Digital Technology is Essential to Successful Customer Service, According to Irish Financial Services Leaders
- Almost 7-in-10 (65 percent) of Irish financial services leaders believe their organisation is well-positioned to meet customer expectations over the next decade.
- The majority (80 percent) believe they must put customers first if their organisation is to succeed in the long-term
- For half (50 percent), Artificial Intelligence (AI) will transform the services and products Irish financial services businesses offer customers, whilst digital technology is playing a fundamental role for many (75 percent) in improving customer service.
As customer expectations continue to rise, almost two-thirds (60 percent) of Irish financial services leaders reported that their customers expect them to be more innovative in their work with them. And digital technology is playing a fundamental role for 75 percent of financial services leaders when it comes to improving customer experience. Over the past few years, a small number (14 percent) of financial services businesses are also benefitting from an improved customer relationship because their organisation took steps to invest in digital technology. In comparison, this was true for only less than a quarter of business (23 percent) leaders in other sectors. For example, half (50 percent) of financial services leaders noted AI as a technology that will transform the services and products offered to customers.
“Businesses in the financial services sector today are under constant pressure to meet rising customer expectations whilst increasing the operational efficiency of the company to stay ahead of the competition. For banks in particular, building a trustworthy relationship with their customers is a huge contributor to ensuring overall success, and they often leverage technology to provide the much-needed support. Fortunately, the likes of AI and other emerging technologies are providing a unique opportunity for financial service leaders to overcome these challenges. For instance Fujitsu’s quantum-inspired Digital Annealer
, a new technology that is used to solve large-scale combinatorial optimisation problems instantly, is used by a major bank to solve the banks most complex, challenging and time-consuming financial investment problems by optimising its mix of high-quality liquid assets including bonds, cash and government securities,” said Stuart Rye, Director Business Development, Financial Services at Fujitsu UK & Ireland.
“It’s extremely promising to see that financial service organisations are leading the way when it comes to leveraging digital technologies, providing an example to other industries to follow suit. It’s clear that the use of technology is differentiating forward-thinking businesses from the competition, exemplifying that in today’s economic landscape, innovation and technology play an important role in improving customer service, which in turn will support future business growth.”
When considering the role that technology plays especially in customer service, there’s no sign of it slowing down. For example, the research revealed that half (50 percent) of financial services leaders said their organisation plans to automate some human tasks within the next three years in order to free up employees’ time to focus on the customer.
Rye adds: “In a sector so heavily reliant on human interaction and trust – such as financial services – leveraging technology can help free up more of employees’ time to spend on the customer. AI and automation should be used to take over the more mundane and repetitive tasks, which will give employees more time to focus on building stronger customer relationships and on tasks that require creativity and innovative thinking.”
To download the full report, please visit: www.fujitsu.com/success
Notes to editors
1This quantitative research was carried out in August 2018 by independent research company Censuswide, surveying 1,936 C-Suite decision makers within mid to large sized businesses across public sector and transport, financial services, retail and manufacturing in 16 countries worldwide.
Fujitsu is the leading Japanese information and communication technology (ICT) company, offering a full range of technology products, solutions, and services. Approximately 140,000 Fujitsu people support customers in more than 100 countries. We use our experience and the power of ICT to shape the future of society with our customers. Fujitsu Limited (TSE: 6702) reported consolidated revenues of 4.1 trillion yen (US $39 billion) for the fiscal year ended March 31, 2018. For more information, please see: http://www.fujitsu.com.
About Fujitsu UK & Ireland
Fujitsu UK & Ireland employs over 9,000 people. We promote a Human Centric Intelligent Society, in which innovation is driven by the integration of people, information and infrastructure. We are committed to Digital Co-creation, blending business expertise with digital technology and creating new value with ecosystem partners and customers. We enable our customers to digitally transform with connected technology services, focused on Artificial Intelligence, the Internet of Things, and Cloud - all underpinned by Security. Our customers cover both the public and private sectors, including retail, financial services, transport, manufacturing, government and defence. For more information please see http://uk.fujitsu.com.
Catherine Dunne / Séafra Ó Faoláin Hume Brophy
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Fujitsu Ireland is a proud member of Business in the Community Ireland (BITCI), as a responsible business within the BITCI network we have achieved the Business Working Responsibly Mark and have also joined the Leaders Group on Sustainability, a collation of Ireland’s leading organisations leading the transition towards a low carbon economy. Since April 2017 Fujitsu has been working in partnership with the National Council of the Blind (NCBI). Our employees selected NCBI as our chosen charity partner and together we are raising vital funds and transforming the digital experience of those affected by sight loss.
Date: 21 February, 2019