Transform Your Bank’s Efficiency with Connected Banking

Published on 01 Aug 2024

In today's rapidly evolving banking landscape, financial institutions are under immense pressure to enhance operational efficiency. Despite ongoing efforts, many struggle to keep pace with the demands of modern banking. Learn how to not only keep up but also lead the industry with connected banking.

Operational Efficiency: The Elusive Moving Target

A recent McKinsey study highlights that despite transformational efforts by banks in Europe and North America, operational costs have largely remained stagnant. Gartner's Cost Value Matrix also reveals that 54% of banks are cost-efficient, while only 36% achieve significant business value through IT spending in digitalization. Forrester predicts a growing focus on operational efficiency to enhance customer outcomes and reduce service costs. In this competitive environment, financial institutions must find ways to improve operational efficiency and customer outcomes simultaneously.

It's Not Just About Cost. It's Also About Speed and Outcomes!

Cost and productivity drive operational efficiency programs, but prioritizing speed and customer outcomes is crucial. Successful initiatives are characterized by fully digital loan applications, automated workflows, and seamless integration between digital and branch channels. A all-encompassing procedure is basic to accomplish these improvements.

Achieving Holistic Operational Efficiency: What Prevents You?

Financial institutions have long been at the forefront of technology adoption, yet many struggle with legacy systems, siloed automation efforts, and disjointed processes. To achieve true operational efficiency, banks need an approach that connects systems, processes, people, and functions without replacing existing legacy systems or undertaking risky transformations.

It's All About the "Connect"

Achieving holistic improvement in operational efficiency requires establishing a connection across various facets of operations:

Processes: Extend orchestration capabilities across the customer journey with analytics and robotic automation.
Content: Ensure all content is accessible at the right time and place to the right actor.
Communication: Execute a client engagement framework for convenient, relevant communication.

Holistic Operational Efficiency: How Can You Achieve It?

A platform-based strategy is key to connecting operations holistically:

Automate end-to-end processes to focus on real customer outcomes.
Bridge operational silos with a platform approach.
Integrate cutting-edge technologies like ECM, RPA, AI, and analytics to enhance speed and engagement.
Extend integration across channels and partners for seamless customer outcomes.

Connected banking is the future, transforming operations and improving efficiency beyond individual processes. To learn more download our whitepaper now!