How Financial Institutions Can Reevaluate Digital Portfolios to Stay Ahead

During the peak of the COVID-19 crisis, after the Dow Jones Industrial Average plunged 10% the day before, the contact center of a large financial institution faced a deluge of anxious customer calls— 40% more than a usual day. And the next business day was worse—more than 50,000 calls in one day, when they typically received 40,000 calls per week. The organization had been redesigning its customer interaction channels to develop self-service capabilities, but that redesign was kicked into high gear to reevaluate evolving customer and business needs while accelerating their digital project portfolio.

This is just one example of how the COVID-19 pandemic has been a catalyst to reprioritize technology spending. Many companies found themselves unprepared for the massive operational changes required to address a dramatic shift in how and where to serve their customers.

In this article, we suggest three strategic focus areas to enable organizations to examine their digital priorities: evaluating future needs, assessing portfolio roadmap, and rethinking their organization structure.

How Guidehouse Can Help

Guidehouse understands the organizational challenges attributed to shifting markets, evolving digital technologies, and dynamic consumer behaviors. Guidehouse has unique insights into how leading companies address the most difficult challenges and helped them craft well-informed yet daringly innovative strategies enabling our clients to challenge the future with conviction.

Guidehouse’s dynamic team of financial services transformation consultants and industry experts help financial institutions identify, manage, and implement solutions that align to their strategic goals and objectives. Whether it is pursuing process improvement opportunities, designing effective organizational models, or solving myriad other potential issues, Guidehouse ensures that best practices are implemented, and the organization is positioned for success in the short and long term.

Special thanks to contributing authors Sahil Laroya and Brian Karp.