FEATURE
Banks need a technology stack that is able to provide them with detailed , realtime insights on their customers ’ behaviours , allowing them to offer products that are relevant to their customers . quick , high value wins – without the risk associated with big bang change .
These smaller-scale projects show the benefits of transformation and process change – offering a glimpse into the power of better customer understanding and personalisation – while allowing banks to slowly transition from their legacy systems . A co-existence model gives banks the breathing space they need to quickly launch innovative products , while still planning their longer-term legacy migration . By celebrating and highlighting the results this model can achieve , innovation teams can create a buzz around new banking systems , bring their teams on the transformation journey , make these processes less scary and risky , and win the cultural war against change . After all , once change becomes accepted , flexibility becomes the norm . This allows banks to identify and respond to their customers ’ needs and stay ahead of the competition .
To achieve change , your culture needs to change
Real , meaningful change requires full cultural alignment throughout an organisation . Crucially , this is a cultural battle and not a technology issue . Mindsets throughout financial organisations need to shift towards prioritising improvements , rather than maintaining the status quo . It is also crucial banks demonstrate this change is taking place to show they are making positive changes for their customers . This will help them provide the good service they need to build deeper relationships with their customers and secure their longterm loyalty . �
36 www . intelligentfin . tech