Banking

Backing the right horse: Factors for success in transformation investments

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When it comes to digital transformation, how do you manage investments to accelerate results? For banks, the three elements for transformation success are:

  • Security
  • Culture
  • Enterprise integration

In this episode of the Boardroom Advisory Series, we discuss the importance of each of these three elements. Here’s the preview:

Security
For the first element, security is a paramount. As banks look at Fintechs to partner with or new digital capabilities to build, they must know that their data—and their customers’ data—are protected. But security goes beyond just protection, it’s the law. Bringing partners on or kicking off transformation projects have to adhere to strict regulations. The best way to bring partners on securely is using secure cloud technology, giving the bank full control and traceability for the data coming in and going out.

Culture
Beyond security, shifting the organizational culture and mindset to derive iterative value from transformation projects, comes down to the talent you have. Taking full advantage of moving to the cloud means aligning a skills transformation to train developers and operations staff on the new processes and tools that are critical to a cloud deployment model. This training can dramatically increase efficiencies for end-to-end deployment. It augments the requirement clarity and linkage tool usage for governance and automation, development environment readiness, and shorter application deployment cycles. Further, it allows you to measurably execute on transformation projects to advance the customer engagement and market position with a cloud deployment model.

Enterprise Integration
Without question, a cloud deployment model facilitates enterprise integration when development and operations are streamlined. The cloud transformation residual opportunity is realized when banks establish secure cloud environments that are used by trained staff. Developing applications for both the front and back office becomes faster and cheaper. It also gives marketing teams access to better data about their customers and enhanced tools to reach them. Ultimately, these upgraded applications and access to clients leads to new revenue streams.

Cloud deployment models provide banks with line of sight to ensure security and compliance are rightfully prioritized. This coincides with influencing future development and operations cultural shifts, and to transform an enterprise development and operation approach with sponsorship at the board level. Watch our complete Boardroom Advisory Series to see how we’re helping boards at leading financial services firms plan for the future.

Watch the full video here, and the complete Boardroom Advisory series here.

Client Innovation Leader

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