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Digitisation in Financial Services

Adding value, reducing cost and exceeding customer expectations

Written by João Pina (Partner Digital Banking)

Digitisation in financial services is more important than ever. Over the last two years we have seen an acceleration in digital products and services as well as banks exploring ways to reduce Backoffice complexity and cost. Collaboration with FinTech’s is also on the rise but not everyone gets it right and there is still room for improvement to make sure they truly deliver excellence across each of their initiatives. We want to share with you our experiences of working with the sector around the world and give you some insights into the ways in which both banks and FinTech’s can create real value.

Bring Global is a leading knowledge company expert in building and delivering best-in-class business and technology solutions to improve the performance of our customers around the world. We specialise in financial services with clients and staff across 30 countries, supporting Financial Institutions on their digital transformation journeys. This means acting in what we believe are the 3 key pillars of a cutting-edge digital architecture:

    • First, an exciting customer centric omnichannel solution (the face to the world, which means we need to make sure it dazzles).
    • Then it’s a strong and open API integration strategy bringing closer all the cool FinTech’s and third-party solutions that will enhance what you do.
    • And finally, an action-driven, hyper-personalised analytics that makes you customer feel unique and they get what they need when they need it.

All three are interconnected and need to be addressed together. We have seen that only addressing some of these and working in business area silos can impact your program’s success.

The truth is there are still many banks falling well behind without realising the impacts their programs are having on their potential success. While most banks have their customers trust they have been struggling for decades to run away from their internal silos and bureaucracy. They recently kept playing catchup with the challenger digital-born neo-banks but the pandemics and specifically the lockdowns triggered a visceral survival mode, where you needed to become digital faster than any time in history or risk the impact to your business performance. During this period, we were fortunate to be involved in many of these accelerated bank transformations initiatives and started seeing many patterns.

After several banks heavily invested in building their new foundations, the leaders started looking on how to optimise their ROI. A great example on how all of this comes together is customer onboarding and product origination. New customer acquisition used to be a long and painful process that could last from hours to weeks and many trips to a branch, but neo-banks and covid made this not acceptable anymore.

In one of our customers, we implemented a digital customer acquisition process that now takes 5 minutes for a consumer to open an account. Reducing their steps by half with instant account activation. The design of such processes means that you have to not just understand how to simplify things but also know and abide to all the local rules and regulations while finding the FinTech’s authorised to do proper know-your-customer and identity verification (not to mention FATCA, PEP and other country/global checks) step by step. The implementation process is just the beginning, once the onboarding is in place you then need to monitor closely with process intelligence tools and data to understand what steps are taking longer or where are the customers jumping-off so you can optimize the experience and increase your acquisition rates

We have seen across the globe that selling is something where banks are many steps behind other sectors, and we are truly seeing a paradigm shift now in their approach. Using the power of the data you can create hyper-personalisation for your customers. Adding real value in real time.  Gone are the days when you blindly had a one size fits all approach. This means you can personalise products as well as bundles, discounts, loyalty and user specific offers that really match their needs.

We have extensive experience in working with banks and FinTech’s across each of these pillars. We know the pitfalls and how to navigate them. We know how to drive real value and get greater success from your projects. We are really excited to be offering all these pieces of the new financial services future landscape and looking forward to working with more UK Banks on their digital journeys. It was great to meet so many financial services leaders at IFGS this year and we are looking forward to working with all of the Innovate Finance members to make change happen, and future proof Financial Services