Hygraph Talks: Digitizing the Financial Industry
We caught up with Moritz Spangenberg from Netguru to discuss digitization in the banking industry.
In our most recent edition of Hygraph Talks, we caught up with Moritz Spangenberg, Client Partner from Netguru to discuss the role of agencies in the digital transformation of the financial and banking industries. Here are the key takeaways from the conversation.
The engaging discussion weaved through the intricacies of how, and when, companies decide to take the leap on building new products and or services and what factors play into decisions. The goal for companies, of course, is to always be the pioneers of exciting new channels that match the larger goals without getting in the way of their core offering.
“We all know that companies do not have the resources to execute all of their ideas and plans for products and services quickly and that's where products and agencies come into play because they (agencies and products) can offer something that (in-house development) cannot. [...] That’s where a company can turn to an agency because it is not their core business and they don’t have the capabilities or the resources to build something themselves, which is okay, that’s the role of the agency.”
Moritz Spangenberg, Client Partner at Netguru
Accelerating the digitization of the banking industryAnchor
With the diversity that exists in this industry, from company size to product offering, it is futile to make too many broad claims about the industry with the exception that the COVID-19 pandemic drastically sped up the need for high-quality digital interactions that match the experience of an in-person interaction that many people are used to.
The gap between companies that had made strides in offering online services prior to 2020 and those who had not, widened significantly. Closing this gap, however, is one way that agencies become a critical piece of the puzzle. When companies understand that they need to make changes to their digital offerings, and may even know how they want the final customer experience to feel, they can call on experienced digital partners to expedite the process of building high-quality digital experiences using modern, best-of-breed services that match their use case.
Instead of trying to build everything in-house which may not be relevant to their core business and may require significant resources, including more time to hire, onboard, and assess whether team members are a good fit to ensure the project runs smoothly, (not to mention evaluating tools and tech stacks for the first time as a new team) calling on agencies speeds up the process and in many cases can ensure a more consistent outcome. Agencies are able to bring experience, agility, and quality to the table while companies focus on their core business.
How better content management helps drive digitizationAnchor
In working collaboratively, agencies, SaaS vendors, and companies in the financial sector are able to choose the tools that fit the needs of the team, build high-quality, consistent services that meet industry standards, open new channels where users gain access to high-quality content or services that improve their overall experience. New channels enable companies to modernize without pulling focus away from their core business and meet aggressive timelines to help ensure companies do not get left behind.
Content continues to play an essential role in how companies interact with their customer base. Companies that are exploratory and creative with the new channels can be rewarded by being the pioneering leader in that space before other companies even understand its value. It’s important for companies to fight the urge of complacency and continue to look for new ways to innovate and build products and services that use modern tools and with agencies that can help companies work efficiently to build the high-quality digital experiences that users have come to expect in new, and sometimes unexpected, channels.
It is clear from the discussion that agencies, the right tech stack of best-of-breed services, and a strong vision, can help companies in the financial industry of any size push themselves into the digital age, whether that be playing catchup without sacrificing quality or pioneering into new channels and services.