Three things are needed to accelerate business transformation: demand for new products and services from customers, technology innovation (including multi-channel touch points) and finally competition from new entrants. In order to compete in the digital world, traditional players have to revisit their business models and implement change. They need to re-think strategies to create a customer-centric offering.
A change in business model will impact a company’s entire organisational structure. For example, all bank networks (both physical and virtual) have to be realigned to the new business objective. This consequently leads to new operating model design projects and training for all employees across the company.
Once the design phase has been completed, it is time to manage and plan the roll out. Clever companies will adapt to the competitive environment quickly and with ease to prevent losing customers to new entrants. What differentiates the winners from the losers? IT has a big part to play. Old legacy systems make it difficult to cope with the complex combination of new processes, procedures and regulations. There is also new job roles, responsibilities and unexpected obstacles to consider. Bear in mind that all of these changes need to take place efficiently and effectively.
New technologies and regulations will continue to dominate the financial services landscape. Business transformation is a necessity for both traditional players and those looking to set the new standard for banking.
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