November 22, 2017
With so much emphasis now being placed upon the customer experience, many enhancements have been made to transform the ways in which customers interact with… Read More
Increasingly demanding customers, integration of new technologies and using advanced data analytics to provide predictive recommendations are amongst biggest challenges to financial services industry according to the 9th Annual Innovation in Retail Banking research.
The report also indicates the strengthening of links between digitalisation and innovations, which have a direct impact on back-office core processes transformation and the customer experience as a whole. The research found that the level of investment in both areas has increased this year. This is great news for the team at Corporate Modelling as transforming back-office operations lies in the core of what we do and what OPX is designed to help achieve.
In line with the report findings, our focus is mainly on supporting operations management and team leaders with comprehensive accurate operational data on which to streamline processes, plan, introduce automation, forecast and the agility to effectively manage their operations. This, in turn, means improved customer journey, increased back-office productivity and team utilization, resulting in a reduction of costs, cycle-times and complaints as well as improvements in quality and customer service.
Many firms consider business architecture as an IT function and hence they fail to get the required benefits from their business transformation initiative. This is often because by ignoring the business architecture, they lose sight of various components of their operating model.
Businesses don’t want to change their operating models after they are defined and established. However, the reality is that every business is subject to the pressures of a marketplace and needs to respond to new demands.
The Retail Banking research has highlighted that taking a ‘wait and see’ approach to innovation is not a viable option. It is suggested that instead, banking management teams need to commit to investments that limit risk and allow an organization to take advantage of market opportunities.
Moreover, digital technologies have been changing the banking industry for years now. The advanced data and its analysis has changed not only the way customers are perceived but also positioned them as core value of organizational efforts. As the report states: “The winners in the future will be defined by those organizations that can leverage digital technologies to deliver a customer experience that goes beyond the ordinary.”
OPX is a one-stop solution specifically developed to digitally transform back office operations. Highly modular and quick to implement, OPX supports the end to end processes of back-office operations from the digital capture of incoming work, back office workforce optimization, robotic process automation to the automated output of customer communications. For more information, please contact us today.
For more information about our award winning software solutions and other Corporate Modelling news, please join our mailing list.