SAP has released a new version of its financial services accelerator for the SAP Hybris Commerce solution to help banks and insurance companies offer their customers a faster, simpler and more personalised user experience whether conducting business online, on mobile devices or in person. At the same time, the accelerator is expected to streamline industry processes and increase ROI.
“Digitalisation has turned financial services on its head,” said Matthias Goehler, SAP Hybris senior vice president and head of Industries.
While the financial services industry has traditionally been based on in-person service and personal relationships, it has now devolved into an online search for the lowest cost options. But Goehler said SAP can help the industry engage price-conscious consumers if they provide the services when and how customers want them. This means providing customers with convenient access to real-time, personalised services based on their preferences as well as their history with the institution.
“The enhancements to the financial services accelerator provide organisations with the latest tools to deliver a great customer experience from which they can build customer trust and loyalty as they expand the relationship by bundling and cross-selling products,” said Goehler.
The new version provides a more intuitive, self-service retail-like experience for customers. It allows bankers and insurers to see the same information as their customers during online transactions, enabling real-time, personalised assistance to increase customer satisfaction and reduce application abandonment. The accelerator also enables customers to easily compare features and benefits of various products and services.
Templated application forms will allow the industry to quickly adapt to regulatory, product or other changes and to ensure that their customers always have access to the most current forms.
To deliver this fintech solution, SAP entered into a joint venture called msgNETCONOMY, with msg global solutions, a financial service product and solutions integrator and with NETCONOMY, an e-commerce specialist.