Close Brothers shares its critical focus areas for digital transformation

Recent global events have intensified the pressures for financial services providers to "digitally transform." But what does digital transformation actually mean, and how can you make progress towards it?

In an effort to help others better understand the concept, Tony Sweeney, Close Brothers Asset Finance CIO, discussed the effective approach Close Brothers is taking to digital transformation. He was joined by Q2 and Conga representatives for an Asset Financial International webinar, held during the early days of the pandemic lockdown. Together they discussed the merits of leveraging the wider financial ecosystem for digital success.

Close Brothers fully understands why digital transformation is not only critical for success today but also vital for the years to come. Sweeney stressed that the push towards digitalisation across the organisation is driven by customer expectations in key areas such as:

• Better financing experiences
• Better quality offers and deals
• Quick and timely access to funds

Close Brothers has worked diligently to understand how to deliver on these expectations and adopt a cloud technology approach to fulfill their customers’ needs. Sweeney’s insights are valuable and insightful as you are considering your digital planning and success.

Listening to customers and gaining staff understanding to herald benefits of digital

Sweeney highlighted customer input and staff engagement as the two essential ingredients for a thoughtful digital transformation program.

• Customer input. Close Brothers spoke to customers about their experiences with the company. Learning more about customers’ interactions with Close Brothers provided a deeper understanding of how they expect to be treated in the digital realm. From these discussions, Close Brothers was able to build a picture of different customer personas, and in turn develop the right experience for each one.
• Staff engagement. Through extensive staff engagement it was clear that each part of Close Brothers’ transformation, be it technology or in other areas such as support or customer service, has to be sponsored by a business leader. Ideally, this is someone out in the field who appreciates how customers and team think in regional offices. With this level of engagement and leadership, staff will “buy into the messages and buy into the positive story we are creating.”