The banking industry is rapidly transforming, driven by digital innovations and changing customer expectations. To stay competitive and future-proof their business models, financial institutions focus on enhancing customer experiences, updating modern digital technologies, safeguarding existing relationships, and developing new sources of revenue. In this blog, we will dive deep into three crucial readiness steps that financial institutions can take to ensure their digital banking operations are prepared for the challenges and opportunities of the future.
Digital Operations Solutions
To capitalize through digital operations, leading Fis partners with mature BankTech companies like Maveric. The niche systems aggregator offers domain contextualization and comprehensive competencies in zeroing in on quantum growth opportunities. This brings in competitive differentiation for the leading BFSI firms.
Elevate Customer Experience through Digital Innovation and Digital Operations Management
In today’s digital age, influenced by the seamless experiences offered by companies like Netflix, Amazon, and Uber, customer expectations are higher than ever. Financial institutions must adopt a customer-centric approach and create user-friendly, intuitive interfaces that make banking processes convenient and efficient.
For instance, ING-DiBa, Germany’s third-largest retail bank, has embraced digital innovation by allowing customers to use a webcam to verify their identity when opening accounts, eliminating the need for traditional branch-based identification methods. Such advancements not only enhance customer satisfaction but also streamline operations.
Embrace Agile and DevOps Methodologies for Excellence in Digital Operational Services
Financial institutions must focus on the front-end customer experience and back-end operational efficiency to enhance digital readiness. Agile methodologies, coupled with DevOps practices, can revolutionize the way banks operate. Agile methodologies involve cross-functional teams working collaboratively and iteratively to develop software, resulting in quicker releases and adaptability to changing business needs. On the other hand, DevOps promotes collaboration between development and operations teams, leading to faster and higher-quality software releases.
Many banks have already adopted these practices. For instance, several institutions are leveraging continuous-delivery software engineering and DevOps to improve performance and accelerate software releases. This approach allows financial institutions to stay nimble, quickly implement changes, and respond to emerging trends.
Enhance Data Management and Analytics Capabilities through Digital Operations and Platforms
Data is a valuable asset in digital banking that drives well-considered decision-making and personalized customer experiences. Financial institutions must invest robust data management and analytics capabilities to extract insights, improve processes, and deliver tailored services.
Mastering data management involves collecting vast amounts of data and organizing, analyzing, and leveraging it effectively. Leading institutions are establishing multi-dimensional master-data-management capabilities, enabling them to harness big data, meet regulatory requirements, and ensure consistent and timely reporting. This approach enhances data-driven decision-making and empowers banks to hyper-personalize products and services based on customer preferences and behaviors.
Successful Examples of Digital Banking Readiness
Several financial institutions have successfully elevated their digital banking readiness through innovative approaches. Netflix, a digital innovator, continuously simulates outages with its Simian Army series of tools to ensure maximum availability. This proactive approach can inspire banks to adopt similar strategies to maintain uninterrupted digital banking services.
Moreover, ING-DiBa’s use of webcam-based identification and Ferratum’s two-minute loan application process demonstrate how embracing digital technologies can enhance customer experiences and streamline operations.
The Future of Digital Banking Operations
Looking ahead, the future of digital banking operations holds exciting possibilities. As technology advances, artificial intelligence (AI), machine learning, and blockchain are expected to play integral roles in shaping the industry. AI-powered chatbots could provide real-time customer support, machine learning algorithms could analyze transaction patterns to detect fraud, and blockchain could revolutionize secure and transparent financial transactions.
Additionally, open banking initiatives will likely gain momentum as secure data sharing between financial institutions and third-party developers increases. This could lead to innovative partnerships, enhanced customer experiences, and the development of new financial products and services.
Conclusion
Digital banking operations are at the forefront of the financial industry’s transformation. By elevating customer experience, adopting agile methodologies, enhancing data management capabilities, and leveraging emerging technologies, financial institutions can ensure their readiness for the challenges and opportunities that lie ahead. As examples from prominent institutions demonstrate, a proactive and innovative approach can drive digital banking readiness that secures a competitive edge in the BFSI landscape.
About Maveric Systems
Starting in 2000, Maveric Systems is a niche, domain-led Banking Tech specialist partnering with global banks to solve business challenges through emerging technology. 3000+ tech experts use proven frameworks to empower our customers to navigate a rapidly changing environment, enabling sharper definitions of their goals and measures to achieve them.
Across retail, corporate & wealth management, Maveric accelerates digital transformation through native banking domain expertise, a customer-intimacy-led delivery model, and a vibrant leadership supported by a culture of ownership.
With centers of excellence for Data, Digital, Core Banking, and Quality Engineering, Maveric teams work in 15 countries with regional delivery capabilities in Bangalore, Chennai, Dubai, London, Poland, Riyadh, and Singapore.
