COVID-19 and digital transformation in financial communications

COVID-19 and digital transformation in financial communications

April 28, 2020

Photo by Dimitri Karastelev on Unsplash

COVID-19 has shown which companies were or were not well-supported by technology. However, the new scenario can also accelerate digital transformation and positively impact the client's financial journey and business continuity plans.

There’s no question that digital transformation is a priority for companies. Resources such as automation, AI and Big Data have been opening the way for changes in a variety of industries, from more efficient processes to the reinvention of businesses. But it is also not a secret that the COVID-19 scenario showed who was or was not well-supported by technology.

A recent survey with 800 digital decision-makers revealed that 60% believe this current challenge will accelerate the pace of change. Another 25% also agree that data protection and security will become even more important from now on.

As previously discussed on our blog, :hiperstream’s approach to innovation is connected with our culture. Being digital goes beyond moving to work from home arrangements: it also concerns the relationship between company and external public, the customers.

When thinking about financial communications and invoice delivery, some social and economic impacts are already noticeable. How are companies responding to that? By ensuring business continuity and, most importantly, using this challenge to leverage digital strategies with focus on operational efficiency and customer relationship.

Digital transformation is about people

Our society has long become more digital, which impacts the way people shop and consume, and also how they want to interact with a brand. And times of crisis amplify this behavior.

Families who used to get together in weekly reunions are video chatting. Going outside to run essential errands, like grocery shopping, happens less often using apps and delivery services, and even the neighborhood’s traditional businesses are going online. The “new normal” disrupts everyday life even for those who were not familiar with or resistant to technology. So why not encouraging them to make the financial journey more digital and enjoyable as well?

:hiperstream has helped clients to migrate 25 million consumers from paper to digital channels with CCM (Customer Communication Management), our platform to support multichannel communication strategies. Who decided to take a chance on digital transformation years ago is operating normally now, making sure that not only financial communications are being delivered uninterruptedly, but that this happens in a relevant manner, even in a moment that is sensitive for many people.

Future ready – now and for what comes next

Leaders who invest in digitalization should now put their companies in a better position after COVID-19, suggests Clint Boulton, from CIO. One reason is that digital strategies contribute to business resilience in medium and long term, reducing threats and vulnerabilities. This applies both to the pandemic and to improve information security, save resources and maintain business continuity – and the relationship with end customers – in different challenging situations, such as pauses in delivery service and extreme weather conditions.

But technology is not the same without people. The new scenario is an opportunity to bridge the digital gap between companies and consumers, and those are willing to move digital transformation from discourse to practice will be in advantage.

:hiperstream keeps working to be a strategic partner for our clients, offering human-first technology and solutions that fit the needs of each business. Contact us.

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