Digital Customer Experience is just the tip of the iceberg in digital transformation - what lies beneath is the business in millions

One of the focus areas of digital transformation across any business is to achieve superior customer experience. Customer experience, as we all know, is primarily driven and supported by business functions through data based actions.

Many of us often believe that simultaneous orchestration of all business functions is necessary to strike the right chords of delivering superior customer experience. While seamless superior customer experience still remains to be the golden jewel that every business strives to achieve, it is only the tip of the iceberg. The business functions that drive and support an organization to achieve this superior customer experience stand strong underneath the iceberg.

It is extremely difficult and practically impossible to synchronize all the business functions together to achieve this transformation. However, what is ideal is to break the pieces of puzzle into a hierarchical order of influence over achieving the optimal performance in their respective functions. For e.g. in a retail banking customer journey, identifying the services that the customer has already opted for and accordingly cross/up-selling is the need of the hour.

Digital Customer Experience is just the tip of the iceberg in digital transformation - what lies beneath is the business in millions

So where should an organization start to achieve this transformation? The customer context!

Developing the customer context stands as a precursor to formulate any customer journey. In developing this customer context, sources of data such as products/services data, customers, support, click stream etc. should be intertwined together. In order to reach the right customer context it is also empirical to incorporate the accumulation of data from the inception of customer's journey with the organization.

In the case of a retail bank, onboarding processes positions as the first interface between the customer and the bank. The era of the involvement of underwriters during the accumulation of documents from customers is long gone. Banks are now digitizing the processes by scanning documents such as PDFs, images, text - both structured and unstructured. The accurate digitization of this onboarding process supports the organization to realize huge savings in the OPEX.

It’s evident that the future of banking is entirely about digitally enabled customer experiences. This enablement requires investing in every business functions and processes so that they are empowered to be in line with the overall strategy and technology of the organization that facilitates transformation.

Enabling digital boarding processes is also the primary step of the digital transformation amongst banks. The ability to extract information from any and every form of legalized KYC document resolves the down time of processing applications coming in to a retail bank.

About the Author

Ravi Palaparthy is a Digital Media Consultant for Wipro Limited, where he is responsible for strategy, execution and delivery of the Digital solutions across Retail, Banking and Manufacturing industries. His critical understanding of the latest trends in Digital spectrum and acumen about the industry details has empowered him in charting innovative solutions in the Big Data arena

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Digital customer experience is just the tip of the iceberg in digital transformation - what lies beneath is the business in millions

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