Software is now the lifeblood of most companies, in nearly every industry—and banking and financial services are no exception. Whether it’s processing loan applications, assisting customers with opening accounts, or executing fund transfers and other critical transactions, financial services employees rely on an array of digital tools to get things done.
For these employees, doing their jobs effectively means having great experiences with the software they use at work. It also means using software in ways that regulatory bodies require and business leadership desires. Because bad software experiences can not only create a bad employee experience; they can be disastrous for the organization.
When disappointing software leads to disappearing money
A recent financial mishap illustrates the perils of clunky financial software. Because of a confusing internal-facing user interface, CitiGroup erroneously paid out over $900 million to creditors. After painful efforts to recoup the money, the company was left with $500 million of those funds permanently lost. A judge involved in the case called the error “one of the biggest blunders in banking history.” Half a billion dollars lost—all because one subcontractor neglected to check two extra boxes.
The consequences of bad software experiences and the non-compliance they can generate are rarely this severe or extreme. But cluttered, unintuitive user interfaces (UIs) and cumbersome digital processes still pose a threat to the health and efficiency of financial services organizations—whether it takes the form of lower employee satisfaction (and higher churn), lost revenue, or misallocated resources. Fortunately, these organizations have the power to keep employees happy, drive better governance, and deliver better business results all at the same time: It starts with leveraging the power of a digital adoption solution.
Building better ways of working for financial services teams
Financial services work often involves executing complex processes across multiple software apps, some of which may be more difficult to navigate than others. A digital adoption solution like Pendo Adopt comes with powerful analytics that allow you to see the full flow of work, including points at which employees may be getting stuck or frustrated. Understanding how work happens today is the best way to build better processes for employees tomorrow.
By harnessing these insights, operations teams in financial services organizations can make work more intuitive and efficient for employees and the greater organization. They may discover wasteful spending on duplicative or otherwise unnecessary apps in the portfolio that should be retired. And they can deploy contextual, personalized in-app guidance across the business-critical apps employees use every day to help guide them to success—and boost process compliance and adoption while doing it.
Empowering employees to drive change
As they continue to drive change, financial services operations teams can also make sure employees have a voice in process improvements. Pendo Adopt allows for robust feedback collection and management to help operations leaders understand which interventions and elements of their process improvement strategy are working, and which could be better. By combining this qualitative feedback with quantitative insights from behavioral analytics, they can then make better data-driven decisions—and drive stronger governance and compliance in the process.
With markets in a slump and the economy in a downturn, banks and financial services need to double down on becoming more efficient. A large part of that means ensuring that employees are working in the right ways, and doing so with confidence. With the right digital adoption solution, it’s a goal that’s within reach.
Interested in learning more about how Pendo helps financial services organizations strengthen their business? Check out our webinar on driving digital adoption in banking or schedule a custom demo today.