Key to Success Digital Transformation

There is a major disruption in the banking sector, fueled by customer appetite for new goods in combination with new competition from challenger banks and non-financial institutions.

Most banks have embarked on digital transformation projects to fulfil their need of accelerating time of launching products to market, reducing time of production, and lowering prices. To facilitate this digital transition, a smart implementation of agile methods is a must.

👉 Here are three main reasons that will drive success while preparing digital transformation for banks and financial institutions.

Put customers at the core


Clients today are demanding. They want consistent interactions across every channel or touch point; highly tailored goods and services that address their individual habits, expectations, and goals; high security; self-service; and fair pricing, most significantly. Product teams must drop the conventional inward emphasis (“What’s best for the bank?”) and become customer centric, focus on consumer desires and expectations.

An Asian bank offering some of the world’s fastest-growing smartphone markets, for instance, saw a chance to develop a bank that was fully digital offering a mobile-only business model that would deliver all physical bank’s services. All steps and user journeys are paperless and smooth, which resulted in increasing their share of customers from the new generation and improving banking adoption for millions of people’s.

Accelerate time-to-value


Consumers expect their banks to double down on their value proposition within 18 months or less, something like Moore’s Law, which expects the doubling of transistors in an integrated circuit every two years. This suggests that banks need a smooth innovation distribution pipeline based on agile processes, alignment with industry dynamics, and then using rapid feedback mechanisms to optimize quality of existing products and launching new ones.

Such an agile, on-demand pipeline of creativity would help banks reduce the turnover of customers. It will also result in having advanced and innovative methods of production, running hackathons and engaging in winning ideas by in-house incubators to boost time to market.

Modernize legacy systems to keep pace with digital


While emerging technology such as Cloud, Big Data and Analytics will increase business performance, they still rely on on-premise data and knowledge flows through legacy systems.

Modernizing these main structures using microservices, APIs, and DevOps processes for continuous integration and distribution is a critical component for digital transformation, leading to shorter update cycles.

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