No Match Found
Banking leaders confront a set of high-stakes challenges amidst on-going uncertainty. Inflation and interest rates have broken away from their 40-year trends, creating new fluidity in corporate and consumer deposit behavior and spending patterns. The competitive threat from technology startups and established consumer brands has only increased in the past six months.
Executives strive to strike the balance between delivering on customer-centric digital business models and meeting near-term financial requirements. In this vein, visionary banks are making investments that will help make their operations faster, fitter and more agile.
An informed, holistic approach to digital transformation allows banks to concurrently evolve operations across all business units. This helps banks break down the silos that impede transformation.
As digital transformation continues to accelerate across the sector, banks will likely require more advanced digital capabilities in order to compete. Working with technology and nonfinancial services companies can help banks innovate at the speed the market demands.
Enriching HR data with information about employees’ past projects, skills, productivity or customer satisfaction scores can help leaders turn raw data into meaningful insights that help run businesses more effectively.
In 2020, unprecedented changes required banks to build the capabilities to support a remote workforce. These capabilities now give banks the flexibility to offshore more work or rethink their talent and real estate strategy entirely. In an increasingly global job market, banks are looking to give their employees the tools that will make it easier to do their jobs, and the flexibility that enables greater work-life balance.
Disruption has become a constant. In this environment, shortening the horizon for strategic planning is no longer enough. In the new normal, banks need real-time data and an agile approach to strategy development. Digital tools such as Workday Adaptive Planning give leaders the ability to assess different responses to change—and shift their plan accordingly.
Not all financial services organizations that set out with the goal of digital transformation end up delivering the desired results. Many struggle to invest in the solutions that will do the most to streamline their operations and enable strategic growth.
As they invest in the infrastructure they need to provide a better experience for customers and employees, banks should look to embrace the platform economy. And, partnering with a technology leader can allow financial services companies to transform faster.
Successful banks of the future are building innovative and inclusive ecosystems today. In this environment, platforms will enable greater connectivity, more intricate interactions, and better products and services. With the right foundation in place, future banking leaders won’t need to work so hard to gain meaningful insights from their data. Intelligent, automated analysis will be a given, freeing leaders to do what they do best: think big.