At our recent Innovate Together event, we spoke about how processes within regulated industries can be simplified through digitisation. The discussion brought together Arman Tahmessebi (COO, LendInvest), Mary Letson (Regional Sales Director, Salesforce UK & Ireland) and Craig Jamieson (Lead Solution Engineer, Salesforce) and focussed on how to move from a paper-based digital process to a digital-first one, and how this transition will lead to a more seamless customer experience.

It comes as no surprise that the Covid-19 pandemic has accelerated business digitisation and customer expectations of digital capabilities from every brand, no matter the industry.

Personalisation and efficiency need to be at the heart of all interactions now, with data being the driving force behind it all.

Getting personal within regulated industries though can feel particularly challenging because of legacy processes, technologies and ever-evolving guidance around compliance requirements.

Arman at LendInvest (a non-bank mortgage lender and investment platform) shared how they have successfully used their data and market expectations in accordance with the regulators to fulfill their mission to be a digital-first company with a seamless customer experience. 

So, it can – and is being done. And this is how. 


Defining what matters

It can be easy to throw digitisation into a one-size-fits-all category believing that a move away from paper is the first necessary step. However, even before that, defining your organisation’s ultimate goal, of smoother customer transactions, is the most effective way to identify and prioritise task load.

Across every industry customers want improved timeframes, less paperwork, clear next steps and checklists – but this often proves more challenging to deliver within regulated industries. Internal processes, workers’ mindsets and the necessity of accommodating third parties could be holding up implementing change. That’s why simplifying these complex processes is key in order to move the organisation to one that’s digitally-driven, and making informed decisions based on data.


Diverse Feedback

Data is quite literally everywhere and many businesses are getting the most out of theirs by interrogating it with an open mind; finding the best storage and visibility solutions and asking the right questions are key. 

For Arman, capturing and storing the right data has been a key starting point for LendInvest’s decisions and transformation.  

Feedback is often considered a remit only suited to subject-matter experts, but an additional overlay directly from customers and partners provides a fuller view that will better inform your unique plan of action. Getting feedback from stakeholders, users and customers can help with that journey.


Use regulations to your advantage

Regulators have proved to be an asset in the world of digital transformation. Their frameworks and guidelines can provide scaffolding to work with when embarking on a digitisation path, and they’ll create business best practice in line with that.

The plethora of third-party apps helping to automate and digitise processes that now distinctly meet regulatory requirements, means process changes are increasingly straightforward, and have less risk of missed qualification or standard specifications. A third-party identification platform fulfilled LendInvest’s needs and the regulation’s checks.

While each industry is subject to its own regulations and standards, the rapid change in markets and technology has meant many regulators are already aware and open to adaptation.


Stay on track

It’s easy to get lost down a rabbit hole when implementing new solutions to address every friction point, particularly as more data sources can mean more complex security checks. It’s best to make decisions based on defined goals. 

Tracking the incremental, measurable successes during each build-test-feedback cycle may seem primitive or granular, but running alongside what the ultimate goals are, it serves as a great indicator and motivator for any simplification operation.

Salesforce Customer 360 also assists with the elevation of segments and influx of data. It enables a gold-standard customer experience to be maintained even as new processes are introduced. LendInvest’s COO found this particularly helpful in their end-to-end lending journey. 

“We call out to many third party credit agencies to gather information, and it’s key to be able to assimilate that data to make a good, quick decision.”


The full session dives into specific digitisation challenges and solutions faced within regulated industries, as more real-world experiences are discussed and Craig demonstrates a simplified process to manage collections. Watch it here.