The adoption of digital technology implies a fundamental adjustment in all firms’ and economies’ business strategies. Because of the great efficiency of adopting new solutions, the financial sector evolves in order to improve the market positions and increase the amount of contact with customers and market participants.
The development of the bank’s digital strategy is centered on the definition of key segments of sustainable development, such as the creation of a digital product, including personalised banking services; ensuring interaction inside the team and with clients and partners; developing a financial ecosystem of partners, for example with IT companies and so on.
In order to efficiently grow multiple business sectors, banks must build a single multi-channel digital platform to manage multi-channel services.
The Octonius digital workplace seamlessly integrates all teams with a financial institution’s services and operations.
The digital platform enhances the automation of transaction processing processes and procedures, such as cross-team contacts (operations management on contracts, payments, limitations, borrower evaluation, compliance, and so on), as well as all operations linked to banking products.
The banking business relies heavily on data gathering, storage, and administration. To further its efficacy, the platform enhanced automation, including data meta tags, which will reduce costs by eliminating the repetition of processes for business blocks.
In terms of financial institution strategy and management, the workplace facilitates the implementation of an automated system that supports corporate-wide functions (strategic planning, business process management, etc), as well as cross-functional features for innovation management, crowdsourcing, and electronic document management.
The Octonius platform assists in the progressive transition of critical operating model features such as business processes, corporate organizational structure, technology, digital tools, and people who execute these processes.
The key benefit of digital transformation for banks is cost reduction and faster operations. According to a McKinsey research, simply digitizing core activities in a normal bank, such as sales of new goods or services in branches, may save 40-60% on expenditures.
Agile technology tools and services serve as accelerators for altering company strategy and producing beneficial financial results. The financial institution’s activities in this sector will assist it to reach a qualitatively new level and become more desirable to customers.