For financial institutions that previously didnвЂ™t have something like a OneStop Customer Portal to serve customers virtually, that was a missed opportunity to attract the younger generations who have grown up with mobile and digital solutions as an expectation, not a luxury.ДЄnd for financial institutions that had a digital solution headed into the pandemic, this period of time serves as a unique environment to bring older generations into the fold that previously may have been hesitant to do business virtually. Now is the time to ensure that no age demographic is left behind in the pursuit of digital adoption, for example. The silver lining of seemingly being forced into digital transformation during this unique time is that itвЂ™s serving to benefit not just some, but all customers in this time capsule weвЂ™re experiencing. The mobile era has created a level of service that customers are accustomed to вЂ“ so getting ahead of the expectations and needs of customers is vital to better ensure loyalty during the entirety of the customer lifecycle, which in the financial industry is a lifetime if done right. In order to compete today, you need to place a premium on providing on-demand service with instant response and serving every client as a high-touch customer. ItвЂ™s simply the reality, and itвЂ™s time for laggards to embrace that reality. ItвЂ™s like shifting from using taxis to Uber.Д¬onsumers have grown accustomed to and reliant on mobile in their interactions with businesses for more than a decade now, and that has raised customer expectations of all businesses fundamentally. We encourage our customers to leverage this crisis in order to finish the long-term business service model transformation.

Stanley Huang: Digital transformation is inevitable but itвЂ™s more about the overall industry transformation that needs to take place, especially in an industry like finance and banking which has been slower to adopt more modern, digital solutions. However, would you say that there is more to making it through the current crisis вЂ“ to say nothing of coming out better on the other side вЂ“ than just digital transformation? What else do companies need to do?

The company, founded in 2012 and headquartered in Cupertino, California, has been a Finovate alum since 2016.ДЇinovate: Digital transformation is the major buzzword for companies right now вЂ“ understandably. A leading business collaboration platform designed for the mobile era, Moxtra offers an embeddable omni-channel client engagement solution for financial services companies. Specifically, we talk about what he calls the вЂњmarketing mindsetвЂќ that financial services businesses need to adopt in order to not just survive, but thrive in these uncertain times.

Even before the onset of the global health crisis, banks and other financial services companies were moving in the direction of greater digitization to improve efficiency, cut costs, and most importantly, deliver new and enhanced products and services to an increasingly-tech savvy вЂ“ and tech-dependent вЂ“ consumer.Д«ut do firms in the financial services space need to do more than just digitally transform themselves? What strategies do these businesses need to adopt in order to further differentiate their offerings from rivals? How can they provide their customers with the kind of personalized, low- to no-latency, access anywhere, digitally-oriented service their customers have come to expect from all institutions вЂ“ public or private, large or small, financial or not?ДЇor this weekвЂ™s Finovate Alumni Profile, we caught up with Stanley Huang, Chief Technology Officer for Moxtra, to discuss these challenges.

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