The Valley and Cecabank run a joint Digital Transformation Programme in the Financial Sector
24 July 2018
The banking sector's digitisation has not only transformed the activity of financial corporations. The arrival of fintechs, companies that offer financial services based on technological processes, has given rise to a new user whose presence is increasingly relevant in the sector. According to some studies, three out of every ten Spanish citizens access technological services to perform financial operations, i.e. twice as many as in 2015.
Requirements of new customers analysed
Banking corporations must integrate into their activity digital processes that increase their competitiveness in the market and that adapt their services to this new customer. In this respect, The Valley, a knowledge hub specialised in new digital trends, has analysed the requirements of new customers:
- They demand a 24/7 customer service: the banking sector's digitisation enables customers to carry out financial transactions without any time or day restrictions; therefore, the customer service must also be provided uninterruptedly. This way, users can count on receiving support if an issue arises when carrying out a transaction, which contributes to increasing their confidence in the institution.
- They access remote services without sacrificing on-site service: the new customer's habits must be understood as an extension of those shown up to this date, not as a replacement. Therefore, the physical branches are still an essential space for customer service, even if the transactions are increasingly carried out online.
- They use all the digital channels: the access to banking services via mobile devices, such as a smartphone, tablet or laptop, expedites transactions, as the customer does not have to travel to carry them out. In this sense, having an omnichannel presence is an essential aspect when attracting new users who want to make the most of the new digital tools.
- They seek segmented and quality information: the new digital environment is noted for the lack of boundaries, which favours users travelling through information highways where they receive mass and depersonalised messages. In this context, customers expect to receive from the financial institution segmented and quality information adjusted to their preferences, which fosters customer loyalty. In addition, this segmentation allows expanding the scope to other potential customers whose preferences are suited to the financial services offered.
- They interact with the institution via the website: social networks have become an essential space in which users expect quality customer service, and the institution has the opportunity of improving its reputation online. For example, answering a tweet or a comment on Facebook regarding a complaint can improve the affected customer's perception of the institution and offer a good image in the eyes of the rest of users who, although are not customers yet, could be interested in becoming so.
The Valley, in concert with Cecabank, organises a Digital Transformation Programme in the Financial Sector
The programme is aimed at executives, managers and middle-management to help them understand and approach the key aspects of digitisation in the financial sector. These aspects can improve their competitiveness in the new technological environment and approach the impact of digitisation in all the institution's areas. To do this, The Valley is collaborating with Cecabank, the banking institute that provides financial and technological support services to financial corporations.
By means of a learning by doing methodology, the students will learn by developing and executing practical cases. This method guarantees the participation of the attendees, stimulates their motivation and provides a long-term benefit.
During this training process, they will study how the future of banking will be by analysing several disciplines: agile banking, new revenue models (API Economy, Data, Bank as a Service), banking cybersecurity, the use of chatbots in financial services, artificial intelligence and big data, blockchain, cryptocurrencies and transfer of currencies.
For more information about the Programme: