The Bank of the Future: A Technology Company
Quickly making a new user interface for an online banking product – is that digitalization? Better usability is part of the solution, but only a part. Banks that do not want to lose their customers to FinTechs and perhaps want to gain new customers in the future, think differently: They modernize their core banking and backend systems and set up their banking processes so they are able to pick up on trends in time. Digitalization in banking means modernizing systems and processes while personalizing the service for individual customers.
The 2008 financial crisis and the increasing pressure from digitization and young forms of financial services have forced banks to rethink their strategies and business models. In recent years, many institutions have therefore launched extensive agile transformation programs – in parallel or complementary to their digitization initiatives. These transformations have already reached an advanced stage and, judging by the business reports, are likely to have paid off.
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Agile Pays Off
To meet these challenges in the industry, you must first deal with the difficulties in your own organization. Because the internal structures are often not focused on speed and flexibility. An agile organization is required to be able to act more quickly and effectively. Many large banks and financial institutions have recognized this and initiated a comprehensive change process. The goal: To anchor agile values within the company. This not only makes it easier to pick up on trends and find new solutions, it also makes it possible to return to what is essential: Being close to the customer.
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