Banking, Financial Services & Insurance or BFSI, as it is more commonly known, encompasses commercial banks, cooperatives, insurance companies, non-banking companies, mutual funds, and more. The BFSI industry uses multiple applications to provide these services.
Introducing a new application or technology will certainly prove ineffective if your employees do not use it to the fullest potential. And this is where understanding the importance of Digital Adoption can be a game-changer.
What is Digital Adoption?
Digital Adoption is a state where employees or users are skilled enough to use an enterprise application, tools, or software to its fullest capacity.
Digital Adoption can be achieved successfully with the help of the right Digital Adoption Platform. Leverage a DAP to ensure your application effectiveness, to improve employee productivity, effectively implement new change, to enhance employee satisfaction, and more.
If you are looking to understand how a DAP can benefit your organization and the features to look for in a DAP, head over to our post: Top 5 features to look for while choosing a digital adoption platform.
The basic idea of investing in a tool that can improve your digital adoption is that you can help your employees use the software solution you have invested in, so as to improve productivity, accuracy of work thanks to automation but most importantly improve the return on your investment.
After all, a tool is only as efficient as its usage. To help you better understand why a DAP is one of the fundamental tools to invest in, here are 3 compelling reasons.
The Top 3 Reasons Why Investing in Digital Adoption is a must for BFSI :
- Digital Transformation is the need of the hour
- Customers experience can make or break businesses
- Maximizing Return on Investment
1. Digital Transformation is the need of the hour
Digital Transformation helps you to take your business to the next level. The COVID-19 pandemic has, by design or default, made many businesses take Digital Transformation initiatives. The pandemic has taught us that being future-ready pays off and with technology changing so rapidly, going digital is the only way to stay relevant in today’s world.
A good DAP helps you with not only laying the foundations of a solid Digital Transformation plan. It also ensures business continuity, no matter what. For the BFSI industry to keep up with the ever-evolving world of technology, investing in a DAP is the first step to success.
Your employees may not know how to navigate through every software you invest in. And a DAP helps them with just that. The sooner they start using and adopting solutions, the faster they can be productive and the better the returns.
If you want to know the benefits of Digital Transformation, how to build an effective Digital Transformation strategy, and how to track your Digital business Transformation, head over to our post: How technology is changing business
Now, what stops you from Transformation?
Research by Mckinsey says that approximately 70% of Digital Transformations will fail. There are many factors that hinder your Digital change initiatives. Out of which the top 5 most common Digital Transformation challenges are:
- Employee resistance to change
- Organizational Structure
- Product Adoption
- Poor Analytics
- Lack of Expertise in Digital Initiatives
Your time, effort, and money should never go in vain. Digital Transformation challenges must be addressed proactively to sustain your business in the long run and to increase profits.
How to ensure successful Digital Transformation?
Seamless Digital Adoption helps in successful Digital Transformation. A Digital Adoption Platform plays a vital role in ensuring your Digital Adoption.
It accelerates adoption, decreases training & supporting costs, helps with seamless change management, and improves employee training & onboarding, and lots more. Make your Digital Transformation successful with a Digital Adoption Platform like Apty.
2. Experience can make or break businesses
Providing both good Customer Experience (CX) and Employee Experience (EX) is highly important for company growth and helps them to differentiate themselves from competitors.
Customer experience is one of the two core pillars of customer retention; the thing is, you can’t grow if your customers don’t stick around.
– Jes Kirkwood
Happy employees make happy customers. As in, Customer experience is connected to the employee experience you provide. You must keep your employees happy and satisfied before you set out to deliver the best customer service.
Now, what stops you from providing better CX & EX?
Many things might affect CX & EX, some of the important factors are:
- Improper Onboarding and training
- Not well-structured carrier growth plan
- Inappropriate Communication flow
- Difficult Information access
- Lack of Engagement
Make sure you provide a delightful Employee Experience, which indirectly helps in you providing a Better Customer Experience.
How to ensure effective Employee Engagement?
Employee Engagement can be increased by making your employees comfortable with the tools they use and the processes you have in place.
Apty DAP’s On-screen guidance makes your employees realize ‘aha moment’ by showing them what to do and how to complete their tasks effectively. Employees can learn without any manual assistance and within the product itself which eventually increases Employee Engagement.
3. Maximizing Return on Investment
Return on Investment (ROI) is the key performance indicator for companies to measure their expenditure profitability. Measure your ROI and focus on the areas where you have a slow return rate for better profits.
Now, what stops you from getting faster returns?
There are many factors that affect your ROI. Also, you must calculate ROI for each investment that you make. Based on the items, there will be barriers that slow down your ROI.
To ensure financial success, focus on your Employees and Product ROI. The top 5 things that affect the ROI of those two are:
- Lack of evaluation metrics
- Poor Onboarding process
- Inappropriate training methods
- Improper Product Adoption
- Lack of Employee Engagement
How to ensure faster returns?
Digital adoption ensures a faster Return on Investment. With a Digital Adoption Platform, you can get Improved Employee Experience, Smooth Product Adoption, Process automation, better Employee Engagement, faster returns, and lower employee churn rates.
Head over to our post: Do You Know Your Digital ROI - The Value of Your Digital Investments?, in which we have examined your Digital Transformation ROI, starting with what metrics you must track to measure your Digital ROI and ending with tips for improving ROI.
Make your employees power users of your application and take your business to next level by Digital Adoption. Apty is one versatile Digital Adoption Platform that helps you to realize all your Digital Adoption goals.