Tailored digital platforms help banks improve the customer experience throughout the customer journey
Banks Use Technology Partners To Spread Risk While Increasing Customer Service Levels, Says Frost & Sullivan
SAN ANTONIO, December 6, 2021 / PRNewswire / – The hyper-digitization of financial transactions has changed the way banks build their stacks through delivery teams and their refinement methods. This new way of working enables them to make decisions faster and in order of priority, ensuring agility across all lines of business 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 dramatically increase their customer service levels.
The latest Frost & Sullivan white paper, Fostering faster innovation: the evolution of digital banking and the way it uses emerging technologies to be ready for the future, explains how banks are using digital tools to deliver a differentiated customer experience.
To download the free executive file, please visit: http://frost.ly/6mt
“The Internet of Things and advanced computing increase the accuracy of contextual banking. Banks are following in the footsteps of big tech companies, but face the challenge of tight regulation. Some of the offers that may be rolled out will include new payment options. and personalized devices and advertisements, “said Claire Walker, Senior Consultant, Frost & Sullivan. “Payments will be goal driven rather than process driven. The payment method and process (card, phone, swipe, support) will be removed from the customer journey, making it frictionless but with the same level of security and protection that customers expect. “
“Dell Technologies has helped banks with their digital transformation processes and their migration to the cloud. Its cloud-native digital banking platform gives banks the speed and agility essential to meet evolving customer needs, ”noted Wayne Filin Matthews, Chief Enterprise Architect at Dell Technologies. “Dell can help build a future model quickly with its technological capability, coupled with the ability to rapidly design and launch fully bank-specific digital offerings. “
Dell Technologies can help customers with multiple aspects of the digital economy. To start the journey to an agile digital business, Dell suggests that banks consider the following:
Organizational change: banks have activated digital capacity; however, different banks have different definitions of digital. Some see any customer journey that begins online as digital, but they fail to close that loop. For example, mortgage loan applications initiated online will often have to be finalized at the branch for approval and signature. Banks are striving to align digital platforms and restructure technology decisions to support this entire customer journey.
Competitive threats: Lower barriers to entry have increased the number of digital banks and improved digital banking experiences offered by big players.
Geographic implications: Larger, global, and traditional banks may lose customers in countries that prefer to bank exclusively online, unless they take these preferences into account.
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SOURCE Frost & Sullivan