How a Digital Architecture Can Lead to Tangible Business Results
By Angelique Schouten
CCO and Global Board Member, Ohpen
The financial services industry is rapidly becoming a customer-centric industry. Unfortunately, not in the right place. Billions are poured into the front end: fancy websites, apps and elegant-looking access to investment portfolios. In the long term, customers, financial companies themselves and regulators would be better served by a comprehensive digital architecture.
Legacy Mindset Holding Us Back
There is no denying it, with (core) systems installed in the 1970s, 1980s and 1990s, banks, wealth and asset managers are ill-equipped to support today’s customers and the range of functions, flexibility and scalability they need. IT spending is up to billions, but mainly focused on delivering online capabilities like access to investment portfolios. So, it is no surprise that banks are not able to lower costs and their customers still receive the same standardized direct emails, see the same online (marketing) content and get the same robotic scripted customer service – for example, experiencing slow processing of address changes.
And Digitization is Much More Than a Cool App
Most of today’s digitization projects aim to improve the front end and the customer experience: nice-looking websites, mobile applications and robo-investor tools. Very often these digitization projects lack a true “digital proposition”. They fail to address the topic of a true and ...
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