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Industry News FIs will need to transform underlying processes to accommodate digitization of banking 2011-03-03 Without a doubt, major financial institutions will need to adopt and transform their financial offerings to promote customer loyalty as the digital landscape continues to change traditional organizations at a swift rate. Recently, Nick Levy, managing principal at financial consultancy Capco, outlined a range of transformations that FIs will have to undergo to ensure their underlying business and technology capabilities keep pace with digital banking progress. Chief among his concerns is streamlining how data affects real-time interactions with customers, targeting consumers for multichannel engagement and developing a higher level of trust among consumers through flexible digital platforms. "Banks must adopt more flexible and capable platforms to ensure they are able to bring consumers innovative and engaging services which ensure they remain relevant in the digital domain where social networking, person to person payment services and new market entrants are increasingly challenging the relationships banks have with their customers," said Levy. In fact, a recent survey of 1,270 Australian bank customers and 113 bank marketing executives found that it wasn't technology such as iPhones and iPad apps that proved most profitable for banks, IT Wire reports. Instead, the survey found customer data aggregation and information analytics to be the stand outs.
Organizations use master data management to improve sales and business visibility
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