Event Summary – Going Digital in the Blink of an Eye (New York)
At this breakfast seminar, 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