Banks for quite a long time were pursuers of automation. Nevertheless, now some of them turn into a system enabling innovation, creating a challenge looking to become truly data-driven.
1. Modernizing legacy:
The urgency to recognize core systems which strikes to the bank’s digital potential. This relies on the importance of keeping the market’s rhythm, no matter how many implementations happened during a certain time, as long as the core is not disorienting, more value could be extracted from developing initiatives to support the process.
2. Highlighting the potential of ML:
Again ML is doing its thing, by enabling real time processing of data; organizations can reveal anomalies, bring out insights, make predictions and even have meaningful conversations with customers in digital spaces. This target can be reached by MLOps, an application of DevOps capable of industrializing and scaling ML.
3. Feeding the machine:
New data-driven technologies are allowing the availability of data across all divisions. Such tools as cloud, ML and AI, help companies from distributing data architecture capabilities, advanced analytics and next-generation cloud-based data stores. By the end, automated decisions will enormously speed up their primary processes.
4. De rigueur vérification:
Cyber security, any user, workload, device or network can be intrinsically trusted. All access that could be made should be validated on all data points such as user identity, device, location, and other variables. There is no way to forget what the most important asset is: “customer’s trust”.
To close this remarkably, we would like to share with you some tips on how Accelerate Agile Transformation in financial services and insurance companies:
- Definite a course of transition: transparency is a key even more if the organization doesn’t have a digital base. Be clear about working modality, objectives and both resources and investments needed.
- The future state of your organization, which refers mainly to the culture, must be aligned in all the scales of the company.
- Prepare your leaders to be able to have a better approach for things. This includes organizational expertise, business transformation, empathy, ambition and so forth. How? is not easy, but building a development plan followed by a training program will help to track leaders’ strengths and weaknesses. Plus, will aid not only fostering those competences but also a digital mindset and leadership skills.
- As quicker outputs are more convenient, it is better to equip this with a performance management linked with short cycles of feedback.
- Keep your updates communicated either through informal or formal networks.