DXPs are generally used by medium to large-sized enterprises aiming to enhance their customer experience and digital strategy by consolidating and streamlining digital touchpoints and back-end processes. The goal is to create cohesive and highly tailored user experiences that drive loyalty and business outcomes. Unlike a Content Management System (CMS) primarily focuses on web content management and delivery, a DXP provides a more comprehensive toolset to cover a broader range of customer touchpoints.
A Fintech abstract explains the advantages of a DXP in the following way.
Digitization has changed the way and ease of doing business which affects almost everything in today’s enterprise organization. Digital Experience platforms (DXPs) are unified approach to integrate all technology stacks available in the market across every touchpoints such as Wearable devices, WEB, IVR, and Mobile etc. US Banking & Finance Industry have lot of potential to transform, digitize their banking and finance (Fintech) applications using unified approach such as DXPs. In this article, we have evaluated many digital strategy from various stakeholders in the industry. Enterprises uses various technology, tool, techniques and concepts to develop digital capabilities whereas DXPs has integrated approach to develop, implement and digitize the strategy to transform banking and finance industry. DXPs is gaining momentum & it is now used by banking & finance sector, such as Standard Bank, Citizen Bank, TP Bank etc.
The paper investigates the changing landscape of our world with the prevalence of digital devices that consume content in a multifaceted experience by users around the planet. This can be challenging as organisations need to be able to manage content and how information is delivered in a unified and cohesive way across all business units. When choosing a DXP stakeholders will need an understanding of the following attributes, how they affect users, and the channels that will be used to inform.
- Personalization
- Integrations
- Scalability and Flexibility
- User Experience (UX) Management
- Content Management
- Analytics and Optimization
- Customer Journey Mapping
By understanding these concepts and your organisational gaps when in an engagement with a vendor will bolster there confidence that and ability provide the best solution for your circumstance.
Finding a DXP provider.
As demanding as these changes are, several companies are helping the Australian Enterprise market solve this problem they have the expertise and understanding of the space to help your team navigate the implementation of a DXP that will enhance your visual presence on all the channels important to a potential prospect. The online companies that are well-known in this market segment and are willing to help organisations resolve this problem are the following,
- Adobe Experience Manager
- Acquia
- Liferay
- Optimizely
- Morpht
- Sitecore
These providers want to understand your customer's needs or characteristics to align them with the company's products or services and determine a DXP solution that supports your goals and aspirations.
When discussing and scoping a solution the DXP should welcome information in a global context about the market segments needing access including customer demographics, geography, psychographics, and behaviour. This understanding gives them a contextual understanding of the touch points accessed in a multi-channelled approach to your customer.
The conversation should navigate the subjects of potential skill gaps, data migrations, integrations, customization, scalability, governance, user adoption, budget constraints, time management, and measuring success.
The future of Digital Experience Platforms
The future of Digital Experience Platforms (DXP) appears to be focused on several paths driven by emerging technologies and the need for enterprise companies to adapt to changing consumer behaviours. The increasing expectations for personalized digital interactions to assist people get a relevant understanding of their requests in a clear and specific way is paramount.
Businesses will fulfil all of this diversification through automation and ethical data collection. Here are several areas where the future of DXPs needs to invest to complete this evolution of their digital presence.
- Artificial Intelligence and Machine Learning
- Headless and API-first Approaches
- Integration of AR/VR and IoT
- Enhanced Analytics
- Voice and Conversational Interfaces
- Privacy and Compliance
- Microservices Architecture
- Blockchain for Trust and Verification
- No-code/Low-code Development
- Sustainability
The evolution of Digital Experience Platforms (DXP) will affect the whole online industry in several ways, often changing the nature of what skills companies will require, and how they approach building and maintaining digital experiences.
While these changes could represent growth and opportunities for companies, they may also pose challenges for others, particularly those who do not adapt to the shifting landscape. Embracing the new features and paradigms brought about by the evolution of DXPs will be necessary for us as an industry that wants to remain relevant and valuable in this changing space.
Cite as: Sourabh Sethi . Platforms Based Approach and Strategy for Fintech Applications is under Creative Commons licence