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The financial services domain is experiencing a remarkable transformation, prompted by disruptive newcomers and the rise of Open Finance. These modern players, predominantly digital-only banking entities, are not merely passively accepting the tide of digital transition, but are actively molding it, setting a groundwork for an increasingly open, inclusive, and technologically oriented financial environment.
What distinguishes these modifications is their core emphasis on "access." Technological breakthroughs in the fintech sector, in conjunction with Open Finance principles, are slowly but surely unraveling the intricacies of the financial sphere, making it more approachable, safe, and user-friendly for all. This tilt towards a tech-centric strategy is notably accentuated in the North American region, where the demand for digital experiences from consumers is heightened.
Adding another layer to these developments are environmental, social, and governance (ESG) matters, along with the "Great Resignation." As customers demonstrate increasing interest in ESG, providers of financial services are forced to adapt by formulating distinctive fund solutions that address these issues. Concurrently, though it appears to be ending, the "Great Resignation" has amplified the necessity for financial establishments to refine their digital capabilities and organizational cultures in order to attract and retain premier professionals.
Within this dynamic environment, traditional profit-driven structures are being substituted by a customer-centric methodology. Modern-day providers of financial services are discovering that by prioritizing customer value, financial gains follow naturally. To maintain their competitive edge, these institutions are incessantly harmonizing the digitalization of their offerings with the pressing need to enhance security, accessibility, and customization.
<h2>Personalization and Adding a Human Touch</h2>
According to <a href="https://www.mckinsey.com/industries/financial-services/our-insights/banking-matters/consumer-trends-in-digital-payments">McKinsey’s 2022 Digital Payments Consumer Survey,</a> nine out of 10 Americans now use some form of digital payments. Additionally, the percentage of respondents who use two or more forms of digital payments has increased from 51% in 2021 to 62% in 2022. This growing segment of consumers using digital payments and increasing competition in the digital payment industry means companies need to work hard to appeal to customers and gain their business.
Although digitization is clearly transforming the industry, it is important to note that many still prefer human interaction when making high-value financial decisions. By incorporating human interaction into digital experiences through methods such as omnichannel content delivery and conversational AI, organizations can make interactions more engaging and personalized to consumers.
Technologies such as data analytics, mobile development, artificial intelligence, and APIs can be used by financial institutions to deliver value to customers while still maintaining a human touch. Conversational AI tools like chatbots let financial institutions offer 24/7 support. Chatbots can handle routine inquiries and transactions and hand off more complex queries to virtual assistants. Meanwhile, the vast amounts of customer data available regarding behavior and preferences can be used to offer tailored recommendations and promotions.
To tie it all together, financial institutions should offer a consistent and seamless experience across channels that incorporates the right mix of digital interaction and human touch. Companies establish familiarity with their customers and build trust when online content is consistent, easily delivered across all digital assets and applications, and managed all in one place.
<h2>Delivering Great Content through CMS</h2>
Ultimately, what makes a great digital financial experience possible is timely and relevant digital content. The most important thing to customers is that they are kept informed of their financial situation. Institutions can connect with their customers by providing content that updates, educates, and motivates them.
Delivering such tailored content requires customer insights, data intelligence, and content management processes to be streamlined through reliable, future-proofed technology. At the center of all this is a Content Management System (CMS), which is a platform used to manage digital content and deliver personalized experiences. Financial services providers can build and manage their digital channels, such as websites and mobile apps, in a centralized manner using a CMS.
In addition to simplifying content creation and management, a CMS can also ensure consistency across digital channels. Details like specific offerings, rates, and locations change frequently. A CMS can be used to publish changes across multiple sites more quickly and efficiently.
A CMS also enables integration with other systems, such as marketing automation platforms and Customer Relationship Management (CRM). Integration creates the opportunity to offer personalized experiences based on the account portfolios and branch locations of customers.
Lastly, a CMS enables digital channels to be optimized for different devices and methods of consumption. Using a CMS, financial service providers can develop responsive websites and mobile applications for different devices and screen sizes, which is essential for customers to access financial services anywhere, anytime, and on any device.
<h2>Maximizing your CMS</h2>
As the financial services industry continues to change rapidly and more consumers adopt digital payment systems, IT and marketing needs to prioritize humanizing digital experiences. Customer preference for digital interaction puts the onus on businesses to find new and innovative ways to incorporate human elements into digital experiences. Conversational AI and omnichannel experiences all help businesses connect with customers without putting strain on human team members. With a connected digital experience platform, financial services providers can deliver personalized experiences through managed digital content.
To maximize the value of a CMS, IT leaders should investigate the built-in security, auditing, and compliance capabilities of each platform. Other key factors are advanced workflow automation capabilities and support for secure data transfer. A CMS platform that accounts for all of this will make sure IT leaders can deliver engaging digital experiences in a more efficient and valuable way.
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<a href="https://www.cmscritic.com/critics/jay-sanderson/">Jay Sanderson</a> is Senior Product Marketing Manager, Digital Experience, at Progress and a CMS Critic contributor.

The Benefits of Personalization and CMS to Improve Digital Financial Experiences

jay-sanderson

<a href="http://www.progress.com" target="_blank">Progress</a> is making progress.
And that says a lot given their long history in the business applications marketplace. Founded in 1981, it’s fair to say that the software vendor has “seen it all” and helped shape the current BA landscape. But such longevity can result in a paleolithic perception, especially when technology "years" are measured in days.
But that hasn't been the case for Progress. More recently, the company has focused on deepening its innovation across an expanding digital experience portfolio – starting with its acquisition of <a href="https://www.progress.com/blogs/progress-software-announces-agreement-of-intent-to-acquire-telerik" target="_blank">Telerik’s Sitefinity CMS</a> in 2014.
With the accelerated pace of digital transformation felt throughout the Covid-19 pandemic, Progress has experienced steady growth, even <a href="https://www.zdnet.com/article/progress-software-stock-surges-as-fiscal-q3-results-crush-expectations-raises-year-view/" target="_blank">crushing analyst expectations</a> for Q3 2021. This comes on the heels of another key <a href="https://www.globenewswire.com/news-release/2021/09/23/2302618/0/en/Progress-Announces-Acquisition-of-Kemp-Adding-Application-Experience-to-Industry-Leading-Product-Portfolio.html" target="_blank">acquisition of Kemp</a>, a leader in the burgeoning Application Experience (AX) space, for a tidy sum of $258 million in cash.
Progress, yes. But not just for the sake of progress. There’s a plan in play, and there’s nothing “old guard” about this market leader’s vision for the future.
<h2>A shifting digital experience platform (DXP) marketplace</h2>
While Progress evolves their broader BA stack, Sitefinity continues to be a bellweather brand in the CMS and DXP storm of fragmentation and consolidation. This has been a critical advantage given the seismic shifts rippling across the DXP market.
As people and businesses move to more digital-first and contactless solutions (again, a by-product of Covid-19), having a solid digital strategy is essential. The demand for partners with proven experience and digital maturity has helped accelerate the pivot by streamlining technology adoption, reducing operational complexities, and eliminating many IT and compliance challenges.
This has been true for the entire DXP sector, which has experienced unprecedented growth.
But it’s not all rosy: Progress’ <a href="https://www.progress.com/campaigns/sitefinity/whitepapers/dxp-needs-to-be-less-complicated" target="_blank">recent research</a> shows that 35% of organizations haven’t implemented a DXP solution because the products on the market are too complex, expensive, and monolithic – resulting in underutilized features that add to a bloated pricetag.
<h2>What to expect from Sitefinity DX 14.0 </h2>
With the release of <a href="https://www.progress.com/sitefinity-cms/dxp" target="_blank">Sitefinity DX 14.0</a>, the company is injecting greater agility, flexibility, and extensibility into their digital experience platform (DXP) – providing a host of new capabilities for low-code integration, chat-driven engagement, and enhanced headless content delivery.
“As the core of a composable DXP, Sitefinity DX 14.0 puts pieces of the puzzle in place, giving organizations a powerful solution – without being overly complex or costly – for creating digital experiences that drive businesses forward,” said John Ainsworth, SVP, Core Products, Progress. “Organizations can be confident that through integrated content and commerce, combined with advanced marketing insights and headless experience delivery, they can create omnichannel experiences that deliver the right content, at the right time, on the right channel. This is no longer a choice, but a must for those who want to stay competitive.”
Along with the aforementioned enhancements, Sitefinity DX 14.0 will enable integrated, tailored experiences delivered and managed at scale. In that sense, organizations can fashion their own unique DXP solution by choosing which functionalities meet their unique business goals and challenges – and empower them to create composable digital experiences.
<h2>Sitefinity DX 14.0 features</h2>
With the new release, users will be able to:
<ul>
<li>Execute strategic, data-driven marketing: Create and execute marketing campaigns that are informed by interaction history via comprehensive touchpoint attribution modeling to drive more conversions and increased ROI.</li>
<li>Capitalize every channel in less time with multichannel experience management: Engage visitors across every stage of the funnel and customer lifecycle. With the hybrid content management capabilities of Sitefinity DX, comprising its headless content-as-a-service API framework, marketers can seamlessly execute a consistent and personalized experience across audiences’ key touchpoints. Additionally, organizations can drive visitors to positive outcomes by incorporating Progress’ powerful AI-driven chatbot platform, NativeChat®, into their Sitefinity experiences.</li>
<li>Boost efficiency through simplified system integration with low-code tools: Automate marketing operations and reduce implementation efforts through expanded connectivity between the systems necessary to deliver a well-orchestrated omnichannel experience. Leverage simplified workflows, service hooks, and low-code integration with components of existing tech stacks.</li>
<li>Scale global content and campaign delivery: Deliver content quickly and efficiently across channels with enhanced content synchronization capabilities. Improve content governance for multisite experiences across several business departments, units, locations, and brands with comprehensive multisite user group management.</li>
<li>Ensure delivery of a smooth page experience: Ensure an engaging and pleasant visitor experience and optimize SEO rankings, user engagement, and conversion. Marketers can get dedicated, out-of-the-box support for the newest Google Page Experience requirements.</li>
</ul>
<h2>Forging a leadership role in the DXP space</h2>
The last two years have seen a constant battle for enterprise dominance in the digital experience platform space. While both <a href="https://www.cmscritic.com/key-takeaways-from-gartners-2021-magic-quadrant-for-digital-experience-platforms/">Gartner</a> and Forrester have incrementally shifted the players on the board, few disruptors have made the treacherous climb to compete with the likes <a href="https://www.cmscritic.com/adobe-experience-cloud-adds-new-headless-cms-capabilities-updates-to-commerce-integration/">Adobe</a>, <a href="https://www.cmscritic.com/acquia-widens-its-dxp-stack-with-widen-acquires-dam-and-pim-capabilities/">Acquia</a>, <a href="https://www.cmscritic.com/episerver-rebrands-as-optimizely-following-acquisition/">Optimizely</a>, and <a href="https://www.cmscritic.com/sitecore-acquires-boxever-and-four51/">Sitecore</a>.
Still, there’s lots of room for growth in the DX market. <a href="https://www.statista.com/statistics/870924/worldwide-digital-transformation-market-size/#:~:text=In%202022%2C%20spending%20on%20digital,almost%207%20trillion%20U.S.%20dollars." target="_blank">According to Statista</a>, global spending on digital transformation is projected to reach $1.78 trillion next year – and between 2020 and 2023, that number balloons to almost $7 trillion.
Those figures are driving more opportunities for platforms to “progress,” and that certainly seems to be the case with Progress as they launch a broader vision of completeness around their DXP offering. This began with CMS many moons ago and has hence evolved into a confluence of marketing and optimization capabilities.
Sitefinity has managed to adapt and thrive throughout the course of these changes and seems poised to continue its growth. While it hasn’t shed its mantle of being a core CMS, the DXP moniker – and its now composable nature – should provide greater control to users and businesses as they tackle the unrelenting needs of digital transformation.
"Content management was the underlying piece of any DX platform until organizations realized that it alone wasn't enough,” said Paul Nashawaty, senior analyst at Enterprise Strategy Group. "The increasing need for flexibility and integration with other systems led to the emergence of the composable DX platform. What makes this technology powerful is the flexibility it provides – organizations can integrate only the components and systems they need and customize them as consumer behavior and market trends change."
In the past year, Sitefinity DX has earned multiple recognitions and reviews. Most recently, it was named a “Leader” in <a href="https://www.progress.com/campaigns/sitefinity/whitepapers/dxp-grid-report" target="_blank">G2’s Spring 2021 Grid® Report for Digital Experience Platforms</a>. The recognition was based on a variety of factors, including features and functionality, market presence, and customer satisfaction. Sitefinity DX was also named a “Major Contender” in Everest Group’s Digital Experience Platform (DXP) PEAK Matrix® Assessment 2021.
You can check out Sitefinity DX 14.0 at <a href="https://www.progress.com/sitefinity-cms" target="_blank">https://www.progress.com/sitefinity-cms</a>.
<h2>About Progress</h2>
<a href="http://www.progress.com" target="_blank">Progress</a> (NASDAQ: PRGS) provides the leading products to develop, deploy and manage high-impact business applications. Our comprehensive product stack is designed to make technology teams more productive, and we have a deep commitment to the developer community, both open source and commercial alike. With Progress, organizations can accelerate the creation and delivery of strategic business applications, automate the process by which apps are configured, deployed and scaled, and make critical data and content more accessible and secure – leading to competitive differentiation and business success. Over 1,700 independent software vendors, 100,000+ enterprise customers, and a three-million-strong developer community rely on Progress to power their applications.

Progress Launches Sitefinity DX 14.0, Enhances Digital Experience Delivery with Global Scale

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The Benefits of Personalization and CMS to Improve Digital Financial Experiences

Progress Launches Sitefinity DX 14.0, Enhances Digital Experience Delivery with Global Scale