1 min read

Redspire shortlisted for Financial Technology Partner of the Year Award

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Redspire has been shortlisted for the Financial Services Technology Partner of the Year Award at this year’s Scottish Financial Technology Awards, in collaboration with DIGIT.

The shortlisting celebrates Redspire’s commitment to innovation and transformation in the sector. Our partnerships with some of the UK’s biggest financial brands and customer-facing Government financial organisations have led them through radical digital transformation and business improvement projects, revolutionising how they do business and connect with customers.

DIGIT’s Scottish Financial Technology Awards

The Scottish Financial Technology Awards are designed to recognise effort, innovation, and impact. The judging process looking to acknowledge exceptional accomplishments, invention and improvement and reward individuals and organisations that are making a difference to frontline customers and industry progress, as well as those making valuable contributions beyond the sector and into the wider community.

The winner will be announced at the Scottish Financial Technology Awards which take place on September 25th, 2019 at the Sheraton Grand in Edinburgh.

The Redspire management team is proud of our hard-working teams and excited to be selected in such a prestigious category. Thanks to DIGIT and the Scottish Financial Technology Award team for selecting us. We’re looking awards ceremony to celebrate the incredible FinTech industry in Scotland and look forward to seeing you there!

About Redspire

Specialising in Dynamics 365 and the limitless integrations of world-class Microsoft’s Power Platform technologies, Redspire solve organisational business pain, improve operations and create a unified digital eco-system that can be constantly enhanced or improved as digital evolves.

With particularly strong capabilities in Financial Services, FMCG, Government and Third Sector, when we work with you, we become your dedicated Dynamics partner. Our client base includes Money and Pension Service, AIG Group, RPMI, Clydesdale and Yorkshire Banking Group (CYBG) and GroupM.

4 min read

Out of support Dynamics? 5 reasons to upgrade and migrate to Microsoft Dynamics 365 online

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Are you running on an out of support Dynamics CRM?

Microsoft recently announced the end of mainstream support for legacy versions of Dynamics CRM impacting users and organisations running on Dynamics CRM 2011 and 2013. If your business is still operating on legacy versions of Dynamics, you’re out of mainstream support and it would be beneficial to upgrade to Dynamics 365 or upgrade and migrate to Dynamics 365 online.

Why upgrade to Dynamics 365?

As an existing user, you’re likely to be familiar of the benefits of a Dynamics based CRM and the limitless integrations of the Microsoft eco-system. Here’s a short summary of the reasons to upgrade to Dynamics now:

  1. Decrease the risks and costs of running a legacy application.

Protect and risk-proof your organisation, employees and customers from the danger of operating with an out of support CRM. Dynamics 365 is fully supported by Microsoft and within Microsoft’s partner eco-system, meaning maintenance and support is cost-effective and easily accessible. Running on the most up to date version means that your CRM is fit for purpose in a fast moving and constantly updating information-led business environment.

  1. Easy transition to the cloud

 When you’re on the cloud, you can automate and innovate operations, seamlessly and on-the-go, making your business and your people more agile. Integrate with third party APIs and benefit from automated Microsoft updates, so you’re always working on the latest version of the solution. Access Dynamics anywhere at anytime with your people always working on real-time data and the very latest functionality from desktop, on their phones or on other handheld devices. So from the field to the back office, everyone is talking the same language.

 

List showing benefits of cloud vs onpremise Microsoft Dynamics

  1. Reduced cost of system ownership and licensing

When you upgrade and migrate to Dynamics 365 online, you reduce implementation time, capital outlay and infrastructure costs. As you move from a CapEx to OpEx model, flexible working and implementing bring-your-own-device in office, at home or on the move also becomes much easier; seamlessly connecting your people and teams. With flexible licencing, you can scale in line with the needs of the business meaning you never pay for more licences than you need. Support and fix costs are greatly reduced for both system and hardware, thanks to automated system updates

  1. Automated system updates

As well as delivering AI ready systems and low and no-code functionality right out of the box, Microsoft Dynamics 365 has moved to a continuous release cycle for in-the-cloud systems. All online users now follow an update cycle that delivers two major updates in two waves each year, April and October. Regular updates, performance improvements and bug fixes also run in the background for optimum functionality. Microsoft communications prepare in-house teams in advance to prepare any auto-scheduled changes, with with opt-in advice and functionality for any disruptive changes. Long story short, you’re always working on the latest version and you unlocking the latest market-leading tools and functionality.

  1. Unlock new cross-platform and cross-departmental tools and functionality

New features like integrated web portals, mobile apps and the new Dynamics user interface provide seamless employee and stakeholder experiences and help deliver incredible customer success and satisfaction. With a huge focus on AI, with Dynamics 365 online, users can access the latest stream of Microsoft innovations to make business operations better. Connect data and people cross-departmentally with other tools like Azure, PowerApps, Flow, Power BI and Outlook and be the first to access the very latest tools like AI builder, announced at the recent Microsoft BizApps Summit and Microsoft Inspire.

Migrating from Dynamics CRM to Dynamics 365

If you’re running on a legacy version of Dynamics CRM and keen to update to a cloud deployment of Dynamics 365, you’ll need to upgrade to the latest version of on-premise before migrating over to the cloud.

Using a partner like Redspire is essential for this process to prepare your environment, people and data for upgrade and migration. The upgrade process is an excellent time to assess your business needs and establish exactly what you want from your new CRM and data. Your CRM partner will work with you to enhance your current model and replace with a future-proofed solution that delivers exactly what you need to unify your business operations.

Ready to upgrade to Dynamics 365?  

If you’re ready to upgrade or would like to discuss next steps, Redspire have developed a series of resources that may help. Download our upgrade deck or enquire about our on-site upgrade workshop. For an informal, confidential chat about your own upgrade project or to discuss how we’ve led clients in Financial Services, Insurance, Government, Retail and more through successful upgrade, get in touch on 0845 226 8170 or email info@redspire.co.uk.

7 min read

Top five benefits of upgrading and migrating to Cloud CRM in Banking and Financial Services

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The financial services sector is under growing pressure to meet ever-increasing compliance and regulation whilst delivering data-centric, customer-first experiences. Digitally switched on audiences from data-aware millennials to silver-surfing baby boomers are riding the digital wave and their expectations from Banks and Insurance providers are high. In touch with the innovations, apps and tools that help manage their money, check on the financial health and make transacting seamless and hassle-free both at home or on the go, consumers are hungry for the same sort of one-click services they’ve come to expect from digital giants like Apple, Amazon and PayPal.

Cloud-native banking and insurance

It’s clear that tech-tonic shifts are taking place in the sector, fed by this consumer demand and driven by accelerated advances in tech, in the form of AI, the cloud, advancing fintech and robotics. To keep up with these rapid-fire advances and meet regulatory compliance frameworks, upgrading and migrating existing CRM to clever and intuitive cloud based solutions like Microsoft Dynamics has been identified as the biggest game-changer for Financial Services. Slower early adopters of cloud technologies than other industries, the sector is now embracing the clear benefits of migrating services from on-premise to cloud CRM, making data work harder and smarter.

This year, Fujitsu says that in banking the focus should be on completing the move towards being cloud-native, whilst insurance sectors should take advantage of open APIs and the Internet of Things within their operational models. Pascal Huijbers, Chief Technology Officer Financial Services EMEIA at Fujitsu, says:

Banks were among the first organisations to take the digital transformation agenda seriously, realising the danger to their core business, or even their very existence, if they failed to respond to the threat of disruption from new entrants. Insurance companies are also responding with imaginative new initiatives in areas such as IoT. This year, the banks’ agenda is about driving away from expensive legacy technology and towards becoming cloud native, with all the implications that holds for agility, innovation and cost efficiency.

Cloud CRM or on-premise CRM

At it’s most basic level, on premise solutions are hosted locally on your organisations in-house computers and servers. Cloud software is hosted on the vendors’ servers, accessible via web browsers like Bing, Google etc. Accessibility isn’t the only consideration however when upgrading to cloud CRM or comparing and deciding upon upgrading to Cloud CRM over on-premise. Other factors to consider including software ownership, the cost of software and hardware, updates, support and security.

At Redspire, we have a proven track record upgrading and migrating disparate on-premise legacy or out of support systems to innovation ready cloud-deployed solutions. Here’s our top five benefits of upgrading to Cloud CRM and other cloud technologies.

1. Optimised budgets

When you upgrade to a cloud CRM like Microsoft Dynamics 365, it removes the need for costly IT infrastructure. With reduced needs for capital outlay, servers and equipment, organisations benefit from short and longer term return on investment. Redspire recently partnered with Money and Pensions Services (formerly the Money Advice Service) to upgrade and migrate to Dynamics 365 online. Transforming both customer facing and third party stakeholder operations, the deployment significantly reduced hardware costs, software upgrade costs and timescales, and incorporated support and fix costs for both the system and the hardware.

2. World-class, data compliant security

Mass service outage or even personal user downtime in service accessibility has a massive impact on day to day consumer convenience. Yet security breaches aren’t just an inconvenience to your customers in financial services. They can seriously damage consumer trust as well as their financial wellbeing and data security, as evidenced by the recent TSB security breach and subsequent disruption to services that cost the firm 16,000 customers.

The access and world-class security provided by Microsoft’s cloud technologies are some of the tightest, most secure and compliant security structures available today, and fully optimised to meet PSD2 (Payment Services Directive 2) and GDPR (General Data Protection Regulation) regulations. Connections between Microsoft data centres and end users are encrypted, and public endpoints secured using industry-standard TLS. Additionally, Microsoft review and authenticate over some 40 trillion logins per day. Threats and cyber hacks are managed by Microsoft’s Cyber Defence Operations Centre, which brings together security response experts from across the company to help protect, detect, and respond to threats in real-time. Microsoft’s annual investment in security, data protection, and risk management exceeds over a billion US dollars. Long story short? Your data is safer in the cloud than it is in your back office.

3. Innovation ready with automated updates and constant access to new features

An outdated, unfit for purpose CRM is one of the biggest obstacles to digital innovation and hampers customer engagement and success. Sound data delivered via adaptable technology is the foundation of efficient, exciting customer experience, making it easier to provide the innovative products and services that your banking and insurance customers crave. Cloud technologies are a clear winner over on-premise systems in this respect as they’re constantly updating to the latest and greatest version for all of your people, from branch level and field agents to senior directors. With Microsoft Dynamics 365, automated updates mean you’re always working on the latest version with continuous access to the latest cross-platform and cross-departmental features like integrated web portals, mobile apps and innovations in AI like Customer Service chatbots etc.

April 2019 was a key milestone for Dynamics 365, with all customers updated to the latest version. This release included three brand new Dynamics AI applications that deliver immersive customer experiences, excellent behavioural insights and add useful business controls in security, risk and compliance.

4. Productive teams and engaged employees

Cloud based CRM is the key to delivering differentiated consumer experiences in banking. Real time cross business data updates and a single customer view drive personalisation at a granular level by connect your braches, field staff, call centres and third party providers with the technology, rich data and insights your people you need to provide incredible experiences. Forrester’s Total Economic Impact™ study on Dynamics 365 for Customer Service 2018 indicated that the solution increases banking call centre staff efficiency by 15%, to a value of £4.56million across three years. Customers remain loyal, have better product and service uptake and have increased lifetime value when their needs are met. Employees are empowered with the tools to deliver best practice, show increased loyalty and have higher workplace satisfaction, whilst IT professionals benefit from agility of the solution, and are able to roll out innovation faster. Cloud CRM ensures that banking teams run like well-oiled machines.

Kate Leggett, VP and Principal Analyst, Forrester Research: “As they move to the cloud, companies can leverage cloud technologies and deliver these differentiated experiences. Cloud CRM deployments give you faster time to value.”

5. Cross business accessibility

With 24 hour a day, seven days a week access to banking and financial services the norm, and the move away from office based 9 to 5 roles, cloud CRM supports both customers and teams by giving them access to service functionality as and when they need it. Dynamics 365 is accessible to colleagues on any device with an internet connection. On-the-go employees are able to capture and share the same real time insights as desk-bound teams and even collaborate with with teammates and customers as they travel via an in-system common interface, giving them the tools and insights that increase employee engagement, drive customer satisfaction and deliver the strategic company vision.

Microsoft Dynamics 365 is next-generation business management and digital transformation system that unifies ERP, CRM and business intelligence into one slick application that can be uniquely tailored to your business needs. Blending people, culture and technology, it feeds all areas of the financial services business from day to day frontline branch operations to boardroom vision and strategy, whist allowing IT teams to innovate new initiatives instead of problem solve day to day. For more information on improving the digital transformation strategy to grow alongside your business, get in touch with Redspire today, or check our one of our free upcoming webinars, including “The benefits of migrating your CRM to the cloud”.

8 min read

Achieving the four pillars of Digital Transformation in Banking with Microsoft Dynamics

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Not so long ago, digital transformation in Banking meant keeping pace throughout the third industrial revolution; meeting the digital challenge by providing basic online banking functionality that supported bricks and mortar mainstream branches. As digital evolved, account and loan applications were added, along with mobile transactional functionality to allow people to bank on-the-go. Personalisation and big data made its way into Board and Executive strategy conversations. The Retail Banking sector in particular, rose to the digital challenge, proving itself agile and adaptable to change, despite the unchartered territory of balancing strict risk and compliance controls alongside the necessary digitalisation of the customer experience.

As we hurtle towards 2020, through the fourth industrial revolution, digital transformation has become a lot more meaningful and immersive than simply providing online and mobile transactional functionality. Corporate and Commercial Bankers now find their marketplace in an accelerated state of change, alongside Retail Banking and the wider Financial Services sector. AI in banking and financial services is revolutionising the industry. FinTech, InsureTech, RoboAdvice and open banking capabilities are shifting the goalposts, stealing market share from incumbent banks, building societies, credit unions, insurers et al. And doing so with a side order of brand sass that appeals to younger audiences, almost as much as their instant gratification banking services do.

So how sound is your organisation’s digital strategy?

A recent report by the Boston Consulting Group highlights that executives in the banking sector lack confidence in their organisation’s digital futureproofing. With Big Tech and FinTech threats looming, over 40% of c-suite executives in banking reported that their own organisation didn’t have a digital strategy – never mind a sound one – despite 80% of respondents being aware that digital is leading transformation in the sector. Only 20% of banking executives believe that their bank has a market-leading digital presence, with the number one barrier to effective digital transformation cited as dated infrastructure and challenging legacy systems. Yet legacy IT needn’t hold you back as you map out future transformation and it doesn’t mean you need to rip out and replace high value tech to get started. The power of Microsoft Dynamics is that you can integrate legacy data sources right into the solution for quick results, now.

The four pillars of digital transformation in Banking and Financial Services

So, it’s clear that the opportunity to thrive, not just survive still exists for hungry market players with an eye on innovation. Boston Consulting Group recommend four key pillars for effective digital strategy in Banking and Financial Services. These key priorities align neatly with Microsoft’s four pillars of effective digital transformation and provide a cohesive starting point for reviewing and renewing your digital business strategy, market position and current capabilities. The possibilities, done right? End-to-end customer-focused journeys and increased satisfaction through the latest technologies in the Microsoft stack; from a safe and secure cloud-based Dynamics 365 CRM that unifies your people, data and business processes in a single, intelligent system, to AI for customer services and sales integrations that automate processes and decision making. All driven by sound data and providing enhanced operational workflows for every single person in your business.

Why is it so important to reach digital maturity in banking and financial services now? New technologies are constantly emerging, however, only digitally-enabled organisations with the right foundational solutions in place will be able to make use of these new innovations. The beauty of Dynamics 365 cloud platform is that once implemented, it’s constantly updating. Meaning you’re always working on the latest version, and able to access new release tools as soon as they hit the market. Recent releases include live chat and SMS functionality and new Power Platform capabilities which combine Microsoft Flow, Power BI and Common Data for apps which allow an easy and powerful collaborative integration into Dynamics 365 and Office 365.

Of course, these operational changes and strategic digital improvement can’t and shouldn’t be disconnected à la carte projects and initiatives undertaken in a silo. Successful digital transformation is a unified and co-ordinated business project, created in the Boardroom as a comprehensive, enterprise-wide strategy and implemented, with a clearly defined purpose, and an industry expert and experienced external partner like Redspire supporting the process.

The four key priorities for effective digital transformation in Banking

  1. Reinvent the Consumer Journey

The outdated banking model is dead. Customer expectations continue to rise, desiring and demanding service and personalised sales processes their way. Seamless, safe and secure fingerprint or facial recognition log in, one-click withdrawals, remembering personal preferences at every customer touchpoint and Alexa voice integrations are the bare minimum that customers expect when they interact with their bank today. Market disrupting challengers and nimble, born-in-the-cloud FinTechs have evolved the customer journey and traditional banks, building societies and insurers should do the same to remain competitive.

Cloud-based CRM is one of the most vital tools in the innovative banker’s arsenal. Gain a single view of customers and prospects with Dynamics 365, your entire business in one neat, expandable solution. With all customer data in the one place, available to your cross-departmental agents in real time, you can exceed and delight customers with insights that sell, service and convert. Seamlessly merged with big data, business intelligence and AI integrations, your agents can pick the next best action, systems are automatically updated and your customer gets the service they’ve come to expect from Big Data players like Amazon, Apple et al.

Before kick-starting any digital transformation project, spend time selecting the right partner and mapping the customer journey collaboratively to put your customers at the centre of your business. The beauty of Microsoft’s cloud technologies are that they can be moulded and integrated to suit your bespoke needs, reimagining and redefining your customers experiences. When you understand what matters most to different subsets of customers during critical junctures in their user journey – supported by the the immense capabilities of the Microsoft stack – can build user experiences that reward, engage and create long-term loyalty. On-board a client in just a few clicks with Adobe Sign. Automate lending decisions with Flow. PowerApps and Portals connect access to Credit Reference Agencies third party tools. The limitations are endless, with a quantifiable ROI evidenced from the outset.

  1. Discover the power of data

What’s the point of harvesting data if you don’t harness its power? Microsoft Dynamics and Power BI reporting provide insights that help you understand your clients and prospects, uncover missed opportunities, identify high-ticket clients or cross-selling opportunities and reduce the cost of acquisition, satisfaction and retention too. Dynamics online and Power BI allow your team to create, share and view immersive visual dashboards on the go, within global geographies, and are key drivers of building consultative client relationships that last.

During a recent Dynamics 365 implementation within the small business banking division at CYBG, unifying data from legacy systems allowed Relationship Managers and Team Managers to deepen customer relationships, easily identify key accounts and identify those at risk of default or depreciation. Data precision and clarity allowed the team to gain 3,175 days in increased productivity through increased data analytics and an 11 x increase on customer outreach calls, with impressive impact on annual results too.

  1. Redefine the operating model.

Living in an increasingly time-poor world, consumer needs have shifted in their banking relationships. That close relationship with the bank manager has become a convenient online digital relationship that’s easily accessible via their devices as and when they need it, outreaching for that human touch only when they have more complex needs. Hybrid sales, customer service and experience operating models that are well executed can inspire loyalty and delight a customer. Executed badly, can frustrate and have them abandon ship for a competitor without even stopping to let you know where you’ve failed.

Banks who successfully combine the human touch with self-service capabilities via AI bots and custom-built portals can expect to see up to a 15% increase in revenue and satisfaction levels and up to a 35% saving in branch network costs. Utilising bionic networks, whilst being open to collaboration with other FinTechs and Open Banking players can create the high value service levels that your customers desire and create seamless services that deliver on brand promise and value.

  1. Build a Digital Driven Organization

The final priority of successful digital transformation in banking is facing organisational culture hurdles face on to build a digital-first business.

When you set out strategically, with board, CEO and senior executives aligned on a vision to build a digitally driven banking business, you reaffirm to your customers, your people and your stakeholders that digital transformation is a priority. You state that every action in the future roadmap leads to agile and digital-first working methods, earmark funding and help recruit the best talent and partners in the sector to make your vision a reality. It takes collective vision to shift a traditional financial provider mindset into a radically changed innovative digital culture. Strong top down leadership is vital to make success happen, with the right partner steering your vision every step of the way.

The boldest incumbents and challenger banks are taking cue from FinTechs, mirroring their agility and born-in-the-cloud best practice to overcome legacy challenges and red-tape laden showstoppers that dampen customer experiences.

Data driven customer experiences, with a human touch

Digital transformation in banking today is connected, blending people, culture and technology to provide personalised service, slick and connected operations that service the customer how they want, when they want and where they want it. It’s speedy and agile, data-driven, with a human touch. Banking executives and the c-suite are under tremendous pressure to keep up and ensure a coherent digital strategy delivers on corporate vision. For more information on improving customer experience and gaining competitive advantage in Banking, join our webinar on Thursday 20th June @ 11 am.