“Few Financial Services companies will do enough to truly differentiate their brands and remain relevant to customers. Many firms risk being left behind.” Forrester Predictions 2018
Open Banking is the big news for 2018, with changes in the regulations here in Europe providing the springboard for a new era in financial services.
The question is – will most Financial Services organizations have a clear idea of how to proceed? Or is it rabbit in the headlights time?
It’s Time to Redefine Your Business Model
Consultants Forrester, in their report, Financial Services Predictions for 2018, say the prospect of APIs, digital technology and the sharing of financial data should be seen as an opportunity not a threat – the message however, is clear – it is time to redefine your business model. With so many new products in the pipeline it could be your chance to offer the customer something truly innovative.
Why the Financial Services Back Office Must Go Digital Too
But if you plan to grow then you must ensure that your business systems are up to the task.
It’s not just about offering digital banking to your customers, the financial services back office must go digital too. Legacy operating systems MUST be updated. Now is the time to invest in systems that will streamline transaction processing, customer support and credit processes.
“Leading Financial Services groups such as BBVA, Intesa Sanpaolo, and Lloyds Banking Group are already spending hundreds of millions on digital business transformation.” Forrester Report
The gap between those embracing digital transformation and those doing nothing is now growing rapidly – can you afford to be left behind?
Are Financial Services Ready to Partner?
What’s more you may need to seek new collaborators to make the most of the wild west atmosphere that is overtaking financial services. According to Forrester,
“Incumbent financial firms are gradually realizing that they need to partner with fintech startups to improve their existing business, offer new services, and reach new customer segments — and vice versa.”
Customer expectations will continue to grow across all sectors and you must be prepared to meet them. Customers don’t care about the backlogs clogging up your system or your creaky legacy IT and they will go elsewhere if you can’t meet their needs.
Are you ready to shift?
Those companies willing to shift mindset and look after their customers will be the ones in the best shape to win. It’s time to update and get something fast, accurate and reliable like the product we offer – SAP Business ByDesign. We have worked with financial services companies like yours and understand your pain points. Take a look at our SAP Business ByDesign for Financial Services page here.
So put New Digital Infrastructure at Number 1 on your to do list for 2018 or get ahead of the crowd and book a chat with InCloud Solutions now to find out what’s possible.