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Digital innovation in banking

19 May 2015  |  2693 views  |  0

The adoption of digital technologies is accelerating the convergence of the corporate and retail worlds and a more customer-centric set of services are increasingly being demanded of banks, financial services firms and insurance companies.

Against a backdrop of changing technology and shifting customer expectation those in the financial industry are being forced to re-imagine how they position themselves across all channels, both virtual and physical.

 The world is becoming increasingly competitive for those operating in the banking, finance services and insurance industries and product development, delivery and customer engagement are now all being driven by a more mobile, social and data driven experience.

A handful of global institutions have understood the impact of digital and mobile technologies in creating a customer-centric business model and an infrastructure that is seamless to the customer, however, for the majority the significant investment required to meet these challenges is a hard pill to swallow.

To try combat this firms are employing a number of tactics. Some banks, for example, have formed innovation labs and investment funds to support and take advantage of new startups and innovative technology that can be used to deliver new type of customer service and experience. However, the financial industry is still light years behind firms in the consumer and retail markets.

As digital technologies play an ever-greater role in the way that the financial industry interacts with customers and its workforces firms must ensure that they build a foundation for digital change. Fail to do this and firms risk becoming disenfranchised from customer bases and losing market share to smaller, more agile players that can better harness technology to deliver a customer experience more aligned to customer expectation.

Based on the theme of “Building the Foundation for Digital Change” SAP will host its Financial Services Forum on June 23 and 24 in London. The event discuss the challenges brought forth by digital transformation and provide an unrivaled opportunity to debate, exchange views and network with leading institutions, technology firms and influencers from the financial services industry. Innovation, digital transformation, and reducing cost and complexity across the financial industry will all be discussed at the SAP Financial Services Forum along with other thought-provoking topics.

 

TagsRetail bankingInnovation

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