Banks use technology partners to spread risks while raising customer service levels, finds Frost & Sullivan
The hyper-digitalization of financial transactions has changed the way banks build their stacks across delivery teams and their methods of refinement. This new way of working empowers them to make decisions faster and in order of priority, ensuring agility in all business lines and functions such as risk and compliance, operations, and business development. By working with strategic technology partners to move functions to the cloud, banks can spread their risk and regulatory requirements across multiple clouds to significantly raise their levels of customer service.
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Frost & Sullivan’s latest white paper, Driving Faster Innovation: The Evolution of Digital Banking and How It Is Using Emerging Technologies to Be Future-ready,discusses how banks use digital tools to offer a differentiated customer experience.
“The Internet of Things and edge computing are increasing the precision of contextual banking. Banks are following in the footsteps of big tech companies but with the challenge of strict regulations. Some of the offerings that are likely to be rolled out will include new payment options and devices and personalized ads,” said Clare Walker, Principal Consultant, Frost & Sullivan. “Payments will be purpose-driven rather than process-driven. The payment method and process—card, phone, swipe, tap—will be eliminated from the customer journey, making it frictionless but with the same level of security and protection customers expect.”
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“Dell Technologies has helped banks with their digital transformation processes and cloud migration. Its cloud-native digital banking platform gives banks the critical speed and agility to respond to ever-changing customer needs,” noted Wayne Filin Matthews, Chief Enterprise Architect at Dell Technologies. “Dell can help rapidly create a future model with its technological capability, paired with the ability to quickly design and launch digital offerings that are completely specific to the bank.”
Dell Technologies can help customers with multiple aspects of the digital economy. To begin the journey toward an agile, digital business, Dell proposes that banks consider the following:
- Organizational change: Banks have enabled digital capability; however, different banks have different definitions of digital. Some consider any customer journey starting online as digital but miss closing that loop. For example, mortgage applications started online will often have to be finalized in a branch for approval and signature. Banks are working to align digital platforms and restructure the technology decisions to support that full customer journey.
- Competitive threats: The lower entry barriers have increased the number of digital banks and improved the digital banking experiences offered by large players.
- Geographical implications: Larger, global, and traditional banks may lose customers in countries that prefer to exclusively bank online unless they address these customer preferences.
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