The year 2020 has brought with it the crisis generated by the Covid-19 pandemic, new arguments for which digitalization and the provision of personalized and digital services are vital for the continuation of a business, regardless of the field in which it operates. The financial sector is no exception, and banking institutions face new challenges in changing the way they operate.
Technology can help them navigate these challenges and give them a competitive edge. My team at Main Frame Debate challenged several financial experts to a discussion about the role of digital banking platforms in transforming banks and how they operate, the multitude of digital solutions that can be integrated to provide customers with ultra-personalized services through key technological capabilities.
How has the pandemic changed the way financial institutions operate?The pandemic was a catalyst for financial institutions that were not prepared for remote interaction with customers. Because of this, many have had to implement digital workflows that allow customers to confirm their digital identity and send documents remotely, securely. Finally, some organizations, realizing that - due to unsatisfactory experiences or lack of digital tools - customers could go to another bank, started to implement customer-centric workflows.
Reviews of New Banking Technologies in 2022I decided to interrupt these philosophies with some significant information about new software solutions I discovered these days. Check the list below and see what I just got.
ERP Systems for Banks ERP is a single platform where you can monitor and manage the core banking operations 24/7. Banking processes can be integrated and information streamlined across all branches and departments effortlessly. Repetitive tasks like data entry or report generation can all be automated. I could try this system but I am afraid I’ll discover more interesting things about it while working in the banking field and could change my profession.
New CRM SoftwareC.R.M. is an acronym for Customer Relationship Management. If you are wondering what a CRM system means then it is good to know that a CRM is a software application that has the role of contributing to the management of all relationships and interactions with current customers or potential customers.
A CRM is a software application, a customer relationship management system, that is designed to help manage all relationships and interactions with current customers or potential customers. Attracting new customers and retaining existing customers are the main features that CRM software achieves.
Business Intelligence Soft SystemsBusiness Intelligence Soft Systems combine data gathering, data storage, and knowledge management with data analysis to evaluate and transform complex data into meaningful, actionable information, which can be used to support more effective strategic, tactical, and operational insights and decision-making.
What are banks' new challenges and how can they be overcome?I would say that the main challenge for these institutions is to turn them into truly digital banks that provide customers with a complete experience when it comes to the services they offer. Some of these organizations face major difficulties in changing the way they operate, as many of their operations were based on the traditional approach of physical branches, and digital channels were just an extra service.
Even if physical branches do not disappear, as banking sometimes involves direct interaction, there is a need to make the transition to digital operations. Indeed, this is difficult to achieve. For this reason, market leaders are opting for the launch of completely separate digital banks, which operate independently of traditional ones. This is currently the best approach, but it requires a focused executive effort and large investments. If we take into account all the costs of launching a digital bank, we estimate that it would cost between 10 and 20 million dollars, depending on the services provided. Of course, this is a general, purely indicative estimate that requires close alignment between business requirements and expectations.