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The banking industry is not famed for its stability - and with disruption thanks to a whole host of new competitors on the cards, you can bet that the need to compete is more vital than ever.
Whether it’s modernising the operations at the core of traditional banking systems, or rethinking customer interactions within their services, or even going back to basics of a bank card, data-driven insights are never too far from reach. In fact, they’re firmly in grasp for banks seeking to re-establish themselves amongst the disruptive new forces at play via a tech-driven strategy.
Are you ready to go digital?
Downloading that piece of software and plugging in that new computer might seem enough to instil a digital transformation of your business, but the banking sector is set to be laden with a matrix of complicated lingo and lasting effects.
You don't just need a translator - you need a digital advisor for your bank, too.
Management consulting thus represents one of the must-haves for this industry, whether it’s devoted to wealth management firms that are over-encumbered with a chaotic mix of brand new approaches to traditional ideas, or private equity and investment banking firms that are struggling to match the aggression they need in the industry with innovation.
But you don’t need to know tech to transform your banking business. You just need people that know tech. Like us.
At the core of the need for a technological rethink is the new competitors taking on the market and disturbing the business heavy-weights already anchored to the industry.
Whilst they may not have made waves just yet, investors predict the ripples in the pond will soon crest, and throw the entire industry into upheaval. You need to stay afloat to survive, let alone succeed.
To match the oncoming tide, financial services need to put the technology, such as open banking tech, in place to combat missing out on an improved customer experience and increased efficiency.
Yet fundamental to this is a need to innovate.
Mirroring the changes they put in place can only go so far - they will always be one step ahead. So, what’s your next move?
Director of Technology, Simply Brands
The banking sector is all about one thing: the customer. It’s the customer’s money you’re safe-guarding, and it's the customer that’s looking to spend, splash, and save that cash. That means tailoring the in-house experience and digital service is central to your next move. For those with an ear to the ground, this is also known as a Digital Transformation.
A Digital Transformation rethinks how you manage your employees', your clients’ and your business’ data, and how you carry out your business operations. Or, in simple terms, a DT is the technological revamp your business needs to stay competitive.
Fundamental to this is creating flexible banking systems that can adapt to future shifts within the industry, and rebuilding credit operations that can survive - and succeed - in the newly digitalised economy. On top of this, data-driven insights are now powering commercial banks to support their customers, re-aligning the principles that go into the financial services.
This technological overhaul also encompasses specific technology such as the cloud, as well as the creation of apps dedicated to the customer’s own wealth management. Alongside this, unified payment hubs similarly simplify the service expected in this fast-paced business world, bringing your bank into much easier reach. Watching over money doesn’t just happen behind the cashiers’ tills, anymore.
It’s time to rethink how you do banking, and technology is the brains behind this.
OFFER A VARIETY OF SERVICES
It’s a classic sales tactic - with a twist: making customers aware of other relevant products is now a thing of the past. Harnessing the power of data and strengthening engagement with customers is key to assessing their needs.
TURN DATA INTO DOLLARS
With analytics now a necessity in the industry, the statistic doesn’t just equal dollar signs - it can provide a streamlined customer experience that is a must-have in a digital transformation.
It starts with an IT platform: with a host of new tools at their fingertips, commercial banks can finally gain real-time insights into operations, their customers, and their markets. And they’re pretty important.
PROVIDE A CHOICE
A mix of internal and third-party products creates the personalised experience demanded of today’s customers, as well as allowing multiple desires to be fulfilled in just one channel.
SPEND MONEY; SPEND TIME
It’s no longer about stashing the customer’s cash - marketing that taps into each stage of a spending or saving process engages and extends a helping hand to a customer in need.
START WITH THE PAYMENTS
Rethinking a financial service begins with something as simple as payments. Supporting payment stakeholders and advising providers is just one cog within the machine that needs digitalisation.
TAP INTO TECHNOLOGY ADVISORY
Harnessing the power of technology is dependent on respective knowledge of technology that suits one's business and one's industry. How else can you begin to drive innovation when you need to compete?
REALISE THE RISKS
Boost profitability, reduce the complexity of the new tech harnessed, and conform to the necessary regulations with advisory centred on navigating the digital world. And in such a disrupted sector, maintaining stability is key.
TAKE THE CREDIT
Rethink technology and recreate your credit services with efficiency in mind. Analytics, automation, fintech, and the cloud are just a handful of the terms you can expect to run into when redoing things digitally.
+ What is the banking sector?
The banking sector is comprised of businesses that holding financial assets for third parties and invest those assets in order to create more wealth. It includes financial institutions which provide lending and investments.
+ What is the future of the banking industry?
As with a number of other sectors hurtling through the 21st century, the banking industry is tapping into the mobile market with online banking and exclusive apps as well as opting for Banking as a Service.
+ Is the banking sector growing?
The banking sector has pitched itself on continuous growth, even despite the Covid-19 pandemic. This growth has slowed in conjunction with the global economic trends, but the creditworthiness of financial institutions prevents it from encountering the sharp decline the global economy is destined to face.
+ What are the trends for the banking industry?
Although the Covid-19 pandemic has slowed the meteoric rise of banking trends driven by mobile solutions, there are some trends which will survive past 2020. These including the concept of ‘open banking’ as driven by the EU, the creation of value for stakeholders, and intelligent tools driven by technology including AI and analytics.
+ How has technology changed the banking industry?
The paperwork has been traded in for the touch screen; the rise of mobile banking has shifted the purpose of the high street bank and has rapidly evolved to put data protection and security of data and cash first. Customer service is no longer the cashier’s responsibility.
Taking things technological might seem a challenging feat set to put your cashiers through their paces, but with Lolly Co at every step of the way, totting up the new changes need be as simple as stacking up pennies. In fact, with our tech-team assessing your business’ exact needs and taking you through each step, you don’t need a calculator, either! But, if you do fancy finding your way around tomorrow’s business technology, you can start here.
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