Thought leadership for a digitally engaged world
Why is it that organisations increasingly find the process of replacing existing digital banking engagement platforms as more of a chore to endure?
It is an exciting time to be involved in digital banking. However, many traditional financial institutions are finding themselves left behind as they struggle to adapt to these new opportunities at the pace required. These companies recognise that their digital transformation is far from mature, with many disjointed processes slowing down their potential to meet rising customer sophistication and demands.
If you have a working, mature and satisfactory business operation that hasn’t changed much in a number of years, then it is probably a good idea to see if now is the right time to introduce some process automation to your business. If this has just conjured up the phrase ‘digital transformation’, then to some degree you are right. But what is it, and should you even be looking at improving the processes within your business at all?
There is a way to achieve both the rapid change necessary in today’s speed-to-market reality and the need to provide robust, cyber-secure and future-proof route to delivering innovative digital banking experiences to your customers. It is a better way than either buying an off the shelf, take-it-or-leave-it front end or building your own, in house, tool-based solution with teams who have never done it before but would love to try.
“Competition is not working well for many of the 40 million people who hold easy access savings accounts. Our proposals would prevent firms from reducing interest rates over time and mean competition benefits all savers, not just new ones.” – FCA, Jan 2020.
Back in 2013, our digital banking solutions expert Kevin Phillips wrote a blog on Zombie Banking which you can read below. Interestingly, the concerns which Kevin showed six years ago, are now taken into consideration by the FCA. To learn more about their new initiative to bring more fairness to the UK’s savings market and what it would mean for the current digital customer engagement, please read our latest blog on CP20-1 Single Easy Access Rate.
Digital banking is now evolving to cater for customers in debt. Banks are gradually awakening to realise that the digital channel is a strategic asset to their collections operation, as there is a rapid increase in the demand for non-secure loans and credit card debts.
A handful of industry expert guests from the ieDigital podcast share their opinions on financial services in 2019.