The financial sector is changing dramatically in response to global trends and digital developments. In a turbulent environment that offers both challenges and opportunities, financial service providers are establishing new identities in the new, digital economy. A comprehensive digital transformation is sweeping across the sector, from banks and credit unions to regulatory authorities at local, national and international levels. Financial service providers seek to differentiate in their customer-facing front end, while standardizing as much as possible in the back end without sacrificing flexibility or adaptability. Banks are redesigning their organizational structures and service portfolios, often seeking to break into new markets and explore new channels.
Products and services are defined by the digital options they offer or the digital content they supply. At the same time, banks face new competition in a diffuse financial market. Financial concepts like online crowdfunding and less expensive cross-border transactions are gaining popularity. Integrated customer experience is becoming increasingly important. In banking, as in many other sectors, customers demand a fast, fluid, mobile digital experience that meets their needs, and they want it all to happen transparently and in real time. An integrated customer experience not only fulfills customer expectations, but creates room for iterative improvement and future innovation. Banks need to keep their customers satisfied and delighted, applying best practices by combining traditional expertise with new skills – and that demands an effective digital strategy.
This need for cost-efficient operation relies on strategic sourcing: what can financial service providers do themselves and what can be strategically restructured to involve expert partners? As Shared Service Centers take off, ensuring continuity and excellent service is a high priority. Supply and demand need to be coordinated as efficiently as possible through good governance, assisted tendering procedures, and supplier management. Banks are making every effort to use their resources in smart, efficient ways to address new challenges as they arise.
In the financial sector, attracting attention and creating customer loyalty requires a different perspective on technology. Rather than maintaining isolated departments that rarely collaborate, banks need to set up cross-functional units that are responsible for developing the integrated customer experience, looking beyond the status quo. Data models need to be adapted to facilitate more effective decision-making processes, assess performance and provide insights into customer choices and conduct.
Relying on a solid understanding of customer needs and objectives, the digital transformation to Lean and Agile can be accelerated by redesigning, streamlining and automating IT-intensive processes and taking assertive action to combat and prevent fraud. Joint initiatives between financial institutions, e.g. distributed ledger technology and open banking, are gaining ground. The operational models, employee skills and organizational structures need to be adapted accordingly.
Quint Wellington Redwood (Quint for short) is a global, independent boutique consulting firm, helping organizations to design and optimize IT-intensive processes, services and organizations. Our consultancy focuses on supporting our clients in getting the most out of their existing and new IT by defining and implementing an effective digital strategy. Together with our clients, we build roadmaps that facilitate fast and effective change, anticipating or responding to opportunities and threats. We bring technology and its application to life.
Quint provides strategic advice to banking clients on maximizing organizational effectiveness, transforming into high-performing organizations by continuously experimenting and adapting within teams, using lean startup or agile approaches. This emphasis on Agile Enterprise also extends to facilitating output-driven and effective governance of IT supply & demand. In addition to supporting implementation of optimal and compliant IT Service Management, we help banking clients navigate an increasingly complex vendor landscape, relying on a Service Integration and Management (SIAM) approach to define a flexible, responsive, agile sourcing strategy that combines internal and external vendors.
Clients rely on Quint’s expert advice and support to design secure, future-proof IT-intensive processes that comply with Risk & Control requirements. Quint regards people, processes and technology as factors that strengthen each other. Together, they are the basis of sustainable change. We use analysis, design and implementation to connect and improve these factors. By training and coaching our clients and the professionals on their staff, we empower their ability to change, so that they can continue their transformation after the end of Quint’s involvement. This approach ensures that vital knowledge is retained, increasing our clients’ impact and supporting organizations in their context and in the context of the challenges they face.
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