The Era of Digitisation

The financial services industry has been experiencing rapid change and innovation over the past few years, this has been majorly accelerated due to the impact of digitisation. Digitisation has completely transformed the way that financial services are provided, with technology, automation, and integration driving improvements in efficiency and customer experience.

One of the most significant impacts of digitisation on financial services is the use of artificial intelligence (AI), machine learning, and automation. AI-powered algorithms are able to analyse vast amounts of data quickly and accurately, enabling financial institutions to make better decisions, faster. AI and machine learning have been particularly transformative in areas such as risk management, fraud detection, and customer service. For example, chatbots powered by AI can now provide 24/7 customer support, answering basic queries and directing customers to the appropriate department.

Digitisation, has helped drive the rapid growth in integration capabilities in recent years. By integrating different systems and services, financial institutions are able to streamline their operations and provide a more seamless customer experience.

A key service that addresses this need for more effective integration is Origo Integration Hub. This service enables the secure transfer of data between different systems and providers, allowing for a more seamless customer experience.

By implementing secure data transfer and integration solutions, financial institutions can mitigate the risk of data breaches and cyber-attacks, safeguarding the interests of their customers.

As a secure centralised hub, the service ensures that data is protected from unauthorised access or interception. Additionally, the service of Origo Transfer Tracking offers real-time tracking of data transfers, providing greater transparency and accountability.

Better Serving Consumers

There is a real industry need for financial advisers to have a seamless tracking system in place. Origo Transfer Tracking enables a significant reduction in phone calls to check status and completion timescales and ultimately, improves customer service for advisers and their clients.

The benefits of digitisation are clear, including improved efficiency, enhanced customer experience, reduced costs, and the potential for increased profitability.

In addition, with the introduction of new Consumer Duty regulations in the UK, financial institutions must ensure that they are putting their customers' interests first. The new regulations aim to improve the transparency and accountability of financial institutions and require them to act in the best interests of their customers.

In this context, digitisation plays a crucial role in helping financial institutions meet the new Consumer Duty regulations. By leveraging technology, financial institutions can offer more personalised, transparent, and accessible services to their customers, while also ensuring the safety and security of their data.

The Unipass Letter of Authority service is a digital alternative to the traditional paper-based process, which can be slow and cumbersome. By digitising the process, financial advisers are able to obtain consent more quickly and easily, improving the efficiency of their operations and enhancing the customer experience.

In addition to improving efficiency, the Unipass Letter of Authority service also enhances security. By using secure digital channels, financial advisers can be sure that their clients' data is protected from unauthorised access or interception.

The Digital Future

By leveraging technology and supporting the current and future era of digitisation, financial institutions can offer more personalised and transparent services to their customers, while also ensuring the safety and security of their data.

Exploring the benefits of AI and automation within business practices, whilst simultaneously supporting all efforts made by financial institutions towards digitisation, will help them meet the new Consumer Duty regulations and improve customer outcomes.

Transformation of financial services through how services are provided and consumed has helped in the strong development of our industry, and will continue to do so. Services such as Origo Integration Hub, Origo Transfer Tracking and Origo's Unipass Letter of Authority, demonstrate the potential of digitisation to benefit both financial institutions and their customers, reinforcing the evolution of the financial services industry towards a more customer-centric and technology-driven future.