Wholesale digital transformation is the new norm in financial services. It will stay this way too, as organisations need to become agile, continually morphing and transforming in line with more sophisticated data management as well as frequent regulatory updates and iterations.
In terms of operations and, more specifically, HR, banks can analyse data on employees to optimise business functions, better attract and engage top performers, and improve productivity in the same way that they leverage customer behavioural analytics to improve products and services.
Holistic capturing of data can inform and fuel all manner of cultural transformation. With a greater view and better management of staff compensation across an organisation, a light can be shone on any pay inequalities, for example. Thus, diversity issues can be addressed and eradicated.
Manual processes, heavily reliant on spreadsheets, are overdue for transformation, and greater understanding of rewards strategy and history alongside a better understanding of employees can strengthen and promote a stronger business ethos and brand and help attract the best talent. In this way, data-fuelled technology to improve compensation management can yield wider benefits to the business, and with a simplified and agile data management system, schemes of equal and greater complexity can be supported.
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