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It’s Time to Embrace a Powerful New Model and Leapfrog Employee Support  

If you have been part of the Fintech industry, you already know how hard this pandemic has hit in recent times. Uncertainty, low productivity, managing business flow, and getting going in crisis, there is so much credit unions and community banks have to face.  

As the whole business world is on its way to recovery and fighting with Covid19’s worst effect, top authorities have a lot to think about; from strengthening employee support to ensuring their productivity to leapfrogging into AIESM for greater sustainability.  

Leapfrogging employee support and productivity is an interesting area to focus on, but it’s better to break it down into six different topics to explore each of them individually. Most of you already know about them.  

They are as follows:  

1. 2021 Challenges & Trends 
   
   
2. How Legacy Frameworks are failing 
   
   
3. Areas of Weaknesses 
   
   
4. New models for credit unions and banks 
   
   
5. Incremental V/s Leapfrog 
   
   
6. Transformation outcomes & Journey 
   
   

Since all the above topics have a say on the entire scenario of leapfrogging thing, none of them can be left aside. You heard it right! Employee support and productivity have been in the spotlight on the journey from Fintech to digitization because they reward companies by leveraging advanced technology like conversational AI. They ensure high value to financial enterprises and employees. That’s why the idea of leapfrogging into AI has driven the Employee Service Management system is going to be an experience worth living for.  

BTW - every credit union or community bank should take time to try leapfrogging and check its outcomes. They are going to be exceptionally good, especially when you get guided through each section carefully.  

The first topic seeking your attention in leapfrogging is 2021 challenges and trends. It speaks to what is going on around you that makes 2021 a different year and how it is going to affect your planning as a credit union or bank for 2021 especially in the area of employee support and productivity.  

A few trends emerging meanwhile are -  

1. Remote work and return to work  

Many of you will hope to get back to work. Some companies are going to operate 100% from the office. Some are sticking to remote work culture. The decision varies from one company to another. The work scenario is somehow getting interesting as the sales force is no longer limited to 9-5 traditional jobs. It has to be dealt with effectively as certain challenges are bound to come along the way.  

2. What employees want during these trying times  

Another challenge from the employee perspective is switching to remote working and continuing with it for a long time. Your employees struggle to make sure that they are productive and as the employer, you will have to support them the best.  

Employees don’t want to face enterprise friction which is everywhere nowadays. It is the ability or inability to get things done with the speed they need to do.  

On the emotional front, you know that employees don’t want to feel isolated while working from a remote location.  

3. Everyone is using collaborative tools  

The use of Zoom, MS Teams, and Slack is another important trend which you need to acknowledge. This is like a mobile moment that is going to change how your financial enterprise moves further.  

4. Many of the employees now use the conversational interface at home  

The next thing that makes a big difference in enterprise life is the use of conversational interfaces like Google Home and Alexa etc. This was only privileges of rich persons like Bill Gates but nowadays normal employees have been used to it. This is going to affect employee choices as well. They are more likely to demand a better way to do things at the office just like they are doing at home right now.  

5. Employees would prefer an integrated service desk  

It is now possible to resolve an issue within 5-10 seconds without waiting to find the right phone number or email ID to report their issue. It’s because a support system is available for employees at this lowest possible time. This is a very interesting trend which is already mentioned in the Gartner, Forrester report, and more.  

6. Automation needs to get stronger  

Finally, the need for automation is going to be more than ever. No matter whether it is a good time or a bad time, the company growing or not, irrespective of the velocity and urgency, they are automating at a greater pace.  

All these key emerging trends can be summed up with the following quote on LinkedIn  

“Perks such as foosball tables & catered food were once all the rage.  

As we move to WFH, it turns out what people need to be productive/feel supported aren’t the bells & whistles, but tech and flexibility.  

Companies must continue investing in solutions that improve work conditions” - Chief People Officer @ SMB  

Topic2- Legacy  

Service Delivery Model for employee support  

The next segment in the list coming up for discussion is why technology is a legacy way of dealing with problems that need more work.  

Traditional silo-ed approach  

As you all know, employees need a lot of things. They need to upskill, access knowledge, go through processes like onboarding and face technical issues. They feel lost in Ireland and seek help at knowledge hubs, self-service assets, and internet portals in real-time.  

Most of the time employees feel disappointed for not getting the right help. It turns out to be an experience like returning with 404 errors. Even the formal written emails or calls made to HR are of no use.  

Old Service Delivery Model  

Another way out for you is to ask employees to create a ticketing system. But many don’t follow this, adding to enterprise friction. This is an existing delivery model which is failing your enterprise miserably. Data and statistics say that 80 % of employee issues are reported by emails and calls but not by the ticketing system. The usability of self-help portals is very low.  

Topic3 - Areas of Weaknesses for Enterprises  

The third topic for your mention is the overall areas of weaknesses for small and medium financial enterprises.  

Traditional issues-  

Credit unions, community banks, and smaller enterprises or financial services can be seen getting affected by 5 major things; knowledge management, intranet/employee portal, enterprise friction, speed, and change management.  

You will find enterprise knowledge management is missing somewhere or overlooked. It is not done well and gives rise to a weakness that could be easily fixed with advanced AI technology these days.  

The second area of weakness is intranet/employee portal is non-existent or very few. Companies that have such portals don’t respond actively. Therefore, employees are unable to communicate through them properly.  

The third area of weakness is enterprise friction, which is the outcome of so many things in an enterprise life.  

The fourth weakness is the speed of making decisions faster and adapting technology quicker. But this is not the case as Fintechs have hundreds of employees who are hesitant to move together towards enterprise speed in operation.  

The fifth and last weakness change management. You don’t have an effective way to bring everyone to a conference meeting and implement the strategy without delay. Of course, you can zoom in but the weakness of changing management mode is going to be more challenging for online banking activities.  

Topic4 - The New Model  

The fourth section gives you an insight into what is all set to be the new model in 2021 and beyond.  

A New Level of Employee Care and Support  

It is not wise for you to treat employee support in an old-fashioned way. Earlier it used to happen. Some of you were of the impression that buying a ticketing system in a webinar brings a service desk facility. It’s not true. A service desk can’t be set up just by buying a ticketing system rather involves much more than that. What you need to know today is not to set up an IT service desk and think the employee problem is solved. After all, employees need support in different areas. Therefore, the ultimate option is AIESM is the way to go to support them the best.  

Emerging Service Delivery Model  

In the new model, an employee goes to a service system, has a conversation, gets his/her issue auto resolved, or gets automatically directed to where experts are live and available within as little as 15 seconds.  

Invisible Ticketing System  

AI ESM is the go-to service delivery model which operates without any phone calls or additional complexity. It interacts and understands the employee and connects him to everything. It is one such solution that keeps adding to the level of automation while saving employees time and hassle. This becomes a single-window so that employee productivity grows drastically.  

New kind of automation needs  

Perhaps you don’t know that the old practice of seeking automation for simple and small projects is changing for the better. It is easier and inexpensive. Conversational AI is a game-changer. You as an enterprise owner need to take note of the change in automation technology.  

Topic5 - Outcomes  

Transformation  

In the fifth topic, you will find out some of the outcomes. The most common one is that you can automate and provide a conversation interface for almost everything.  

Conversation Interface for everything  

It is a fabulous concept you need to take a look at. AI technology has moved on from chatbots and includes automation tools front-end integrated with primary collaboration features like MS Teams. Be it a learning system, creating & sharing knowledge, need to collaborate, get help, or accomplishing routine tasks, it is easy to realize automation very fast. Even Rezolve.ai has its Teams-rich product which proves the interface has changed. It is neither the intranet nor the application employees have to go to for help.  

Outcomes for employees & Service Desk  

Now coming to the scene are the outcomes you can expect from such a transformation. It can be weighed in two areas. The first one is employee productivity and the second one is service desk efficiency. As per the latest survey, employees can save 15-20 mins every day if they go on with the implementation of conversational AI. This turns out to be a savings of 45 employee days for 1000 employees. It leads to a huge difference i.e. 4.5% increase in employee productivity.  

Let’s go to the second part- service desk efficiency; for taking a check on. Here, you can automate 45% of work without involving any live agent. It is equivalent to 1, 00000 US dollar savings for a service desk service, lowering the efforts by 20-30%. To be honest, this makes a huge difference in the pure business case.  

Believe it or not, the connection to retaining great employees is - automation through a conversational AI interface. It will retain great employees, increase employee productivity, and provide them with great member support, customer support, and whatnot!!  

According to Rezolve.ai’s COO, Manish Sharma, this is what is happening latest in the area of employee support and productivity. As a financial enterprise owner, you can easily relate to this situation before thinking to leapfrog and use a strategy to move to the next level of employee support. Leapfrogging is the right term to describe your desire and expectation to climb up in the level of support for employees.  

Thank you all for reading our post. Do you find it useful? Feel free to click on Rezolve.ai’s webinar link.  

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