Digital transformation is a top priority for businesses today — but how can you quantify its value and ROI to your organization? That’s especially important in these times, with businesses managing the economic impact and uncertainty of COVID and new variants, and how this will impact both their customers and employees going forward.
With so many unknowns to consider and a myriad of technologies in the market, the need for business leaders to be efficient in how they prioritize their digital technology investments is more critical than ever — and being able to answer these questions precisely:
- How much does it impact the bottom line?
- How significantly does it impact costs?
- How much time does it take to realize that ROI?
Bringing that efficiency to businesses through end-to-end digitally complete experiences has been our mission at Lightico since day one — but we wanted to put the true value of Digital Completion to the test.
To answer these questions, we commissioned leading research firm Forrester to perform a Total Economic Impact™ (TEI) study and assess the true ROI and impact of Lightico being realized by businesses. Forrester Consulting interviewed a digital and treasury manager at a North American bank with two years’ experience using Lightico, and performed a thorough cost benefit analysis.
Over 3X ROI
When choosing from the crowded field of 3rd party technologies, business leaders should prioritize solutions that can deliver verifiably clear ROI. A recent Global CFO Survey showed that 67% refuse to waste precious dollars on IT investments that don’t “move the needle” for their business quickly.
Analyzing the impact of Lightico over three years, Forrester assessed that using Lightico generates a 360% return on their investment.
How are businesses gaining almost 4 times the return by digitizing their customer-facing processes? Having one end-to-end digital process eliminates the customer pains that come from patching together disconnected siloed systems which require multiple steps for them to complete. It also saves customers from the time, effort, and inconvenience demanded by manual, legacy processes like PDF-based forms, printers, fax machines, and scanners that bounce them from channel to channel.
Replacing these outdated experiences with purely digital ones enables businesses to deliver fast, seamless, and intuitive customer-facing processes they can complete straight from their smartphones, be they as simple as signing up for a savings account, applying for a loan, or resolving customer disputes.
That speeds up turnaround times and helps businesses the experience today’s digit-first consumers expect. Forrester’s study found that customer Net Promoter Score (NPS) increases 15 points by improving their customer experience and lowering abandoned applications.
6-Month Payback Period
Many companies have lengthy roadmaps for their digital investments, assuming that implementing digital transformation will take years to implement. A recent report showed that 82% of CFOs want to see ROI on their technology investment within three to five years. While waiting years to make good on potential return may be true when it comes to replacing deeply embedded backend systems, digitally transforming the frontend can be completed much faster.
The Forrester study assessed that when Lightico’s Digital Completion solution is implemented, the impact is felt immediately, needing 6 months or less for organizations to see initial return on their investment.
Enabling this national bank to automate workflows not only helped them to quickly realize the value of digitizing banking processes, it’s enabled their employees to support customers throughout the pandemic whether from the office or remotely:
“If we had not implemented Lightico before COVID, we would not have been able to function at near the capacity that we did. Almost everything that was accomplished during the pandemic was due to Lightico. Customers and employees had to do things through text and calls, and thankfully, we could do this with Lightico. If we hadn’t had it, we would have been almost at a standstill.” – Digital and treasury manager, banking, interviewed for the study
Costs Dive 250K Yearly
With the delta coronavirus variants throwing a spanner in the works for many financial institutions’ return-to-office plans, cost-efficiency is of paramount importance — yet technical debt coming directly from legacy systems consumes large chunks of IT spend.
The Forrester study found that digitizing every step of the loan origination process, from ID verification, document collection, and esignatures, enables an organization to complete loan applications, and therefore process more loans. This allows organizations to cut costs by more than 250K annually by completing processing loans more efficiently.
Taking away digital silos and legacy processes also removes expensive pain and burden from employees, with agents no longer mired in needless paperwork and calls for processes that could otherwise be automated.
Freeing up employees to accomplish more in less time uplifts employee satisfaction significantly, helping businesses to reduce employee turnover by 10% and associated costs by 155K per year.
Digital processes also reduce the need for paper, helping slash paper costs by 10%-15%.
See the Impact
At Lightico we’ve been thrilled to partner with top global organizations across industries and help them realize the transformation that Digital Completion has on their customer journeys and business results.
Learn more about how you can accelerate your ROI while delighting your customers and empowering your employees.