BFC Bulletins Monthly News Digest
There has (rightfully) been a lot of talk this year about digitization in the financial sector, with the COVID-19 pandemic drastically accelerating the development and implementation of digital solutions in financial institutions. This has been somewhat of a challenge for financial institutions as they seek to balance the need for implementing these solutions quickly with risk and regulatory challenges as well as an understanding of which transformative solutions to pursue as a top priority. As financial institutions move boldly (or perhaps reluctantly) into this new digital environment, it is important that they keep these four key things in mind:
- The focus should be on redefining consumer experiences. Financial institutions should look to co-create (with consumers) frequently and often in a proposition lifecycle, thereby ensuring consumer needs are kept at the forefront of new solutions.
- Digital solutions should come from a mobile-first perspective. From contactless banking to account access, consumers expect product and service accessibility from portable devices and at a moment’s notice.
- Data strategies need to be clear. Building new solutions means knowing what data you have, what data you need, what questions you need to ask of that data and how to interpret the answers. Centralizing existing datasets is key.
- Selecting the right technology platforms is paramount. When building new services into operations with extensive legacy processes and assets (and subject to high levels of regulatory scrutiny), choosing which platform(s) to use and how to use them is essential.
