Digitalisation of Financial Services

The global pandemic has intensified an existing challenge for financial services businesses to interact with their customers remotely, especially for critical customer journey interactions.

We’ve come together with Vizolution to offer a new digital transformation service. The new offering will help financial services companies digitalise and streamline complex service offerings that still often require in person face-to-face interactions.

The challenge: limited remote services

While the number of UK bank branches has almost halved from 2010–2020, the adoption of remote channels by customers is steadily increasing.

• 1 in 5 customers new to online banking used it for the first time during the pandemic
• 400% sharp increase in calls to contact centres
• 35% increase in customers usage of online banking.

But many remote services are still too limited with what banks and other financial services businesses offer to be effective and efficient for customers.

The opportunity: digitalisation

The new Grant Thornton and Vizolution joint offering will enable financial service businesses, such as insurance companies and banks, to digitalise their sales, customer service and support capabilities.

Enhancing a company’s digital customer channels will also enable firms to replicate online the more complex services that are currently only offered face-face. This includes mortgage or loan applications, and wealth management, while providing an efficient customer friendly and seamless online experience.

We can replicate the face-to-face experience remotely by digitalising the human experience and humanising the digital experience. You would be able to streamline complex customer journeys all while meeting compliance requirements.

Grant Thornton and Vizolution collaboration

The collaboration will combine Grant Thornton’s advisory and implementation expertise in financial services, digital transformation, data and analytics, automation, and regtech, with Vizolution’s leading technology and experience in simplifying complex customer journeys.

What our experts say

“The global pandemic has intensified the existing challenge for many financial services businesses of their reliance on face-to-face interactions for many more complex services. While take up of online offerings is increasing, the level of sophistication in the sales, service and support capabilities to assist customers on a provider’s digital channels can differ significantly.

“To support our financial services clients and their end customers, we are committed to making the remote experience as good, and as seamless, as if it were face-to-face. Our new, unique proposition with Vizolution will remove this hurdle and allow companies to make more efficient and humanise their customers’ digital experience. It will also help financial services companies improve their net promoter scores and reduce complaints through greater engagement and simplifying customer journeys.”

Nikhil Asthana, Head of Data, RegTech & Digital Assurance Practice, Grant Thornton UK LLP

_Footnotes

_{ONS, 2019. Banks and building societies by region 2010 to 2018}

_{ONS, 2019. Banks and building societies by region}

_{ONS, 2018. Internet banking, by age group, 2015 to 2018}

_{ONS, 2019. Internet banking, by age group, Great Britain, 2019.}