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Inside magazine issue 12 | Part 01 - From a digital perspective Technology eras are characterized by exponential growth and connectivity 1970 1980 1990 2000 2010 2020 Technology Core Technology Enablement Technology Collaboration Technology Engagement Digital Exponential Mainframes distributed Terminals Core Computing Office Computing Mini-computers Word processing Spreadsheets Home Computing PC Revolution Network Computing E-mail Relational Databases Client-Server Applications Internet Revolution Browser Wars Customer Engagement Intranet Applications Broadband Mobile Cloud Computing Big Data Analytics Social Media Wearables Artificial Intelligence Sensing Home Automation Digital Cars Digital Money Quantum Computing 3D Printing/ Manufacturing Our studies demonstrate that the banking and securities sector will lead digital market spending with relative market size growing from US$5 billion to US$8.8 billion by 2020 at a worldwide level. Like many other industries, the banking sector is facing a changing environment with digital disruptions taking place in several spheres. •• With regards to customers, their expectations of digital experiences have been raised by non-banking players. Personalized, integrated services and holistic solutions for diverse financial needs are now expected. Next-generation customers also expect banking services to be available when and where they want them. •• Regarding the competition landscape, non-traditional players and startups (FinTech) are picking off high-value areas of the value chain where banks have ignored opportunities, or white spaces that are not important enough to current bank operations or not economically relevant with their legacy operating model. •• Operational wise, banks are forced to address front-to-back simplification and transformation due to aging infrastructure and servers, uncompetitive cost structures, and increasing pricing pressure in the transaction space. As a consequence, huge investments have already been made by the banks as they seek to either become a digital leader, or try to catch up with their peers and competitors. Such efforts have met with varying levels of success. Going digital would allow banks to deliver an end-toend and tailored customer experience across all channels, focusing on the habits and expectations of new generations. Furthermore, they would be able to retain and even expand their customer base, preventing customers from switching to non-banking competitors. Finally, banks could also lower their operational costs through the digitization of their repetitive and time-consuming processes, i.e., account opening or loan origination, thanks to the increased support of front-end activity by digital channels. Becoming a successful digital organization requires more than a one-time investment. It requires ongoing evolution based on accurate and timely feedback from internal and external customers, which will only become possible if the organizational model is agile enough to cope with the pace of change and increased client interaction. Today, digital is the common denominator for both challenges and opportunities faced by banks, creating a sink-or-swim situation for traditional players. Banks that forgo typical bespoke, iterative approaches and invest in integrated and forwardthinking transformation are achieving success in the digital era. In this context, many digital initiatives have been launched in the world of banking over the past few years. 14
Inside magazine issue 12 | Part 01 - From a digital perspective “Technology is changing how companies are organized and run across all industries, and ours is not different” Brian Moynihan, CEO of Bank of America Top 10 DIGITAL INITIATIVES 6. Digital strategy: adopting a digital strategy in line with your business strategy Digital customer segmentation: adapting customer segmentation drivers to new digital habits 7. Customer lifecycle journey: removing friction from the customer journey 8. 6. 7. 8. Digitization of processes: transitioning from manual and paper-based processes to digital processes Mobile and omni-channel: providing a seamless user experience across all digital channels Cyber security: transforming the cyber security threats into opportunities Digital operating model: digital strategy driving the adoption of a digital operating model 9. 9. FinTech: leveraging FinTech via a win-win strategic alliance 10. Agile transformation: starting with digital as a project and ending with digital as a core value 10. Analytics: shifting from a “data-capturing” to a “data-leveraging” approach Hereafter, we describe each initiative’s connection with current market trends, and provide insight on the benefits and the lessons learned, as well as case studies observed from the market. 15
Page 1: Inside Triannually insights from De
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Inside magazine issue 12 | Contacts
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Our expert authors, who are brimmin
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