Financial Services companies are confronted with ever growing competitive, regulatory, and technological challenges. Digital transformation can be the answer in many cases and it can be achieved through the promotion of systems that support high levels of data centric interoperability and interconnectivity.
Regulated companies (e.g. wealth management practices, retail banking, payment industry, etc.) looking to go digital should start by defining their strategic goals relative to their desired value proposition, client experience, channel management, delivery platform, and product or service design. Executing against a digital strategy requires a multidisciplinary engagement model, strong delivery focus, and rigorous change management. Financial services companies need to evolve to provide integrated enterprise, real-time, Cloud, and mobile-computing solutions to the user. The quest for value, in today’s world, has essentially shifted from the delivery of services to user experience optimization and financial services companies are embracing connected digital services in areas like customer engagement, mobile banking and customer education.
Building a leading digital offering includes three corresponding digital paths:
An increased need to leverage APIs to connect with marketplaces and Open platforms
A growing need for developing a data science team able to cope with the developments of required algorithms that will transform your company in an intelligent system
Consider integrating people – workers, customers, suppliers… - into your digital ecosystem with bring-your-own (BYO) policies, digital controls, sensors, wearables to benefit from an augmented and connected world.
This transformation does not happen overnight and requires an approach we outline hereunder:
What’s your ambition? Gain early alignment with upper management, project teams, regulators and other external stakeholders.
What’s your primary focus? Define a limited set of used cases or client stories while minimizing complexity and keeping costs down.
What client experience? Develop intuitive, simple and actionable but compelling features to enable a unique user experience. Drive adoption and advocacy.
What test and iterative strategy? Refine continuously. Use agile solution development and proactive alignment with all parts of the company to maximize effectiveness.