Sweet has been providing solutions to the finance and insurance sector for a long time. The Financial Services Industry is facing constant changes such as new or changed regulations which require extra resources. New players are challenging the existing market with innovative business models and new technologies. Digitalization and automation are the keys to manage the customer relationship effectively and be an attractive partner on the market. Most companies on the market realise the importance of digitalization and automation. In the financial sector – this importance is even higher.
Why did we introduce this solution?
We have introduced this solution because we noticed that many companies and organisations are still manually handling data. At the same time, customers have high expectations and want things to be done in a simple and flexible way. Digitalization and automation will make it easier for both customers and clients. This solution will save both time and money.
In what way is this solution useful for the financial sector?
Many of the regulations which rule the financial sector affect customer and are related to information that needs to be collected from the customer. The regulations take a lot of internal resources, however, the result of these regulations can be a potential asset. The collected customer information is an excellent tool to provide the customer with a high level of service and to increase the efficiency of the customer administration. However, a large part of the handling is still manual – both for the customer and internally at the bank. With our solution, the business itself can take control and carry out digitalization and automation to a greater extent without the help of IT.
Which solutions/products are linked together?
Our solution must work with other systems. Of course, there are good APIs to simplify integration. We are constantly working to develop ready-made integrations to different standard systems and information providers, eg. Microsoft Dynamics, Salesforce and SPAR. An interesting integration is the one we have developed together with Scrive. The whole process becomes digital – from information gathering, digital signing and automation of the process to updating connected business systems.
Are there any challenges with this customer offer?
Of course. With the solution which can achieve so much, there is a lot of competitors promising lots. For us, it is important to be clear about what the customer can achieve with our solutions. It is always challenging for all organizations to question the already existing ways of working. Another challnging issue is to identify the areas which can be most profitable while using this type of solution.
How do we implement this kind of solution for some of our customer today?
A solution for digitzing and automating business processes became a part of the company’s core. The customer is involved, the employees’ tasks are changed and systems are integrated. Before launching such a solution, a lot of testing must be done, close cooperation is required with our customers. We must be sure that the technology meets its purpose and the desired goals are achieved. Several customers are already using the solution. Of course, there is constant development in all our products and we are just getting started with the Forms/Automation digitization and automation improvements.
What results do you see that companies will achieve?
On the cost side, the effect will be noticeable, especially in terms of the number of “FTEs”, we already see clear examples of this. Focusing on the cost reduction is important but it is only one part of the whole picture. On the revenue side, the effect may be even more noticeable. For example, we have already seen that the conversion rate has increased as the handling for the customer is simplified and the processing time is shortened. Bad customer service means not only loosing business opportunities but also the existing customers. Finally – the pace of digitization and automation will increase. You will be able to run your business without the help of the IT department in those areas.