The banking industry is one of the sectors that is heading towards the forefront of innovation when it comes to implementation of systems and processes that make the lives of users around the world easier through technology. Data firms all around the globe put together annual reports on world payments, and last year’s summaries yielded some staggering results:
- There were almost 600 billion non-cash transactions in 2018
- Non-cash transactions are forecasted to grow at 12.7% from 2016-2021 globally, with emerging markets growing at 21.6%
- Debit card, credit card, and credit transfers grew by 14.7%, 10.9% and 7.2% respectively in just one year
- Non-cash transactions per inhabitant were recorded at 461.5 from 2012-2016, with Sweden in the lead.
- McKinsey is forecasting a second wave of automation and AI where machines will do up to 10-25% of the work across bank functions.
The best part about all these studies is that they always come with a plethora of recommendations to navigate the changes and incoming waves of innovation. The economic impact of a digital transformation journey doesn’t have to be so deep if you follow the advice of experts, like these six priorities for 2020 listed by PwC:
- Update IT operating model to get ready for “the new normal”
- Slash costs by simplifying legacy systems, taking SaaS beyond the cloud, and adopting robotics
- Build the technology capabilities to get more intelligent about your customers’ needs
- Prepare your architecture to connect to anything, anywhere
- You can’t pay enough attention to cyber-security
- Make sure you have access to the necessary talent and skills to execute and win
And we couldn’t agree more. In today’s ever-changing landscape, it’s imperative to stay on top of emerging technologies in order to leverage them for optimal customer service, and the best way to do so is by partnering with the right organizations to bring the right technology to market, in the right way.
Today, many businesses are embarking on semi-innovation journeys, picking and choosing which processes to digitize, prioritizing them based on market demands and budget/resource requirements. This leads to a series of band-aid solutions that don’t necessarily address the customer needs, and are definitely not scalable or sustainable long-term. This methodology of innovating step-by-step or in silos is ineffective because:
- When you’re addressing market demands instead of disrupting the market, you’re already late
- Digitizing processes in batches requires continuous innovation investments when the last batch is inevitably outdated
- Government regulations apply to processes that affect the company as a whole, not specific systems
- IT and security concerns cannot be addressed across the board if some processes don’t fall under the same bracket of technology
- Customers will inevitably run into obstacles once they reach a process that has not been innovated
- Infrastructure investments will never stop as new innovations require different builds
And the reasons continue to pile on. But there is a simple solution, and it lies within PwC’s 2020 priorities, point number six: making sure you have access to the right talent and skills to execute your vision. That’s where we come in.
At Lagash, we specialize in creating technologies that will not only innovate your processes, but that will truly disrupt the market by catering specifically to industry-wide, company, and customer needs. We are focused on a holistic approach that tackles all areas at once, making the technology not only sustainable, but easy to build upon as needed. When it comes to the banking sector, our approach wins because:
- We go back to the drawing board to audit your current processes to decide not how to digitize them, bur rather how to reframe them for a digital world and ensuring that they’re truly necessary for the organization’s operations. This can yield new processes that do exactly what you need as they are designed from scratch, and are much simpler to run.
- We focus on creating solutions that cross the boundaries of generations, so that all of your customers, regardless of demographic, can enjoy a seamless experience
- We harness the power of a testing phase to guarantee there are no issues on the front or back-end, and that everything functions the way it was intended to
- We go live and stay on board for support, ensuring that your journey as well as the customer’s flows as it was designed to do.
In order to showcase this in a way that is easy to understand, picture heading out to a destination, and looking at your GPS device or satellite navigation app that shows you the shortest way to get from point A to point B, as well as alternate and always longer routes. This gives you reassurance that you’re going on the right path and have made the best decision for you. Actually, you don’t have to picture it, we did it for you:
We hope this illustrates the countless benefits of taking on your innovation and digitization journey with Lagash, and please contact us to find out more about how we can help your business reach its full digital potential.