9 strategies for financial services transformation
The landscape for banks, credit unions and lenders can often feel hard to navigate — but the digital path forward doesn’t need to be an uncharted venture.
The landscape for banks, credit unions and lenders can often feel hard to navigate — but the digital path forward doesn’t need to be an uncharted venture.
Financial services firms have spent years asking their IT departments to modernize their digital capabilities to combat disruptors, address security concerns and thrive in challenging competitive environments.
Now more than ever, technology teams must navigate new pathways toward optimization amid dramatically shifting behaviors among customers — and employees.
Here's a potential roadmap:
What it means: Digital transformation doesn’t completely end. No financial enterprise has the time, resources or budget to transform its technology and processes every year. Optimizing your technology is how to make incremental improvements and enable your IT team — and everyone else — to grow your organization for the long term.
What it takes:
What it means: An enterprise content management (ECM) solution unites all your business-critical content and processes. By eliminating content silos, financial firms can reduce processing times, increase collaborative efforts and more effectively streamline digital interactions.
What it takes:
What it means: There are activities your organization must complete regardless of how long it takes, such as reporting and responding to customer inquiries. However, they can often be done quicker and with less friction — while delivering better results for customers or members — when you implement solutions that can automate important processes.
What it takes:
> Watch the webinar | How AI-enabled IDP is modernizing bank operations
What it means: Compliance standards are detailed and ever-changing, but there is so much on the line for financial firms that a solution that gets it right — and makes compliance easier — can prove invaluable. Audits, fraud cases and new requirements can all be automated and managed with the right tool.
What it takes:
> Automation in action | Redstone FCU transforms debit card dispute process
Learn more about how the fast-growing credit union saved time and money with Hyland
What it means: Your financial institution must be adaptable, quick and able to rapidly respond to ever-changing environments. By harnessing advanced AI capabilities, firms can deliver new levels of value at every touchpoint — via applications they use every day.
What it takes:
What it means: Investing in a modern, cloud-based platform that unifies enterprise content and transforms unstructured data into AI-ready intelligence can position financial institutions for long-term agility and success.
What it takes:
What it means: Technology should make the quality of conducting business better for everyone who comes in contact with it — your employees, as well as your customers or members. The right tools should make employees’ days more productive, customer interactions more enjoyable and personal, and outcomes swifter and more accurate.
What it takes:
> Learn more | How automation can position mortgage lenders for smart growth
What it means: Your enterprise is only as safe as its least-secure app or integration, so keeping private data safe needs to be a central part of your business strategy. Leading ECM solutions improve security by providing must-haves such as automated data classification, records and retention management, data encryption, role-based controls and more.
What it takes:
What it means: The pace of change in the financial world demands constant evolution and adjustments, so keep an eye to the horizon for new forks in the road.
What it takes: