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BFSI & FinTech

The financial world is undergoing a profound transformation, as CIOs prepare to embrace the next major phase of digital transformation. The challenges they face is significant, and require rapid action and response is imperative, financial institutions must modernize their technology function to support expanded digitization of both the front and back ends of their businesses.

 

As millennials become the largest generation in terms of both the make-up of the workforce and the weight of their consumer value, the expectations for how services like banking should function has changed dramatically. Coming of age in the digital era and entering adulthood alongside the dawn of the smartphone, this group has come to expect instant access to information and a slick digital experience.

 

Understanding the needs of this new generation, as well as the unheard wishes of the customers of traditional banks that came before them, sounds simple.

However, understanding those needs was only the first step. Responding to them required the ability to adapt and align rapidly. To meet a fundamental change in customer expectations, financial firms required a fundamental change in the way the workplace functions.

 

Most major financial institutions are well aware of the imperative for action and have embarked on the necessary digital transformation. But it is early days and they also face challenges in terms of funding, complexity, and talent availability. The pace of change in financial services technology leaves very little time for leaders to respond. Therefore, CIOs and other executives need to accelerate and scale their technology transformation. 

 

Of course, any digital transformation initiative will be unique to each bank, and defined by its range of products and services, current core banking systems, IT budget and vision for a digital future. Once there is a clear view of where the bank wants to be, it can start to fulfil its vision, according to the defined digital strategy and plan. Isolated solutions are often only implemented in a fragmented fashion from division to division.  Plagued by a motley set of functionalities, interfaces and custom improvements implemented over the years, those legacy systems lag behind in a dynamically changing competitive environment.

 

Experts at Kilowott are able to see beyond operational actions, and help banks and FinTechs develop medium- and long-term plans to address each element of financial, risk, and regulatory compliance, and create new environments to support the business in fully digital settings.

Digital Transformation Use Cases for Banks and FinTechs

Revamped operating model

Implement a dynamic, scalable, and flexible operating model to ensure business continuity in any scenario. For instance, in the case of temporary closures, branches need to quickly train branch employees to provide online help or assist the call center in serving clients.

Remote services and capabilities

Many banks have an extensive set of workflow tools, document management tools, document collaboration, and electronic signature solutions in place, but they are not fully utilized. For example, one department in the organization may fully embrace digital documents and electronic signatures, while another department keeps receiving and sending snail mail. The solution here would be to review best practices and tools across the bank, understand the full capabilities of available solutions, and offer them to unit managers to utilize as immediate solutions.

 

Proactively address new customer needs

To operate in the new environment, banks would need to rapidly meet different client needs and serve them in ways outside the norm. Scalable solutions to process and approve requests for forbearance, mortgage holidays, deferred loan repayments, etc. would need to be implemented quickly.

Branchless banking and self-service options in digital channel

Due to the temporary closing of branches and reduced ATM availability and usage, the branchless banking or virtual branches idea is becoming more popular. As many interactions move online, expect to see more and more consumers want to use self-service tools on the web and in their mobile devices..

 

Data use, extraction and manipulation

Going forward, the ability to extract and process data from multiple documents will be essential to manage risks and to create cost-conscious processes. Immediately, we could see requests for solutions to process documents to feed systems assessing portfolio health in stressed markets, or complete search thought legal documents.

 

Adaption of cloud solutions

As financial services organizations have been behind the curve in the cloud solution adaption, this situation will trigger a revisit of internal policies and expedite further cloud adoption for both client-facing and internal solutions to improve efficiencies, eliminating the need for a larger security and maintenance staff, and creating cost-effective, scalable environments.

To stay competitive, financial firms need to provide high-touch services across all channels through efficient business operations. This requires a unique blend of IT consulting and deep domain expertise enabling businesses to deliver the right services to the right customer at the right time. We work with leading banks to help them understand their innovation options and accelerate the launch of new products and services by closely working with internal teams.

 

With our domain expertise and rich experience with large financial enterprises and Fintech firms, we are well positioned to develop cutting-edge solutions to enhance customer engagement, and achieve your business goals. 

The ngX Framework

Based on our deep design and technical experience across industries we’ve developed a proprietary digital framework, the ngX framework, which is leveraged across all our projects.

The ngX framework consists of the following steps:

Assess

Assess your current customer experience and digital posture across all digital properties

Define

Define a digital experience transformation roadmap to capture digital moments

Develop

Develop the front-end and back-end systems and technologies to bring the digital next strategy to life

Deploy

Deploy all the technologies and design elements together after thorough QA and user testing

Support

Support the deployed components to ensure digital experience ecosystem meets its stated business objectives

Market

Digital marketing to promote the reimagined brand, acquire new customers and retain existing customers for continued business impact

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