Who wants to be in the slow lane, watching innovation pass them by?
… This was a key question posed to over two hundred delegates from banking and financial services at our Connect Forum 2016 in Frankfurt. It’s a real concern for these organisations, as the divergence of banking draws ever nearer and the emergence of two
speed banking comes to the fore.
In a two speed banking world, fast lane banks are driven by data. These organisations harness the power of predictive analytics and digitise front-to-back. Meanwhile, slow lane banks are hampered by legacy technology and will not be able to focus on these
customer driven activities.
So what are the key digitalisation priorities retail banking organisations must address to get into the fast lane?
- Become a better version of themselves: Reviewing existing infrastructure and leveraging new technology to underpin transformation
- Win in a digital economy: Ensuring they can meet customers’ digital demands with smooth and personal online and mobile experiences
- Look to the future: Anticipating future demands from regulators and customers and safeguarding their business with the help of cloud and next generation technology
A snap poll of the audience showed that slightly over a quarter of banks and financial institutions are in early stages – looking to become better versions of themselves, tightening up their infrastructure and technology to underpin future requirements.
At this critical point in the financial services industry and its development, banks must make this journey to success or risk becoming irrelevant.
The secret to successful transformation lies in better meeting the needs of customers, regulators and investors – taking an outside-in approach to operations. Banks struggling with core systems, for example, are not flexible enough to capitalise on opportunities.
Likewise, ensuring personalised and efficient customer channels is no longer a choice, as we approach this fork in the banking road.
It comes down to innovation and finding the right technology solutions to enhance customer experience and operational efficiency across the bank. Tools which enable onboarding through preferred channels, efficient account validation and support quick development
and delivery of products are a must.
Fast lane banking represents where the industry needs to be - serving the needs of the customer, meeting regulatory requirements and delivering investor returns. It’s time to get onto the Autobahn!