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The Office as a Collaboration Space: It’s Time to Switch the Focus

Karl Breeze, CEO at Matrix Booking

We’re all tired of pandemic-induced buzzwords in business, right? ‘The new norm’. ‘Unprecedented times’. ‘Transformation’. And, of course: ‘hybrid working’.

This isn’t to say they haven’t all been valid – they very much have been. But the issue with these soundbites or blog-fodder is that they’ve become so entrenched in the COVID narrative, that businesses have almost forgotten what they mean… what they should actually be doing to address them.

Hybrid working is perhaps the best example. Some people want to work from home. Others would rather return to the office. Or, as a Nyenrode Business University, Open University and Moneypenny report found, 88% would prefer a ‘hybrid’ “50-50 model”. We know all that.

But what does this actually mean, and what should organisations be doing to pivot in line with this acknowledged state of play?

The answer lies in what employees will use the home and the office for in the future. Or, more pertinently, how organisations will get the best out of their employees in this new dynamic.

With this in mind, perhaps it is time to reignite the conversation of ‘office and home’ with a new, more appropriate, buzz term. Looking forward, this equation should be looked at, respectively, as ‘collaborate and focus’.

A new definition of hybrid working

When the pandemic struck and people were forced into makeshift, at-home offices, many inevitably struggled. However, that ship seems to have largely sailed two years on.

Workers have found ways to mitigate all of the challenges that threatened their focus and productivity at home. Plant-lined offices have been developed or created. We’ve learned how to share workspaces with significant others without strangling them or ‘accidentally-on-purpose’ disconnecting their computers. We’ve honed routines when it comes to family or pets. We’ve essentially created the perfect, personalised havens to operate out of, according to our own lives and needs.

If anything, it may now be easier for many people to focus from home, than from traditional offices. A theory echoed by 97% of workers in the aforementioned academic and industry study, who would prefer to remain working from home longer-term.

However, what can’t be remedied to the same extent, is the level of planning and collaboration that goes into many of our work tasks. Programs such as Teams and Zoom have been positives to come out of the past couple of years, for sure, but there’s nothing quite like chatting things through in person. Like problem solving in an instant. Like having a brainwave around the cafetiere (let’s face it, water coolers just don’t cut it at the moment).

And that’s where the real meaning of ‘hybrid’ can be unearthed. It’s about more than simply ‘working’ from either or both, in that all-encompassing sense.

Hybrid working as a present-day term needs to reflect workers’ needs to lay the groundwork for tasks in a professional, collaborative setting; before carrying out those tasks with a more personalised focus.

It’s about getting the best out of each environment, rather than simply making both environments available for all work.

Not just a ruse, but a concerted strategy

This above transition may sound simple, but there needs to be method and tangible transformation behind it. It’s not as easy as requesting people come in for planning meetings, and then going back home to put those plans into practice.

At first, of course, it needs to be a spoken strategy. Culturally, workers need to know the rationale behind this hybrid theory, and buy into it. To do so, it’s important to stress that office-time is no longer directly being equated to value or remuneration.

Rather, the office’s role is one that’s part of a wider chain of considerations that gives workers the hybrid balance they crave, as well as the impetus to carry out their best work.

Beyond vocalising the method, however, organisations should also look to visually and functionally transform ‘the artist formerly known as workspace’ as well. If it is now a place to collaborate, then the feel and aesthetics of that space should evolve as such. With this, there should also be a noticeable flexibility around office occupation that confirms to workers that this isn’t just a ruse to encourage people back in.

Adopting solutions around desk booking, meeting room booking, visitor management, flow management, or digitised security will all affirm that the new-look facility is geared towards an agile, unpredictable come-and-go culture; and not the traditional everyone-in-from-nine-to-five setup.

A data-driven transition

For organisations looking to make this, more tangible and deliberate, transition towards a true hybrid network, they needn’t do so through trial and error.

The temptation – especially when this is something of a nascent concept – would be to go with gut feeling about how the new space should look… what it should comprise… what innovations to invest in.

But, as ever, there is in fact data to help guide these decisions.

Data pertaining to access control, the need for occupancy sensors, the sheer volume of space you have against the space you’ll need for a collaborative workplace. By outsourcing and seeking consultative advice on how to begin this process, organisations can open themselves up to a portfolio of use cases and precedents that will inform bespoke models, various scenario plans, and a host of ‘what if’ analyses.

This data-driven approach will make sure that the process of transition isn’t a tentative trial and error attempt; but a concerted commitment to a new worker dynamic.

What this calculated effort is likely to yield is a greater sense of loyalty among staff members who will see employers moving with the times, and rebuilding for their sake.

In turn, they are far more likely to buy into, and make use of, a new status quo that we now know to be optimum. The home is now, for many, the best place to focus on core work tasks. But the office still has a potent, collaborative, role to play in the future of business.

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Business

Total Experience in Insurance

Source: Finance Derivative
Author: Monica Hovsepian, Global Industry Strategist for Financial Services, OpenText

While the insurance industry might be undergoing major changes driven by technology, the end goal remains much the same. Improving the customer and employee experience has been the priority for the industry ever since the digital transformation got underway.

Obviously, financial metrics are the true bottom line, as ever in business. But, as ITT President Harold Geneen put it so sagely, ‘in the business world, everyone is paid in two coins: cash and experience. Take the experience first; the cash will come later.’

Geneen was speaking in a different age, when the word ‘experience’ was used in a slightly different way. But his insight is just as important today. Getting digital experiences right – for both customers and employees – is critical to the overall business success of companies within the insurance industry.

McKinsey has highlighted this, reporting that many insurers are struggling to effectively respond to their customers’ demands for a better digital experience. They’re hampered by legacy information systems that are inadequate for modern purposes. On the other side of the counter, those outdated systems are making it hard for insurance employees to do their jobs to the best of their ability; 70% of employees in the sector have more work to do than they have time for.

Eradicating these frustrations is therefore a business-critical priority for insurers going forward. The customer experience (CX) and the employee experience (EX) must be addressed and optimised simultaneously, requiring a focus on balancing back-office optimisation and customer-facing excellence.

As these two facets become increasingly linked, it can be more useful for insurers to think of it in a singular term, approaching the task by building a total experience (TX) business strategy to differentiate themselves in a fiercely competitive and dynamic market.

Transforming the way customer data is managed

McKinsey also has some stats to back up the importance of managing CX effectively in this new digital age: companies that do so typically see a 20% improvement in customer satisfaction, a 15% increase in sales conversion, a 30% lower cost-to-serve and a 30% increase in employee engagement.

Getting to those benefits involves transforming the way you manage your customer data to make it more efficient and agile. At its core, this is about being able to understand your customers better so you can make better business decisions and deliver greater satisfaction. This can be achieved by leveraging modern information platforms to streamline internal systems and bring all important data into a single ‘pane-of-glass’ 360-degree customer view.

The EX component of TX comes in here too, as the kind of technology that achieves that 360-degree view makes things much easier for employees, and gives them readily-available insights they can then use to elevate the experiences they offer to customers, including joined-up interactions and personalised service and engagement.

Finding harmony across the channel mix

Once the foundations of the 360-degree view is in place, insurance companies can begin to build out the seamless experience demanded by customers across the mix of different channels, including websites and applications, over the phone or in-person services.

As an example, modern technology can facilitate self-service tools, to add convenience for customers and decrease the burden on employees, allowing them to focus on delivering more strategic, valuable engagements elsewhere.

To touch on the ongoing topic du jour, there are also many demonstrable use cases for AI in insurance already. Combined with analytics, it can be used to help reduce information overload and optimise customer experiences, by giving support teams with AI-driven intelligence to anticipate the next-best action, next-best offer, and next-best channel to engage customers with.  Furthermore, AI can be utilised to empower employees to engage with customers by writing relevant communications, by summarising claim documentations to expedite decisions.

The Future of Total Experience

As economic turbulence continues, insurers are heavily focused on operational efficiency. As a strategy that harmonises customer experience excellence and streamlined back-end operations, total experience offers more than just another buzzword in the digital age. Gartner states that ‘Improving the customer experience (CX) ranked higher in the survey this year than more strategic focuses, such as growing revenue or new products/services development to support transformation.’

TX can be key to driving success through benefits such as:

  • Building lifetime relationships with customers by providing rich, relevant, and targeted communications across all channels
  • Empowering and engaging employees by ensuring they have the most current and relevant information across critical business systems with a single source of customer truth
  • Making better business decisions by leveraging AI to deliver actionable insights to employees.

Geneen talked about taking the experience first, with the financial success to follow. In today’s new environment of digital insurance, creating the right experience first is what will lead to long-term success. That involves both end customers and the employees that are responsible for serving them. By leveraging technology to offer cohesive and integrated solutions for both employee and customer experiences, insurance companies can ride the wave of change currently washing over the industry and come out the other side on top.

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Business

AI in Investment: A Guide for Asset Managers

Source: Finance derivative

Giacomo Barigazzi ,Co-founder, Axyon AI

In today’s dynamic investment landscape, the race to harness new technologies for a competitive advantage is more fierce than ever. For those in the asset management sector, embracing innovation isn’t just a choice—it’s a necessity to stay ahead in the relentless pursuit of investment opportunities.

The bedrock of investment management has always been grounded in exhaustive research and due diligence. However, the rapid evolution of technology mandates a shift in strategy. Now, it’s critical for leaders in this space to not just familiarise themselves with, but to fully integrate advanced technologies such as artificial intelligence (AI) and machine learning (ML) into their processes.

Exploring the Varieties of AI in Asset Management

It’s essential for asset managers to recognise the specific AI technologies available to them, as this understanding can greatly influence their approach to investment strategy. Broadly speaking, AI in asset management can be categorised into generative and predictive models, each with distinct capabilities and applications.

Generative AI, powered by advanced machine learning techniques, is designed to produce new data that mimic real-world information, such as text, images, and more. This technology is especially useful for creating realistic and diverse datasets, enhancing personalisation, and improving the accessibility of financial services. For asset managers, generative AI can play a crucial role in developing innovative solutions and strategies by generating novel insights and scenarios.

On the other hand, Predictive AI focuses on analysing historical data to forecast future trends and patterns. This aspect of AI is invaluable for asset managers aiming to anticipate market movements and adjust their strategies accordingly. The predictive capabilities of AI provide a strategic edge by enabling more informed decision-making and risk assessment.

For asset managers intent on leveraging AI to enhance their operations, distinguishing between these AI types is a fundamental step. By adopting the appropriate AI technologies, they can significantly improve client outcomes, operational efficiencies, and, ultimately, investment performance.

Creating a personalised client experience

Improved performance is not the only advantage AI brings to asset management; it significantly enhances the client experience by enabling the development of personalised services. For clients, generative AI tools like chatbots and virtual assistants establish a continuous support system that provides instant responses to queries, as well as up-to-date insights on market developments and portfolio adjustments.

A heightened level of personalisation throughout the investment journey ensures clients are not just satisfied but also better informed – a dynamic which undoubtedly fosters greater human relationships in the industry.

Strategic considerations for asset managers

As the widespread adoption of AI in the financial services sector continues to materialise, asset managers face a crucial task in nailing down the right WealthTech solution. It’s not just about adoption; it’s about making strategic choices.

Ultimately, companies expect to see a strong ROI after adopting an AI solution. Only by making a well-informed choice will they see the expected tangible impact of AI in asset management. A lack of due diligence in the procurement process risks introducing a solution that is both ineffective and disruptive.

Integration is key. AI solutions should align seamlessly with existing systems to avoid unwanted disruption to day-to-day operations. Therefore, choosing a provider that is ready to provide extensive training to support a smooth assimilation into operations should also be a priority for management.

There is an element of self-assessment required in the decision-making process. By recognising areas in a firm that require enhancement and understanding the specific value offered by each AI solution, leaders will be best positioned to identify a product that will bring significant improvements in targeted areas.

With a sea of options available in 2024, selecting an AI solution demands thoughtful consideration. Managers need to assess how each aligns with their investment strategy and delivers results. Consulting with experts and analysing case studies from similar businesses equips managers with valuable insights for informed decision-making.

AI as an empowerment tool

While AI will be a revolutionary tool in the asset management industry that will drive efficiency and innovation, it is not intended to replace the human touch. The technology should be viewed as a tool that empowers asset managers to focus on high-value work of greater importance to clients.

AI’s transition from a nascent curiosity to an integral business tool underscores a pivotal shift in industry dynamics. Asset managers who are slow to adopt these technologies risk falling behind in a market that’s increasingly influenced by AI’s capabilities. By contrast, those dedicated to swiftly and responsibly adopting this technology will likely be rewarded with an extra edge in performance.

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Business

BALANCING ACT: HOW A MULTICHANNEL APPROACH TO COMMUNICATIONS CAN DRIVE ENGAGEMENT 

Source: Finance Derivative

Tom Rahder, from Esendex, discusses how digitisation, and use of mobile messaging has transformed the banking industry, and where it can go from here. 

Barely a week goes by that we don’t see reports of banks closing more of their branches. 

And while they might come under fire for it at times, these closures reflect the fundamental shift in how we do banking today. 

Covid accelerated the change, of course – but digitisation of financial services had been happening for a long time. The rise of online-only challenger banks, and a growing number of ways to manage our finances online, has meant that the local high street branch has become redundant for many people. Young people in particular may never step foot in one because they have no need to: they can do everything from an app on their phone instead.

Most of us don’t think twice about using self-serve and/or automated digital tools for straightforward transactions, like transferring money between accounts. 

But our research also suggests that nearly 70% of those experiencing financial difficulties would rather manage their own repayment plan rather than have an ‘unpleasant’ conversation, and almost two-fifths would opt for an automated service over speaking to a human. So, far from being ‘second best’, an automated environment can provide the privacy people need to address complex challenges they’d once shied away from.

It goes without saying that any branch closures must be sensitively handled and communicated to ensure that the customers who still rely on them, many of whom may be elderly, disabled or vulnerable, aren’t left behind. 

To their credit, most banks recognise this, and will point people to nearby branches, set up pop-up counters in public places, and remind them that the Post Office is available for everyday banking. They also offer free digital skills training courses to empower customers to manage their finances in a fast, secure and convenient way. 

Unlocking the value of multichannel communications 

The reason why so many customers prefer to self-serve is largely down to the range and quality of communications available today. 

Forward-thinking firms recognise that choosing the right channels is critical if they want to deliver outstanding experiences in a competitive sector. 

A multichannel strategy doesn’t mean introducing as many channels as possible but meeting customers where they are, and continually monitoring the effectiveness of all your communications. It means balancing ease and convenience with security, and understanding how different channels drive actions – whether it be a clear and direct SMS for two-factor authentication, or WhatsApp messaging for dialogue.

The financial services sector, like any other, is impacted by wider consumer trends, so we’ve seen a big uptake of WhatsApp for Business messaging recently. It’s a channel that most people are already active on and feel comfortable with – so they are usually more likely to engage with banks, building societies and other lenders that offer it.

The good thing about WhatsApp is that it allows contact centre teams to manage multiple conversations at once, so people don’t have to endure long waiting times to speak to someone on the phone. It can also bring down the cost-to-serve, and free up staff to support customers who need it, including those who can’t easily access a branch. 

Two-way messaging, available via SMS and chat too, helps customers to feel listened to and deepens their connection with a business. They can discuss their issue and come to a resolution in a way that is most convenient for them, and have a written record for reference.

Looking ahead

As mentioned before, consumer demands are changing all the time – the challenge is keeping up. Fortunately, there is a growing number of APIs that plug your business messaging platform, allowing you to build on your capabilities with services such as RCS Messaging (Rich Communication Services Messaging). This interactive content, which can include videos and audio, is a powerful way to reach people via their SMS inbox.

Sometimes, we’re thrown a curveball – for example, reports that Gen-Z is shunning smartphones in favour of ‘dumbphones’. 

Whether this trend takes off remains to be seen; what’s important is that organisations in all sectors are able to accurately track metrics like open rates and ROI. It also reminds us that the ubiquitous SMS, with its open rate of 98%, remains as relevant today as ever. 

Last but not least, don’t be afraid to ask them exactly what they want too, rather than waiting for them to switch off and go elsewhere. A quick-fire SMS survey is a good way to gauge opinion and track trends over time, so you can invest in the channels that will deliver the most value to both your customers and the business. 

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