Digital Transformation for BFSI

The Situation and the Changing Business Climate

BFSI enterprises have been entirely altered by digital, and IT is no longer restricted to delivering online and mobile capability; it has revolutionized the range of services they provide to clients, and it has changed the way businesses manage and operate in a highly regulated environment.

Organizations can now design, enable, and deliver value from their digital business journeys more efficiently. The future of the customer-bank relationship is defined by technology. It has a bigger role to play in the future of corporate plans and operations since it creates new opportunities and capabilities.

BFSI Digital Transformation

Digital transformation integrates digital into the company and service value chain. A proper digital strategy is a vital need for the future success of banks and financial institutions. The increasing adoption of smart devices with incredible computing power for customers, as well as the evolution of technologies such as Robotics, Artificial Intelligence, IoT, Cloud Computing, Blockchain & Cryptos, Biometrics, Big Data, and Analytics, Virtual Reality/, Augmented Reality, and Mixed Reality for businesses, has created new opportunities for businesses to transform relationships into new revenue streams for competitive advantage, cost reduction, and superior customer experience.

Future banking and Organization Imperatives

Experience with Customers

  • Individualized experiences, relevance, and quickness in delivering the desired product and service are all part of hyper-personalization.
  • Human touch interactions enhancement of the digital experience, making it more customized and contextualized.
  • Transparency. Security and confidence in how their money and data are handled.

Excellence in Business

  • Through technology, intelligent and autonomous processes are reinforced with exception handling.
  • With a CSI culture established in the system, transformation levers are used across all elements of processes.
  • Transformation Analytics allows for real-time optimization of operational and engagement models to improve return on investment.

Management of Risk

  • Through technology, intelligent and autonomous processes are reinforced with exception handling.
  • Follow the growing regulatory requirements and show compliance and control.
  • With low or no impact on consumers, banks, and the community, innovation and proactive measures are enhancing resilience detection and recovery of services.

Digital transformation is a composite of a business model (strategy, business process, technology, innovation, and culture) rather than a monochrome. As a result, it’s critical that the digital transformation strategy be thorough and complete.

Our Approach

Any digital transformation program should aim to provide a superior business and end-user experience by providing a flexible, responsive, and forward-thinking service that meets current and future business demands at a low cost.

Customers

  • Individualized Customer Service
  • A consistent omnichannel experience
  • Ensure the greatest degree of data and money security.

Business Excellence

Digital

  • Rather of large-scale “carpet bombing” deployments, choose technology that is suited for the purpose.
  • The transition from thick to thin clients, keeping interfaces light and User Experience at the forefront.
  • Benchmarking and comparing industry norms and trends in adaptation
  • Align current assets to ensure that they are “fit for purpose” and provide value.
  • Technology mobilization that is proactive

3D Approach (Define – Develop – Deliver)

Digital Transformation Journeys Examples

Contact Me

  • Client Onboarding
  • Creating an account
  • Know-Your-Customer (KYC) Management
  • Customer Account Management
  • Management of BAU Operations (Customer Information Updates)
  • Customer Service (Non-financial Transactions – Ex Balance Enquiry, Letters, and Issuance of Certificates). Transactions involving payments and money transfers
  • Regulatory & Compliance
  • Compliance and Audit
  • Management of Mandatory Training and Disclosures Daily/Weekly/Monthly/Concurrent Review Management of Ongoing and Regulatory Controls
  • New Business Services and Products
  • Quick and customized product releases
  • Personalized and new service definition

To summarise, digital transformation in banks entails much more than simply transitioning from traditional banking to a digital environment. It’s a game-changing shift in how banks and other financial institutions collaborate with multiple stakeholders to provide solutions. Understanding consumer and corporate goals and balancing them to execute changes that enable enterprises to leaps and bounds of profitability and success with unwavering customer happiness is the foundation of successful digital transformation.

Digital Transformation Questionnaire For Banks

Would you be interested to do a Digital Audit for your organization?

Would you be interested in any of the following?

Does your organization deploy applications on cloud infrastructure?

Customer Experience

Improving operations

The reinvention of business models

We have access to real-time data

We have a reliable data integration and transformation solution

We have reduced costs by offloading data from our data warehouses into Cloud

We use Big Data and hand-coding processes

We have a data catalog that allows for indexing and self-service discovery of data

Users understand how they are allowed/not allowed to use different types of data

We can easily track data lineage and relationships

We have a mature data governance framework and practice

We have a data quality solution that ensures that our users have access to high-quality data

We know and understand the customer data that we store and how we use it

We have a robust process to track our records and processing activities

We are confident about our readiness for the evolving data privacy and regulatory landscape

We have a mature consent management policy in place

We have comprehensive governance and lifecycle management policies across all data types

Our IT team is always on innovations and brainstorming

We have already discussed and the road map is ready

Our team is well equipped and supported by the Management

Our MD/CEO is on top of this Transformation

Our internal team still believes in their old system which can’t get outdated soon

We are sure we need a Consulting firm to guide us on our Digital Transformation roadmap

We want a Consulting firm just to support our initial process

We feel that we need to discuss with our team members to decide

We feel that hiring an external consultant is an expensive affair

Yes we have our own Digital Marketing Team for our organization’s marketing efforts

Yes we have our inhouse CRM to manage our Leads to Deals flow

Yes we have our internal team to do the website and Social Media Management

We have some of the industry’s best Software tools to run the business

We have a good online presence for our business

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