How a Bank Simplified to Grow
Banks are challenged with managing many different technology platforms across multiple product lines and channels. The ongoing investment in mission-critical business processes, combined with industry mergers and acquisitions, are factors that have created a stratified technology footprint. Banks are running non-integrated platforms and duplicating effort across the organization.
Ask yourself this question: Do the different lines of business at your bank all have different platforms for accessing external data such as credit reports access, attribution and modeling, decisioning and origination? Banks that fit this profile are faced with high support costs, lack of flexibility, and complex processes when launching new products. This inhibits growth and efficiency.
We hear from clients and analysts that many banks are undergoing transformational projects looking at all aspects of their operations. Key catalysts for this transformation include the regulatory environment (impacting fee-structure), account profitability, and the need increase lending. Banks want to better understand their customers and deliver more consistent, timely, and relevant product offers across all channels. Some call this the “Service-to-sell” model.
Banks are transforming themselves along the lines of customer need. Who is this customer? What are their needs? An appetite for more information and insight exposes weaknesses in current technology – it’s difficult to access new data sources and analytics for deeper insight about prospects and customers. This also necessitates more efficiency and consistency in the ongoing interactions with clients.
We are seeing our customers find new efficiency and growth opportunities by centralizing platform access to the latest data and analytics. This consolidation enables innovative new data assets to be more easily added to their policies, and helps better serve their clients and establish more meaningful relationships.
Watch this discussion with KeyBank on how they simplified to grow: moved from multiple bureau access and decisioning systems to a streamlined and centralized process for gaining deep customer insight.
Want to learn more? Send us an e-mail.
This post was contributed by: Lee Grice.
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