IT leaders at financial institutions know that the digitization of banking will change everything. But while 86 percent of corporate banking executives “said that digital will change both the competitive landscape and the economics of the business,” only 43 percent “have an explicit digital strategy,” according to research from The Boston Consulting Group. That’s quite a mismatch.
If your digital strategy could use some fine-tuning (or an overhaul), you’re in good company. With rapid technological changes, many financial institutions are finding it hard to stay competitive while also ensuring the security and satisfaction of their clients. To help IT leaders at commercial banks stay abreast of the latest trends and technology in banking, Crossfuze has gathered helpful how-tos, case studies, thought leadership, and research, all in one place. Here are the best resources and information that will get you up to speed and help you be the true IT leader your bank needs.
● This solution brief from ServiceNow teaches banks how to use the ServiceNow platform for compliance operations. It covers ServiceNow basics, regulatory change management, compliance workflow design, and other details you need to know.
● Gartner contributor Laurence Goasduff takes bank CIOs step by step through the process of evaluating priorities and determining whether their bank is ready to transform digitally.
● With insights from McKinsey research, contributors Federico Berruti, Emily Ross, and Allen Weinberg offer six building blocks for a strategic—not just tactical—transformation from manual to automated processes.
● Where should IT leaders start their digital transformation journey? The Financial Brand gives four solid pillars to build on.
● Tagit suggests six key things to consider when banks approach their digital banking journey.
● BAI’s thought leadership podcast on banking strategies offers episodes on everything from guidance on the specifics of digital transformation to an insider’s perspective on the latest data.
● This case study gives an inside look at how BBVA USA’s branch productivity increased by 40 percent over two years through digital transformation.
● Félix Grévy, a product management leader at Finastra, gives his insights on the legacy challenges that still face financial services and offers a case for a move to platform. He also discusses the opportunities for developers in fintech moving forward.
● Mary K. Pratt, a contributing writer at CIO, shares how to shift from being a problem fixer to a strategic technology leader in this informative how-to article. (Registration is required to access the entire article.)
● Peter Wannemacher, senior analyst at Forrester, gives a brief overview of three market shifts and strategy changes he expects to occur in global banking in 2020.
● Deloitte’s 2020 banking and capital markets outlook gives an in-depth look at the current state of the industry. Experts share insights into what the near future of banking holds and recommend best practices for preparing.
● With the demands of millennials and Gen Z in mind, Salesforce offers an easy-to-read article explaining the three things CIOs need to know about the future of IT in banking.
● In an episode of the podcast Industry Focus: Consumer Goods, Dylan Lewis interviews Motley Fool contributor Dan Kline about banking of the future. They cover banking as a service, the impending death of overdraft fees, and how non-finance companies are entering the banking space. Listen to the podcast or read the transcript.
● This page shows quick takeaways from IBISWorld's Commercial Banking in the US Industry Report, including a chart showing the market size of commercial banking over the past 20 years and an interesting Q&A that reveals some findings from the full report.
● Suleman Din at American Banker discusses nine tech challenges facing banks, with information coming from recent industry studies.
● BBVA lists what 90 percent of executives agreed would be the top six challenges in the banking sector for the next six years.
● TechRepublic shares a preview of its ebook about deep learning and how it might affect IT.
● KPMG gives a brief explanation of the three primary causes of strategic anxiety in banking and three tips on how to manage them.
● KRIU takes a quick look at how banks are using cybersecurity to stay safe and competitive in a quickly changing industry.
There’s a lot going on in the banking industry in 2020. We hope these resources help you make the best strategic IT decisions for your bank. At Crossfuze, we’re here to help you take your bank’s IT operations to the next level quickly and securely. We offer a comprehensive ServiceNow Resource Center designed to help organizations take full advantage of the ServiceNow platform. If you would like a customized assessment of the state of technology in your bank, contact us today.
Enter content here