By Ville Somppi
Including employees in decision-making processes will boost retention and ensure the instant impact of new technology on the quality of service offered, according to Ville Somppi, Vice President of Industry Solutions at M-Files
Technology is driving the progress of the financial services industry, allowing firms to deliver more tailored and accessible offerings that match the ever-increasing expectations of customers.
However, while it is essential that organisations show a willingness to adapt to changing market conditions, evolution can very quickly become misaligned if a business rejects the opinions of those who best understand its inner workings: employees.
Recent statistics highlight the existence of a disconnect between the C-Suite and employees when introducing new technology – 74% of decision makers believe systems are designed with employee experience in mind, but only 54% of workers agree.
To retain staff and avoid a culture of disengagement across workers, financial service providers should consult employees at all levels when implementing company-wide change. Customers will then reap the benefits of a motivated workforce that truly believes in the service or product they’re providing.
Including employees on the digital journey
As human beings we’re inherently averse to change and financial service providers must remember this when refreshing processes. Employees who have new technology thrown into their lap with no prior warning are unlikely to respond positively, and may object to its deployment or refuse to use it altogether.
Firms can win the hearts and minds of employees by including staff in the decision-making process from day one, asking for their feedback on how procedures can be refined and where improvements could be made to boost customer experience.
If staff feel that their suggestions have been listened to and acted upon, they are far more likely to accept new ways of operating, and will be more motivated to see new technology succeed if they have had a hand in its integration.
Additionally, employees can better explain to clients why a new procedure has been introduced if they understand and agree with this decision. Having a ‘surface-to-core’ approach (ensuring employees have the necessary training/knowledge which then feeds into customer experience) to technology will create a more seamless understanding among a businesses’ customer-base, increasing the likelihood the new tech will yield successful results.
Some companies have even done ‘back to the floor’ sessions to help senior leaders understand the reality of end users, bringing pain points to their attention and highlighting why change is necessary.
Adapting to a multigenerational world
A common mistake made by firms instigating change is treating employees as homogenous beings, when the reality is we all have preferred ways of operating and tools that we are more comfortable with.
Education is the key to addressing this issue, and financial service providers should ensure that all staff receive extensive training when new technology is introduced and also have the option to request additional sessions if they struggle to grasp the concept.
A prime example of a generational challenge is the recent phenomenon of ‘tech shame’, with research revealing that Gen Z workers are 10 times more likely to get embarrassed about technical difficulties than colleagues over 40.
Firms can accommodate younger workers by digitising information management processes, turning away from practices they may be unfamiliar with (such as scanning, printing, and using complex network folders), and centralising processes so that Gen Z staff can access the documents they need through one intuitive platform.
It’s not just employees who have a wide range of preferences across generations – customers can be just as rigid when it comes to new ways of operating. Equipping employees with the knowledge to explain the rationale behind decisions and even teach customers how to use new technology will prevent existing clients from feeling alienated, while futureproofing business processes.
Collaboration is multiplication
As hybrid work settles in for the long haul, collaboration is key. Introducing solutions which promote remote collaboration, whether internal or client-facing, will ultimately improve customer experience.
When considering how technology can enhance business processes financial service providers should evaluate their approach to managing information, identifying if current systems are facilitating seamless collaboration and offering customers increased accessibility.
For example, businesses can leverage technology that guarantees staff are all working on the latest version of a document, allowing them to collaborate in real-time and ensuring that no work is duplicated.
Companies can take this one step further, allowing customers to view documents as they are being updated so that they have full transparency on the work being done and can immediately provide their signature, approval or input when called upon.
Employees are just as important as customers
Firms that think they are giving customers what they want and bypass employees in the process are in for a rude awakening, as the integration of new technology is rarely a success without workforce advocacy
Asking for employee input from a transformation project’s inception will earn their trust in the long-run and ensure that staff turn from critics to advocates, whom can convey the importance of a change to the biggest sceptics of all – customers.
About the Author
Ville Somppi leads M-Files’ vertical industry solutions and drives the cross-functional go-to-market execution. He brings over 20 years of experience running IT, technology and management consulting functions and guiding product development across a wide range of industries.
About M-Files
M-Files is a global leader in information management. The M-Files metadata-driven document management platform enables knowledge workers to instantly find the right information in any context, automate business processes, and enforce information control. This provides businesses with a competitive advantage and substantial ROI as they deliver better client experiences and higher-quality work with lower risk.
