Banking has had a long relationship with technology, “with more than 90% of retail banking executives citing that they have the technology currently, or are planning to implement or improve.” However, the pace of change has accelerated due to competitive and regulatory forces, as well as rapidly maturing technologies such as cloud, mobility and analytics. FinTech upstarts have been challenging established institutions and are now similarly challenged as those established banks get more comfortable with digital transformation.
“Technology is transforming our business radically, across every aspect of our business. A process that has been going on for some time, but has accelerated… We actually create the prices and the information that then gets communicated. It gets processed directly, payments get made automatically, much more efficiently, much more cheaply, and without error.”
– Lloyd Blankfein, Chairman & CEO Goldman Sachs
“The financial services business has been a huge user of technology, not just recently, but for the last for 50 or 60 years. We literally used to move pieces of paper around when you buy a security. The difference today is that much faster, people can access things any-where, any-time. People want 24 x 7 services. I always look at our job – we’ve got to make things better, cheaper, faster for you. …
The mobile device is probably the device (not just for millennials any more) for alerts, moving money, bill pay, knowledge, offers, marketing. It’s getting faster, quicker.”
– Jamie Dimon, Chairman & CEO JP Morgan Chase
Recent research published by CEB TowerGroup analysts point to a number of interesting conclusions:
- Enterprise Content Management (ECM) and business process management (BPM) are as relevant now as ever for transactional automation and compliance. It has reduced processing times and enabled and scaled access to services across time-zones and convenience-zones.
- Paper is still a major challenge to banking institutions, many of whom lack cultural acceptance and skills to more broadly apply these technologies.
- Customer engagement is moving from live (in-person) interaction, to leveraging digital channels. Mobility is also a major trend for account opening and servicing.
- Coupled with traditional ECM services, a combination of customer document delivery (customer communications management), business process (or case) management and eForms, e-signatures, mobility and cloud deployment are technologies that promise to greatly improve customer experience, with conversational and highly optimized workflows.
- There is a gap between Banking executive’s perceived importance and confidence of a firm’s ability to execute key initiatives.
The CEB TowerGroup analyst report, Going Paperless to Become Digital, discusses their detailed research and highlights changes in the adoption of ECM solutions, particularly as it relates to paper handling and the move to digital channels. It also shares a analysis of ECM product capabilities, including those from Dell EMC’s Enterprise Content Division, with special interest to the needs of the banking industry. Download your copy now.
On Wednesday October 12 we held a very informative webinar with CEB TowerGroup analysts to discuss their findings in the context of digital transformation in banking, and our customer experiences. The recording will be available soon.
Supporting Digital Banking and Customer Engagement Beyond the FinTech Era
Craig Focardi, Principal Executive Advisor, CEB TowerGroup
Patrick McGrath, Director, Digital Transformation, Dell EMC Enterprise Content Division