Sibos 2017: Digital Banking Strategies to Drive Operational Efficiency
Operational efficiency will be one of the key topics at #Sibos 2017 and I invite you to meet with an Appian executive in Toronto for a demonstration and discussion of how digital transformation can deliver efficiency for your bank.
Financial institutions are facing an environment marked by growing consolidation, rising customer expectations, and increasingly complex and overlapping regulations. Despite strong economic growth, banks remain under significant duress amid weak profits and intense cost pressure. This leaves senior leaders seeking ways to improve topline ROE via cost cutting measures, risk-weighted asset reductions and portfolio rebalancing. Each of these can have a significant impact on a bank’s health, but they do not all add value equally.
Adopting new digital technology has proven to be the single-biggest factor to move the needle on the bank expense to revenue ratio. Yet the digital path to efficiency is a unique journey for each financial institution.
So, how should savvy bank executives set priorities?
Operational Efficiency Requires Customer Focus
Banks need to reduce costs, increase efficiencies, and implement customer journey tactics to grow revenue. To deliver efficient and exceptional service—consistently—banks must get their operational processes working smoothly and efficiently.
We’ve all heard the adage that “time is money,” and this holds true for banks, since any downtime or process delay implies lost revenue. A focus on process improvement is fundamental, but how to do this with limited resources?
Connecting data silos is critical as well, but these disconnects have been created over a number of years. How and where do you start to make the improvements that ensure actionable data is available to your critical business processes?
And, what if you don’t own everything, but just a piece of the puzzle and need to integrate AI, FinTech, and even RegTech?
Here is where digital platform technology can drive transformation.
With an application platform serving as a unifying abstraction layer, banks can drive customer focus and move the needle on their efficiency score, turning resources into revenue. All without a major retool of core systems.
Move The Needle on Your Efficiency Ratio Now
How to get started? Appian offers an innovative technology platform approach that can provide you with a roadmap to operational efficiency. One step at a time—depending on your specific business and goals. Herein lies the remedy to the broken processes and data silos we have all experienced.
As you make your plans for Sibos, I invite you to review our Banking Efficiency eBook for real world examples of how financial institutions became more efficient with Appian, and be sure to set a time to meet with us to discuss a personalized strategy for your business.
I look forward to seeing you in Toronto!
Vice President, Global Banking and Capital Markets