At the risk of becoming obsolete, banking leaders and other finance pioneers are accelerating changes, with hopes of retaining long-standing customers and gaining new ones. At the helm of this transformation are digital channels, with an increased need for convenient services and ‘round the clock’ accessibility.

With this expectation, change is inevitable. Like many other advancements, the customer remains at the forefront of major upgrades in the financial industry. The customer continues to influence decisions regarding how they access services.

 The expression, ‘the customer is always right’ is taking banking experience along a new trajectory, as the customer’s voices expand across many spaces, predominantly, the digital environment. The new customer is also less patient and even less tolerant of legacy systems and processes due to a “need for speed” banking outlook, banking on the go, and services accessible through a smart device.

Businesses that want to survive now face an impending deadline due to the industry’s increased demand for responsiveness and agility. Financial enterprises are now pressured to reconsider their aged business models to facilitate sustainability and longevity. Here are some ways banking is being transformed, and how your financial institution can leverage the changes in this new era.

Technology is ever evolving…embrace it.

Technology and digital banking transformation are here to stay. New inventions and technologies are creating avenues for many financial to keep ahead of their competition and stand out in the industry.

First, financial businesses must realise that technology is the gateway to success in a digitally dominated society. Customers will not hesitate to take advantage of services that fit seamlessly in their lifestyles, promising an easy, safe, and reliable banking experience.

However, integrating technology requires appropriate research. Creating a well-articulated strategy for adopting banking technology is first step to transformation. Outlining your priorities, goals and objectives can provide insight into the immediate steps required to create a transformed experience.

Identifying gaps and challenges in your region can also provide valid information and unveil the necessary approach for your business. Why? This sort of transformation can be cumbersome and expensive, which makes a customized approach suitable for every business.

If your research indicates that customers dislike the in-branch loan processing experience, implementing a digital loan origination module should be your top priority. After evaluating the module’s performance, you should then take the necessary steps to implement a full-scale adoption.

As a model, our company, Phoenix International, provides digital loan origination, facilitating a digital and automated loan experience as part of its core banking system. Customers can complete applications, update their information, and receive updates regarding their application status from the comfort of their homes.

For every challenge, there is a banking technology partner.

Challenges arise, making some businesses reluctant to adopt a new approach. For instance, regulations are a difficult barrier to overcome in some regions, but for every problem, there is a transformational leader. These solutions can be fintech or software businesses that act as your technology partner.

This talent comes with a wealth of industry and technological knowledge. With the help of such partners, financial institutions can have a thorough discussion and get step-by-step guidance on how to access and adopt technology in your company.

At Phoenix, we know the regulatory challenges businesses in emerging markets face and are equipped with the expertise to help you overcome these barriers and join in the global transformation. We assist you in understanding how your business can make changes safely and strategically, thereby making your business up to date, while operating at an optimal standard.

Business leaders need to remember that transformation is accelerating and having access to experienced and proven talent can provide you with a hassle-free transition. The work is done for you, while you focus on other core areas of your business.

Re-imagine the future of finance.

Seize the opportunity to experience growth and change by implementing transformative workforce and operational changes. Be mindful that at the heart of technology is people, and technology should only enhance the banking experience, while maintaining that human and emotional connection. The return on your investment will enable your business to rise above the rest and maintain long-term value.

We are help to help you innovate at speed and scale. Find out more at phoenixinternational.io.