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27/10/2020 | By Nikos Karelos | Banking Director at Profile Software

In many instances, technology helps Banks to better address challenges and prepare for the future. However, available as it may be, it is common that technology is not always properly used. 

Financial institutions across the world have not always been keen on adopting new technologies. Banking platforms are often used for years until they underperform. The “new normal”, however, leads Banks to behave more like FinTechs. For this reason, banks eventually realise that technology has evolved at such an extent that can greatly support banking capacity, system modernisation, better data quality with automated onboarding, market analytics, risk metrics and more.

The available technology toolset, combined with the needed human resource’s skillset, can create a totally new banking landscape.

Highlighted in Deloitte’s report on the “outlook” for the industry, a new, forceful, wave of disruption is coming, even before the pandemic, so imagine the need for digitalisation post-Covid. The combined effects of this technological disruption will greatly affect the banking industry. Banks need to re-evaluate their platforms across multiple dimensions in order to exploit the opportunity that comes with every disruption, modernising their systems to support:

As shown in the graph, customer-centricity of systems plays a major role while digital transformation is affecting all business segments, as technology eases and automates tasks related to all major business areas in the banking environment.

As mentioned in the “Financial brand”, the focus is on digital transformation for banking, what banks can do to increase their customer base, build their brand and deliver quality service on time. This is achieved by a series of steps.

It is worth mentioning that 53% of institutions surveyed stated they have a Digital Account Opening (DAO) service, however, almost half the customers mentioned they had to visit a branch to complete the process.

How can one bridge this gap?

However, the new era does not only focus on the end customer. It also focuses on modernisation of the internal bank processes, improving employees efficiency and reducing time-consuming procedures, so as to offer competitive services.

This involves:

For Retail banking, organisations need to achieve:

For Corporate banking, technology can help institutions gain from:

Learn how modern banking platforms have evolved to automate processes, offer better quality data integrating with existing legacy platforms, utilise unlimited APIs for faster instant payments and use various digital channels to boot sales. Ask us about the level of automation Profile’s banking platforms can deliver to users and enable banks to increase their digital reach. The Microsoft Azure-ready Banking platform has already been deployed [in the cloud] in a UK-based successful Digital Bank allowing them to manage their operations during lockdown as.. normal!

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