At our recent event, we offered a current view of Digital approaches that are transforming financial services, and the Big Data capability that makes it possible.
We showed that financial institutions are faced with customers enthusiastically using mobile devices and home technologies, with IT advances allowing streamlining of business processes and increased data analytics capabilities. That raises expectations for digital financial services, and even wealth management and corporate clients have come to expect their services to be easy-to-use. Furthermore, the entry of cloud computing and nimble FinTech companies shuffles the deck by opening up more touchpoints where clients and third parties may interact with an institution—also increasing vulnerabilities. Participants in our session saw that much of the Big Data in electronic format has been generated only recently, but already it has been deployed to power some of the most-compelling new services.
As we discussed, banks and financial institutions have a chance to absorb ideas and new habits from this fast-changing world by taking several actions:
- Be ready for customers who are increasingly Digital Natives
They already show us how they want to run their lives and it is important to ‘show off’ the right quantity of data in the right context, while continually measuring readiness to explore and experiment
- Take control of your data
Decide which of small data, big data and smart data is appropriate for a particular service, and put in place a clear strategy for privacy and owning customer identity
- Exploit Digital’s natural efficiencies
Seize the moment to streamline processes, interact with clients in their digital format of preference and use best-in-class third-party services
- Make sure it works on mobile
These devices have a small screen but are equipped with many technologies that Web and PC do not, are ubiquitous and personal, and are the primary way most clients will want to interact
- Leverage understanding of competitors and ecosystem
Ensure innovation processes are delivering relevant offerings, are put to the test through open interfaces, and are paced against disruptive FinTech companies
Dominic Gammarati provides the leadership and growth for Axis Corporate’s US entity and supports its global business. He is a member of firm’s Group Executive Committee and reports to the Board. Dominic leverages his international experience of providing innovative and impacting business solutions to global Financial Services clients.
Ted Bissell brings decades of experience launching innovative digital services in the converging sectors of financial services, telecom and media. He has advised large and small companies on their strategy and business expansion that capitalize on breakthroughs in digital, where fast adoption allows consumers to call the shots and can cement their loyalty.
Guillermo Torres has over 12 years of experience in the financial service industry as a management and technology consultant. He has managed systems and process transformation projects for product development in the US and Europe. He has extensive experience in IT strategy and process involvement for retail banking focusing on risk regulatory reporting, anti-money laundering and payments.
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