Digital banking changed how people interact with banks. But giving customers banking access 24/7 is old news. Banks need to delight customers, not only service them.

Real customer appreciation today is demonstrated by how personal, how human the experience feels. Across any channel, physical or digital. Engagement Banking changes how banks connect with people.
Engagement Banking puts the customer at the center and aims to deliver the digital experiences they expect. Unfortunately, most banks’ operating models are not designed for the speed of innovation that Engagement Banking requires. Traditional banks are burdened by legacy-based value chains and ancient technological architectures that form the foundation of back-end environments.

To tackle this banks need to put digital at the core of their business, instead of digital being a side-project. Technology- and business-departments need to work collaboratively with a joint goal of creating a future-proofed digital platform that can deliver instant customer value.

A healthy digital operating model ensures the financial institution can focus on customer value creation, not on maintenance. FIs must be able to release valuable innovation with a world-class user experience across channels in days and weeks, instead of months and years. This requires an operating model that is based on three core capabilities:

• the ability to offer a consistent customer experience across any channel and any device,
• empowering multi-disciplinary teams to make decisions on features customers truly want and need; and
• a future-proofed platform that allows rapid innovation, without putting infrastructure and data at risk.

Once an operating model has been configured, financial institutions no longer need to rebuild on a case-by-case silo-by-silo basis and can reuse the platform; the ability to reuse being a major metric for technology investment decisions, resolving back-office inefficiencies and cost constraints. In addition to this, banks can leverage partner expertise and technology to increase agility.

Sign up for this Finextra webinar, in association with Backbase, to join the panel of industry experts as they discuss the following areas:

• What prevents banks from building a truly digital operating model?
• Digital meets personal: how to engage with customers via your apps
• Tools for resolving back-office inefficiencies and high cost to serve
• Leveraging partnerships to improve time-to-market

Speakers:

• Jane Cooper - Researcher, Finextra [Moderator]
• Frank Uittenbogaard - Regional Vice President Europe, Backbase
• Simon Bumfrey - Head of Relationship Banking EMEA, Silicon Valley Bank
• Magdalena Mielcarz - EMEA Head of Digital Channel and Enterprise Services, Citi Bank

Get your copy of the latest Finextra report on UK Digital Banking, produced in association with Backbase: The Future of Digital Banking in the UK 2021