Your employees want technology that simplifies their lives and makes it easier for them to get work done. However, many financial institutions have not assessed how their employees work and the bottlenecks they face when performing tasks. Without this knowledge, institutions may deliver an employee experience that is antiquated, rigid, and complex.
For example, workers often need to use multiple apps to complete a single task. According to Harvard Business Review, context switching results in a 40 percent loss of productivity.1 Once employees get distracted, it takes them an average of 23 minutes and 15 seconds to re-focus on the original task.
A study by HubSpot found that about 75 percent of marketers and salespeople lose up to an hour each day on data entry and connecting information that is located in different tools. Thirty-one percent of the survey’s respondents said that their most frustrating tasks are switching between multiple tools and managing passwords.
The costs related to these inefficiencies can quickly add up. A financial institution may need to hire more salespeople to make up for the lost productivity or end up closing fewer deals.