PSFK Introduces The Digital Banking Playbook
PSFK's new report with Microsoft highlights how financial institutions can optimize operations and reinvigorate the client experience with digital tools
The primary duty of any financial community is to produce, empower and actualize opportunity. From providing loans to jumpstarting entrepreneurial ventures, banks can provide an arsenal of catalytic tools for businesses and individuals alike to achieve their goals.
This economic importance has forced banks to rely on decades of established structures comprised of strictly defined roles—and in a pre-digital world, it’s worked. However, in an economy of constraining regulations, heightened competition and elevated customer demands, it’s these legacy systems and siloed operations that are preventing growth and stalling innovation. PSFK’s Digital Banking Playbook, a collaboration with Microsoft, provides a framework for financial institutions to find success in this new landscape.
Organizations will need to look to emerging technologies, like artificial intelligence and machine learning software, to deliver more relevant services in the midst of changing markets. Banks with a digital infrastructure at the core can quickly adapt to changes in the marketplace and provide differentiated customer experiences, effectively establishing themselves as trusted and confident brokers for their clients’ and organization’s needs.
The keys for actualizing a successful digital business transformation revolve around four key pillars:
- Engage clients with differentiated experiences that tailor to their personal financial needs and goals
- Empower employees with tools that can put accessible, holistic information at their fingertips about individual clients, while meeting critical security and compliance needs
- Optimize internal operations with synchronized processes and democratized data-sharing
- Transform products with open and connected systems and real-time predictive digital processes
The influence of technological, cultural and regulatory requirements mandates accelerated change across financial services. Likewise, the opportunities presented with digital transformation extend to all banking verticals—from retail banking to capital markets. Because these shifts have decentralized banking operations, an agile, digital ecosystem is necessary for institutions to have greater, data-driven intelligence on their customers, markets and internal business processes.
The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.