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Will most people go back to purely in-person banking? No. But the demise of bank branches is greatly exaggerated - a recent Celent report says that 77% of customers want to be face-to-face for substantive discussions about their finances.
Read ISG’s whitepaper to learn how to reimagine your #branchstrategy for the future of banking.
This leading North American investment management firm had a history of perceived underperformance in its back and middle office (overly bureaucratic, low employee satisfaction, expensive to run). ISG was engaged after the client had already had initial conversations with service providers.
The client’s vision & objective was to transform the client’s services departments to: (1) improve service quality, (2) optimize the environment, (3) improve employee experience, and (4) spend money wisely.
The scope of the project was four main functional areas – HR, Finance & Accounting (including Procurement), Real Estate/Facilities & Technology.
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Learn MoreCustomers expect a seamless experience from banks. The rising wave of challenger banks, neo banks and Big Techs entering the banking industry has led customers expect the same level of experience from their traditional banks. Banks today are creating digital and phygital (physical-digital) banking journeys to provide their customers a complete and seamless experience. Extending consistent omnichannel experience to banking customers has become essential to increase the bank’s reach to acquire more customers and serve them through their channel of choice. Customer retention has also become a priority. Banks are now building the capability to leverage customer data to gain a deeper understanding of customer preferences and generate contextual insights. They are providing the right product and service offerings for enhanced customer satisfaction. Small and midsize businesses (SMBs) are also looking forward to their banks for a superior hassle-free experience, and banks are directing their efforts to provide a digital banking experience that is paperless and low touch. Hence, many banks today are on a journey to modernize their legacy platforms. They either do it via a progressive modulebased digital transformation to unwind the existing spaghetti architecture or an out-of-the-box implementation of a new platform to create a modern bank with fully functional digital capabilities.
The banking industry has been experiencing major shifts globally, driven by emerging technologies, innovations triggered by the COVID-19-induced movement restrictions, changes in consumers’ preferences and behaviors, and the increasing regulations in the industry. The adoption of the net-zero approach and emerging enterprise-level risk management and compliance requirements are also driving banks to change their strategies and businessoperating models.
Every expectation of the contact center got slammed by the pandemic– from staffing, security, infrastructure, training, shoring locations, providers/captives, channels, performance to workforce management. ISG’s Sandra Williams discusses how banking contact centers became prime examples of Darwin’s theory that only the one most responsive to change will survive.
Automation can drive efficiency, resiliency and flexibility across the enterprise. ISG’s Jay Woldar explores how evolving technology from business process automation to robotic process automation to cognitive can transform applications and maximize return on investment.
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