Banks use technology partners to spread risks while raising customer service levels, finds
Tailored Digital Platforms Help Banks Enhance the Customer Experience throughout the Customer Journey
The hyper-digitalization of financial transactions has changed the way banks build their stacks across delivery teams and their methods of refinement. This new way of working empowers them to make decisions faster and in order of priority, ensuring agility in all business lines and functions such as risk and compliance, operations, and business development. By working with strategic technology partners to move functions to the cloud, banks can spread their risk and regulatory requirements across multiple clouds to significantly raise their levels of customer service.
To download the complimentary Executive Brief, please visit: http://frost.ly/6mt
'The Internet of Things and edge computing are increasing the precision of contextual banking. Banks are following in the footsteps of big tech companies but with the challenge of strict regulations. Some of the offerings that are likely to be rolled out will include new payment options and devices and personalized ads,' said
'
Organizational change: Banks have enabled digital capability; however, different banks have different definitions of digital. Some consider any customer journey starting online as digital but miss closing that loop. For example, mortgage applications started online will often have to be finalized in a branch for approval and signature. Banks are working to align digital platforms and restructure the technology decisions to support that full customer journey.
Competitive threats: The lower entry barriers have increased the number of digital banks and improved the digital banking experiences offered by large players.
Geographical implications: Larger, global, and traditional banks may lose customers in countries that prefer to exclusively bank online unless they address these customer preferences.
About
For over six decades,
Media Contact:
Corporate Communications -
+1 (210) 247 2481
jaylon.brinkley@frost.com
http://ww2.frost.com
(C) 2021 Electronic News Publishing, source