Before the onset of the Covid-19 Pandemic, many businesses were slow or had no plan for their digital strategy.
Globally the pandemic has led to a surge in e-commerce and accelerated digital transformation as businesses and consumers increasingly embrace digital, providing and purchasing more goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020 according to a recent UNCTAD survey.
Various studies have shown that the business model has been transformed forever, with many firms prioritizing automation of processes.
Acceleration in technology uptake has changed how top managers work, and now many are aligning their business goals with technology deliveries. As a result, being digital is no longer a cost-cutting measure but a necessity that every company must implement to survive.
The transformation of any organization is now embraced by all, including top leadership, who, before the pandemic, were hesitant to embrace the digital way.
Customer support frameworks have been automated as companies ditch out traditional customer engagement methods. Many are now relying heavily on social media platforms to engage customers.
In addition to ensuring business continuity and enhancing efficiency, automation of customer support frameworks is a primary source of big data, which is crucial in decision-making. Data on customer habits and preferences, for instance, is invaluable.
A key lesson is that automation or digitization of the customer support frameworks should no longer be optional. Instead, it should be prioritized and treated as an integral function.
According to Credit Union Executives Society (CUES), an associate member of the World Council, more and more consumers are taking to digital channels to conduct transactions and interact with their co-operative societies, with usage among co-operators higher than non-members. To keep pace with member demand and compete with other financial institutions, credit unions (Saccos) must continue innovating in the digital space, especially as artificial intelligence and biometric technology advance. Credit unions should keep a regular pulse on what their members want and expect when it comes to innovation. Leveraging third-party partners can be beneficial once credit unions have formulated their strategic innovation priorities. Nonetheless, co-operatives should teach members how to utilize alternative payment methods and explain the benefits and security features of each.
