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Digital transformation in financial world: Why it’s high time

Today’s financial community is hungry for digital transformation in banking services and products to respond quickly to new opportunities and higher expectations of customers. Moving towards a more secure and robust use of digital tools can redefine processes, models, activities, and competencies to leverage technologies strategically. So how do we tick our clock for the digital journey?

In order to make a digital transformation journey successful, financial institutions and corporates must evaluate and actively streamline the processes to manage strategy, products, technology, and people to drive business growth. Digital transformation in the banking industry means introducing integration, customer-centricity, and inclusivity.

0 %

Of marketers view customer centricity as critical to the success of their business.

0 %

Of executives view full access to customers and streamline the entire customer banking journey regardless of the channel.

A recent poll created by McKinsey revealed that

Of bankers have a digital strategy but have not implemented it yet.

0 %

Have a digital strategy that is on the running stage.

0 %

Of banks currently do not have a digital strategy in place, let alone implementation plans.

0 %

For a unified customer experience, banks need to upgrade themselves with a front-to-back digital transformation to become a truly “digital bank.” They need to enhance their current digital banking platforms by focusing on digital interactions and offering rich experiences across customer journeys and channels, intelligent workflows, and automated processes embedded in technology innovations.

Digital transformation: Making it happen

There is no denying the fact that a robust strategy underpins success in digital transformation. The foremost step should start evaluating the value and take a step-by-step approach that leads to continuous and tangible positive results but keep costs under control.

Be Aspirational:

Financial institutions and corporates embarking on a digital journey should set their goals, objectives, and visions that are aspirational enough to drive value to the customers and business objectives. This ”Long-term vision” will help them work as a compass or a value creator to balance measurable return on investment (ROI) and long-term results. While building the blocks of goals, keep in mind the following:

- Metrics and data resources.
- Organizational interdependencies and coordination.
- Incremental progress or giant moves.
- Initiative leads.
- Trusted partners and tools.
- Customer-facing improvements interface.

Be smart enough to challenge everything:

You need to hold the nerve to challenge the status quo of the financial community to transform manual processes into automated ones. This step could incorporate an assessment of your proverbial situation and stretch your vision. Within four weeks, you will start finding fundamental limits around your legacy technology or the pressing issues preventing the delivery of critical items.

Be Data-driven:

It’s time to shift to a mode of continuous delivery and improvement by adopting adaptable and agile methods supported by big data analytics. When looking at your product offerings, consider the following:

- The quality of and features offered.
- The roadmap to educate consumers.
- Instant, 24×7, enhanced data (ISO 20022).
- Open APIs and real-time payments.

This is the heading

Digital transformation in the financial industry is just like attempting heart surgery: payments are at the center of every institution connecting and executing plans. Any isolation based on legacy systems can make the process very difficult. Always remember, no matter what you are going through, in the end, you may also need other parties – banks, providers, and revolutionary tools – to move with you, which makes the process easy to organize for everyone.

Don’t miss out on the Digital transformation revolution

Over the next decade, digital technology in the banking industry will be unrecognizable compared to today. ECS Fin’s Digital Banking Platform offers a flexible and scalable architecture to adopt a digitally-first banking model. This unified model provides a revolutionary customer experience across retail and corporate customers, digitizing business workflows and processes in the middle and back offices with a digitally savvy customer interface.

In fact, the presentation layer of the model can not only integrate across portals, mobiles, phone banking, IVR, and APIs but also with the channels of the future. On the bank’s side, the operating model helps optimize end-to-end processes with innovative capabilities, support compliance, duplicate checks, and launch new products and services to customers using intelligent data. Start reaping the benefit of the digital transformation efforts and present an opportunity to become the primary banks of their customers.

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