The Shape of Things to Come From Legacy to Digitimacy
Banking
Implement Big Data Solutions, increase the availability and transparency of services and reduce the need of human intervention.
Opportunities
Digital transformation is about strategy, culture and talent development. It is about employees with digital mindsets, who are rethinking business models while being agile and fast.
There is a need for developing Technology Savvy (Digital Savvy Talents) who can:
- enable innovation
- scan the market for digital solutions that can be used to meet the needs of citizens
- integrate Big Data into the decision making processes
- communicate the organization’s digital purpose, needs and priorities
There is also a need to:
- provide branch staff and financial brokers/advisers access to the needed data
- adjust branch hours and staff times to fit with the COVID-19 measures
- offer better customer experiences across channels
- increase the awareness of the bank’s customers
- enhance operational services
- automate simple tasks
- develop an operational risks matrix and keep track of all the risk plans
For third-party services, there is a need to:
- consider the essential services
- redefine the SLAs to fit with the current challenges
- streamline procurement through a rapid sourcing process
