Few industries have experienced such a disruptive whiplash as the financial services industry. With the dizzying encroachment of agile, innovative, and fearless fintechs coming to the fore, traditional banking institutions have had to completely rethink their business, revenue models, and customer engagement initiatives.
FinTechs take charge
Fintechs have been experiencing such game-changing success due to several factors. Among these, is their ability to tap into the ethos of the ‘Netflix generation.’ This is a generation which is not defined by age. Rather, this is the generation that has become accustomed to superior digital experiences.
They expect to be served on-demand, wherever they are, for whatever they want, with intuitive and personalized attention.
And, as nimble digital natives, fintechs deliver.
That’s why it’s no surprise that these organizations are expected to profoundly expand their reach this year and handle:
- 73% of bank deposits
- 25% of payments
- 23% of wealth management
In fact, according Goldman Sachs, fintech’s worth is estimated to be $4.7 trillion! And these numbers are only going to continue rising..
Must#1: Customer experience is everything
The great adoption of and attraction to receiving financial products and services from fintechs vs. traditional banks is the fact that fintechs have the ability to cater to the extraordinary digital expectations of their digital customers.
However, if something with their systems goes wrong, if something goes down or gets stuck – the Netflix generation, with little patience for error and time wasting, might, at a tap of an icon, take its business elsewhere.
As such, when an incident is triggered, then it is supremely incumbent upon the incident management leadership and teams to make sure that the incident is resolved as fast as possible.
Consider this situation – a consumer is submitting an online loan application which is interrupted mid-transaction, how can the consumer be sure that it went through and that they don’t need to resubmit?
A lack of clarity and confidence that results from an improperly handled incident, may even result in churn.
Immediate action is at the heart of maintaining a superlative customer experience
Must #2: If it happens, report it – clearly and immediately
One of the incident managers’ prime directives is to communicate clearly, concisely, and with transparency. This is critical for both internal stakeholders as well as for customers and partners, ensuring that the credibility of the organization is not undermined.
When something goes wrong, the best (and only way, really) to broach the situation is with transparency and accountability.
Clear and immediate reporting can be a challenge. Often, there is no single repository for aggregating incident management statuses. Nor is there a streamlined and accelerated means for sending out updates to the right people with information that is relevant to their stake in the process.
Accordingly, must #2 for incident leadership and teams is to make sure processes and tools are in place to enable clear and immediate reporting.
Must #3: Keep it simple (automate and orchestrate it)
Major incidents are complex and tricky. They often involve multiple systems, multiple stakeholders – both within and outside the organizations, numerous updates to be communicated, many different communication channels that are available, a slew of time zones, varying responsibilities and interests, and a lot of anxiety along the way.
With such complicated workflows and so many moving parts, being able to streamline the complexity will ensure that incident resolution is accelerated, while real-time collaboration provides for clarity and accountability.
The key to achieving this is automation and orchestration. When workflows and incident process orchestration can be automated, as well as onboarding, alignment, and updating of incident stakeholders (both proactive responders as well as ‘observers’), then the whole team can focus on the business of ‘fixing things,’ rather than administration and people coordination.
How Exigence can help
The Exigence platform was designed to empower incident management professionals with tools for the ‘3 must-do’s’ with automated incident management and orchestration.
It provides incident responders with complete command and control of critical incidents, whether for technology operations, security, or drills and business continuity tests. It automatically coordinates all stakeholders and systems, manages complex processes from trigger to resolution, and simplifies reporting, documentation, and the post-mortem.
This way customer experience is protected and promoted, reporting is clear and immediate, and the whole business of incident resolution is much simpler for execution.
To learn more about how Exigence can help you do the 3 must-do’s for every fintech incident management professional, we invite you to reach out to us at firstname.lastname@example.org.