29 May How to drive digital transformation for retail banks and credit unions
Today’s financial institutions are operating in an environment where tech-savvy competitors and stringent regulations are backdrop considerations that get factored into every business decision made.
Over recent years, online channels like websites and smart phone apps have revolutionised the way most people do their banking, rendering banking transactions quick and hassle-free for the customer.
While this is the most visible aspect of digital technology, behind the scenes industry-leaders are implementing digital capability throughout their organisations. By linking an entire business through a meaningful thread of information, this connectivity can streamline operations, enhance communications, help launch new product more quickly, increase levels of service and meet compliance demands with confidence.
So how can you achieve this efficiency? Here are three steps you could be taking towards your digital transformation strategy.
- Start with a flexible and affordable infrastructure: In a data-driven digital world, it is essential that your solution has the capacity to handle massive amounts of information and intensive spikes in workflow demands. This is where a cloud solution is ideally suited. Based on a pay-as-you-go subscription model, cloud provides virtually unlimited capacity whenever you need it, and you only pay for what you use. This flexibility and cost-efficiency is a central part of any digitally focussed business strategy
- Create an open environment: With legacy systems locking information into operational silos, co-ordination across your business units is limited, communication between people is disjointed and true collaboration is almost impossible. On the other hand, a modern Standard Operating Environment allows data and applications to be shared with authorised members of your team and with partners, regardless of their location. As well as enhancing collaboration for better decision-making, this integrated environment also gives you a single view of every customer by consolidating your interactions with them.
- Enhance your software functionality: New core banking systems, and associated business productivity applications, can provide more functionality and intelligence than traditional solutions were ever designed for. From automating manual tasks and speeding up loan approvals through to integrating CRM data and improving customer service, today’s industry-leading financial software can revolutionise your efficiency and increase your security while also cutting costs-per-transaction. By having software provided as a service, you not only avoid hefty upfront licensing and installation costs, you also eliminate ongoing management issues and ensure your technology is delivering peak performance.