a 2021 guide on 3 Ways Financial Services Firms Can Build Resilience

3 Ways Financial Services Firms Can Build Resilience

How businesses respond today during times of crisis is determines how they will move forward in the future. Even in times of uncertainty, the more prepared you are, the quicker your recovery will be to any unforeseen occurrences. In this guide, we discuss 3 ways financial Services firms can build resilience and recover faster.

Customer Experience

The current pandemic is not the first crisis business have had to deal with. During the 2008 financial crisis, companies that combined cost-cutting with selective investing before the 2008 crisis ended had a 76% chance of pulling ahead of the competition, as opposed to companies that solely cut costs. Even though this is a go-to strategy for most business leaders, merely cutting costs without selective investments may prove detrimental to the survival of businesses.

96% of investment services customers are very likely to purchase more products or services if they rated their customer experience as very good.

Ways firms can boost customer experience.
  1. Seamless omnichannel experience from desktop, mobile, and even brick and mortar
  2. Automated financial advice with Robo-advisors or virtual assistants powering customer engagement

Enhance operational efficiency and financial visibility

60%of finance professionals spend too much time cleaning and manipulating data in spreadsheets. With Data Visualization and real-time insight from dashboards, you gain a complete view of complex financials within single or multiple entities. Consolidating financials in Excel is makes visibility and agility across the company difficult.

Make working remotely a competitive advantage

Whether you have chosen to embrace it or not, remote work has become a reality, if not a necessity in today’s digital business environment. By working from home, remote workers typically save about R57 000 a year since they can skip the costs that come with commuting, professional clothes, eating out, etc. It’s a win-win situation for both employers and employees. Invest in cloud ERP systems, chat tools, and video conferencing solutions to enjoy the advantages of a productive remote workforce.

The key to recovering faster and locking in long-term competitive gains is to balance cost-cutting with careful investments before the crisis ends.

Ways Financial Services Firms Can Build Resilience in 2021

Sage Intacct has not only given businesses the ability to see what’s happened in the past, but it has also given a look through the window to see what’s going to happen in the future. 

Interested in learning more ways Financial Services Firms Can Build Resilience and recover faster in a crisis? Drop us a line on 011 792 9521 and we’d be glad to guide you. 

Learn about Sage Intacct for Financial Services Businesses