Mull this over.
- There are multiple definitions for Digital in the banking context. What is the right one?
- Every one’s talking mobility. Is mobility the only element of customer experience?
- Can a bank craft that delightful experience on the back of lethargic and high cost operations?
- Digital has brought in a lot of opportunities. Are banks and technology partners looking at digital as a series of activities aka the piecemeal approach?
- Vendors are mushrooming to address problem solving in sharp and very specific areas in Banking. Who has the holistic picture?
- Today’s banking customer wants the Amazon & e-commerce experience from their bank too. They seek more and more personalization. The existing Core banking solutions in the market are designed for Mass Banking. So what happens?
- No one knows where the next disruptive technology is coming from. So how should banks gear up for the change?
Answering these questions would perhaps be the starting point of designing a Core Banking System offering contextual banking services in real-time and empowering banks to become the principal banker to their customers.
Think about it. What could be more endearing for banks than the proposition to move away from pushing products through channels to providing targeted contextual knowledge and advice to customers and help them make informed decisions?
Digital is much beyond the oft-heard channel transformation and omni-channel. But digital banking is not just about enabling internet and mobile banking for customers anymore. It is not about merely providing fancy looking screens that run on multiple devices. It has moved way beyond providing a cosmetically enhanced front end. The next wave of digital banking demands complete digitisation of both the front and back-end systems leading to superior banking experience for both customers and the bank staff. In other words, a digitised back-end that enhances the customer experience at the front-end, empowers the bank staff to don multiple roles and improve operational efficiency.
A close monitoring of the trends in the landscape, both at the global and regional levels, reveal two important facts – Customer-centric banking and the complexity created over time through multiple, fragmented and legacy systems, and geographic expansion and regulatory requirements.
The solution is undoubtedly a true digital core. But what if the core system is actually a repurposed version of the banks’ legacy systems with internet and mobile banking enabled on them? Banks end up losing their IT investments to failed transformation programs and adding to their existing spaghetti of badly integrated systems. To put it plainly, banks find themselves moving away from digitisation instead of embracing it.
Mere cosmetic tweaks to the old core would not help. A truly Digital Core is one that would help banks meet their current and future digitisation needs while also reducing complexity.
Digital is much beyond the oft-heard channel transformation and omni-channel. Digital banking is not just about enabling internet and mobile banking for customers anymore.