate all channels: Omni-channel implies putting the availability of customers Call center, mobile and physical presence must be in tune.

Industrialized decision making: Using new technological tools to execute lots of processes that were previously done by humans.
Coherence of the model: There needs to be symmetry in the digital development of the bank, and that all its areas are coordinated.
Efficiency: The most complex solution is not always the correct one. It is necessary to choose those methods that are efficient in dealing with problems.

What are the main benefits of implementing CRM in the financial industry?

When Julian is asked about the benefits that the implementation of CRMs brings to the banking industry, he replies that in recent times the use of these tools has been widespread. “30 years ago, few sectors used CRM. Today, the same CRM used by a bank is used by a shopping center”.

However, this also creates a problem, since the CRM that banks have generally been using was not in a position to meet their more specific needs.

N5 points to exactly the opposite. “We’re looking to do a niche offering, and therefore the benefits are much deeper,” says Julian. Certainly, it is a platform that was created exclusively for the banking and insurance industry.

The main categories included in the platform are:

  • Digital Onboarding: The process by which a prospect becomes a customer of a bank or insurance company.
  • 360° vision: Product information, alerts, customer history, claims, etc. All the most important information in one place.
  • Portfolio Management: Overview of customer clusters.
  • Real Time: Decision engines that allow decisions to be made in real time.
  • Statistical Tools: Artificial intelligence, machine learning, and more advances that allow multiple actions to be executed at high speed.
  • Incentives and Objectives: Coordination of employees through multiple processes.

These and other points are benefits that are made to help this particular type of company to increase productivity, reduce costs, and increase customer satisfaction.

What is the use that companies give to N5 software?

As Julian comments when asked the question, the N5 platform has loads of features. Each company takes a different factor for its own company.

An example is the possibility of executing highly complex campaigns simply through a drag-and-drop interface. If someone with a strategic role would like to encourage the use of credit cards, they can simply drag an option in the software and it will automatically make the necessary adjustments to make it so.

A few years ago, doing something like this would have been simply unthinkable. However, thanks to the platform of N5 and Google, this is a reality today.

How has the CRM implementation process been?

10 years ago, everything that involved a change of CRM or systems in a company was a pharaonic process. It required lots of resources, years of time, and tons of frustration.

That has changed dramatically in recent years. In fact, the N5 platform is much easier and faster to implement.

“There are clients with whom we take longer to sign the contract than to implement the platform,” says Julian. In addition to this, thanks to Google you can also count on high levels of scalability, security and automation.

No doubt, thanks to Google’s innovative technology, today N5 can easily implement a great platform and provide better service to banks and insurance companies.

How to accelerate business transformation

When Julian is asked what he would recommend to banks, insurance companies, and Fintech to accelerate their transformation, he comments: “I would recommend that they give themselves the opportunity to learn about this partnership between N5 and Google”.

Many times when talking to bank representatives, they think that the technology may be too advanced or too expensive for them. However, nothing is further from reality.

N5 currently works with both multinational companies and insurance companies with 50 employees. Julian ends by commenting, “Look what can be done in just weeks on a totally reasonable budget.”

Key Takeaways from the interview

In this interview we have had the opportunity to see both what are the biggest challenges in the banking industry today and how the N5 platform can help companies achieve their goals. This is the main thing to keep in mind:

  • Digitization brought with it new challenges for banks. Among them, how to provide a better service to its customers while remaining profitable in the long term.
  • Implementing a high-tech CRM like N5’s brings many benefits to businesses, including cost reduction, increased productivity, and improved customer satisfaction.
  • One of the strengths of the N5 platform is its ability to easily adapt to changes and challenges.
  • Thanks to Google technology, today implementing such a platform is easier and faster than ever in history.
  • N5 helps all types of companies, from large multinationals to small insurance companies. Everyone can find an offer tailored to their needs.

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