Digital Front-end Reinvention for Banks and FinTech
December 07, 2022
The software revolution— which has already disrupted many industries and has made some industries essentially obsolete —is now rapidly transforming the financial services industry.
“Leaders need licenses to pursue new ways of working and to bend the rules when justified. The concept of stewardship suggests this is not only ok but desirable.”
Transforming a financial institute requires having leaders in place that are driven by a long term strategy but with the tools and freedom to steer the ship towards this transformation. Traditional banks have always been at a disadvantage to digital-only competitors. The newcomers are operating without the burden of legacy systems and outdated business models. But now, new technologies and digital-first platforms are helping banks and other financial services undertake high-speed transformations to stay relevant in their customers’ day-to-day lives.
Banks that don’t move in this direction may quickly find themselves on the wrong side of a relentless demographic shift. Increasingly, the most attractive customer segments by age and net worth expect a seamless experience from their financial institutions.
The shift in digitisation of front ends, core banking systems and processes at financial companies (banks and FinTechs) is fundamentally driven by a few core factors:
Reduction in costs “Branch transactions cost roughly $4 each, while online and mobile transactions cost $0.09 and $0.19, respectively.”- Ibid.
Ability to provide a more consistent and improved service which leads to more retention, according to PwC research, customers who have a high-quality experience are 2.7 times more likely to keep doing business with a brand.
Ability to increase the average yearly revenue generated per customer due to automations in upselling processes.
In the most idealistic of scenarios a bank would reinvent its self from the inside out and outside in but in reality this is a hard and daunting process and the day to day operations of the bank must persist, regulatory and earning pressures are ever lurking and the staffs willingness to adapt is another hurdle. Fintechs come at it from the other angle of attack, they have no legacy burdens but lack the trust and credibility.
This is where we come in, utilised our far reaching experience in the industry we have defined the DigiFlus™ framework, successfully implementing it across both legacy banks and pure digital banks.
The DigiFlus™ framework is a stepped methodology through which banks and Fintechs can outrun the competition and deliver more value to clients by reinventing their digital experience. DigiFlus™ is an omni-channel frontend banking framework, a digital banking experience that unifies the experience, propelling customers at the centre.
Digital banking can give a boost to your bank’s bottom line. When transactions are done on a digital environment instead of in a branch, they can be significantly cheaper. As a bank you can also generate more revenue from customers who manage their own money through a digital interface. But not all banks are prepared for a full digital transformation and we have identified a quick long term fix which revolves around the front end experience.
That doesn’t mean going digital native is the right answer for every bank. Whatever you choose, the solution needs to be in line with your long-term strategy. After all, each bank has a different set of core capabilities, and not all banks are prepared for a full digital transformation. The right answer for one bank might be the wrong answer for another.
DigiFlus™ offers a complete and focused solution for banks engaged in retail, corporate, small-to-medium enterprise (SME) and wealth management activities. The DigiFlus™ framework empowers financial institutions to accelerate their front end digital transformation and effectively take on a digital-first world.
Facelift™, is spread across 5 core pillars, each of which adding value to a banks digital font end experience:
- Intelligence gathering through primary and secondary data (E.g Engineering UX Labs to gather insights)
- Define your DigiFlus™ strategy on our pre defined framework (scope, architcture, timeline
- UX/UI experience engineering
- Develop the front end omni channel experience & Integrate
4.1.Open APIs and an API framework to integration with the core banking system
- Host and Secure
5.1.Moving away from traditional hardware-based IT and embracing cloud- based technologies can help
- Drive Leads
Interested in finding out more? Talk to us.
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