Digital growth must also extend to the employee experience

The payments and financial services industry is one to watch when it comes to digital transformation. There is a strong push towards a data-driven, customer-centric digital model. Even the most conservative financial institutions are accelerating their digital transformation to keep pace with rising customer expectations and increased competition from payment applications and fintechs.

Yet, as important as the customer experience is – and will be in the years to come – major institutions are also starting to pay equal attention to changing employee preferences and demands.

Employee experience is essential when it comes to the customer experience and the overall success of a business. Organizations in many industries around the world have already made this connection, shifting their budgets to better support positive interactions throughout the employee lifecycle.

Engaged employees achieve better business results, including more engaged customers. And research shows that the bank’s customers who are engaged represent 37% higher turnover than customers who are not. Yet financial services rank second to last in how different industries engage customers.

Employee engagement is even more vital in an industry built on trust and relationships. When workers are invested in their roles, they genuinely care about building customer relationships and delivering superior service.

While research shows that only 21% of organizations include employee experience goals in their business unit strategies, 74% of those find it to be an effective strategy. In today’s landscape, it’s time for financial institutions to be proactive in ensuring workers have all the tools and resources they need to feel happy with their jobs and motivated to provide optimal customer service.

Investing in a smart digital workspace to replace obsolete and infrequently used intranets enables financial institutions to deliver the consumer experience that today’s employees expect, including easy and efficient collaboration, anywhere and. when people are working; quick and easy access to all the information they need to stay informed; and streamlined and unified workflows powered by artificial intelligence.

Upgrading technology also promotes employee well-being, engagement, and overall happiness, with capabilities that are particularly suited to this age of remote working.

One of the main challenges of remote working is the loss of “passive knowledge sharing”. Simply put, there are fewer opportunities for spontaneous and informal conversations.

In a smart digital workplace, there are dedicated spaces for team or institution-wide discussions that capture the mind of the watercooler cat. Employees can share ideas, spark debate, stay on top of personal news, and maintain the critical connections that create a strong culture and sense of belonging.

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