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“We need help with digital.” – an ask that comes up often during client meetings and one that requires us to dig a bit deeper to understand the support that is being requested. The relevant questions could be – do you need help with your channels? Is there a usability issue? Or do the channels offer very basic services in a world that is almost 100% digital today? And usability could be related to ease of use or performance or features again! Or is the help on digital centered around development processes or time to market for a feature, or a particular channel’s ability to offer targeted digital marketing campaigns?

The response varies based on a stakeholders’ role or ownership of the “digital” problem. A Chief Digital Officer would look at a channel’s usage, time-to-market & features deployed. A Chief Data Officer would look at streamlining data, identifying revenue opportunities from the data-lake and costs, to list a few. For a Chief Security Officer, ensuring both customer and bank security is an imperative. And for a Chief Executive Officer - market share, customer satisfaction, compliance, market differentiators and of course, costs.

A services partner should consider all of the above as “digital” because all of these put together drive digital leadership. If the digital channel doesn’t offer convenience, instant support, security and an ecosystem that connects everything from insurance providers to loan disbursement, the bank wouldn’t be able to connect with its customer base which ranges from the baby boomers to the Gen Zs. And all this would require channels with A-class user experience, data organized in a way to offer targeted products to customers, robust security infrastructure and algorithms and most importantly, provide it in a cost-effective manner. The cost reduction comes in from reduced time to market (e.g. powered by Agile & DevOps), smart data algorithms to help track reducing revenue trends (e.g. early mortgage repayments), cheaper security scans to reduce risk (e.g. hosted financial crime services) and from a cloud-ready application codebase on a scalable cost-effective cloud platform.


Digital isn’t just channels or targeted campaigns or deploying a channel on the cloud – it includes data engineering, platform engineering, cloud migration and usability consulting to list a few work-streams. The “help” mentioned in the beginning can be in one or all of these workstreams. The workstream priority is determined based on whether release management & engineering practices need a relook or if cloud migration is on top of the agenda. The workstream that will translate into better customer satisfaction and/or revenue will be high up on the priority list. In some situations, the organization may work on defining a plan that would help streamline engineering, bring in new features and create a new cloud ready code base – all in parallel!

In conclusion, digital is a journey - it’s the ability to execute banking transactions end-to-end adopting a superior & secure customer experience offered by a platform that is scalable with an affordable cost of ownership. And the enablers are Agile, DevOps, design thinking, platform engineering, machine learning and the Cloud, to list a few!

Amit Ranade

 

 

 

 

 

 



Amit Ranade
Partner – Financial Services Sector, IBM Client Innovation Center (India)


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