9 strategies for financial service 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 transform their digital capabilities to combat disruptors like fintech, security concerns and challenging competitive environments.
Now more than ever, technology teams must navigate new pathways toward optimization amongst dramatically shifting behaviors among customers — and employees — in an increasingly tech-dependent world.
We’ve got the 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: A content services platform unites all your business-critical content and processes. By eliminating the roadblocks keeping your content apart, 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, like 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:
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:
Read more about how the fast-growing credit union saved time and money with Hyland.
What it means: Agility wins, in the financial services industry and everywhere else. Your financial firm must be adaptable, quick and able to rapidly respond to an environment that’s proven itself volatile as the pace of business accelerates.
What it takes:
What it means: Financial firms are racing to move to a value-enabled cloud solution. A proven cloud solution is more than just storage — it’s business continuity, content visibility, enhanced business resilience and security, an opportunity to scale your growth and a strategic way to modernize your IT infrastructure.
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:
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 content services platforms provide all the best practices in security by providing must-haves like 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 in its technology, so keep an eye to the horizon for new forks in the road.
What it takes: