{"id":729,"date":"2017-09-19T15:24:10","date_gmt":"2017-09-19T19:24:10","guid":{"rendered":"https:\/\/solutionsreview.com\/content-management\/?p=729"},"modified":"2017-09-20T15:01:03","modified_gmt":"2017-09-20T19:01:03","slug":"digitization-key-banking-finance","status":"publish","type":"post","link":"https:\/\/solutionsreview.com\/content-management\/digitization-key-banking-finance\/","title":{"rendered":"Why Digitization is Key in Banking and Finance"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-553\" src=\"https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform.jpg\" alt=\"\" width=\"800\" height=\"350\" srcset=\"https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform.jpg 800w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-300x131.jpg 300w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-768x336.jpg 768w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-640x280.jpg 640w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-128x56.jpg 128w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-400x175.jpg 400w, https:\/\/solutionsreview.com\/content-management\/files\/2017\/03\/Alfresco-Unveils-New-Digital-Business-Platform-180x79.jpg 180w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>Digital transformations are becoming more and more popular within the enterprise. And when it comes to the banking and finance verticals, \u201cdigitalization is about managing and controlling your customer experience \u2013 leading your business from your customers\u2019 perspective and rethinking and transforming your legacy business models,\u201d according to <a href=\"https:\/\/www.youredi.com\/blog\/digital-transformation-in-banking-and-finance?utm_content=60518154&amp;utm_medium=social&amp;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">YourEDI<\/a>.<\/p>\n<p>The vendor published a blog post that shared the following steps to help digitalization leaders achieve success at banking institutions:<\/p>\n<p><strong>Customer experience<\/strong><\/p>\n<p>\u201cThe customer is the king in accelerating the road to digitalization,\u201d according to the <a href=\"https:\/\/www.youredi.com\/blog\/digital-transformation-in-banking-and-finance?utm_content=60518154&amp;utm_medium=social&amp;utm_source=twitter\" target=\"_blank\" rel=\"noopener\">blog post<\/a>.<\/p>\n<p>Clients want products and services that are easy to utilize and available all the time, which digitization can often help accommodate. YourEDI says customers typically rate experiences after asking themselves the following three questions:<\/p>\n<ul>\n<li><em>Does the company meet their needs?<\/em><\/li>\n<li><em>How easy is it to use the service(s)?<\/em><\/li>\n<li><em>Is using the service fun and enjoyable?<\/em><\/li>\n<\/ul>\n<p>Banks often face issues when it comes to fine-tuning and responding to client expectations, the post reported.<\/p>\n<p><strong>Right technology in the right place<\/strong><\/p>\n<p>Using an old tool with a new application can be risky and negatively affect the customer experience.<\/p>\n<p>\u201cThese applications should not be dumped though; there are ways to \u201cmask\u201d the old legacy systems to support the modern B2C experience,\u201d the post explained.<\/p>\n<p>A new digital infrastructure offers clients access to data from mobile devices in real time and data is often the gateway to improving customer satisfaction if it\u2019s used efficiently.<\/p>\n<p>\u201cNew technology and solutions must be deployed fast, so customers can start seeing the benefits faster and give instant feedback,\u201d the post said.<\/p>\n<p>It went on to say, \u201cOne possible opportunity for banks is to follow other industries and move to the cloud. The benefits are clear: reduced cost, better infrastructure and more investment in service development.\u201d<\/p>\n<p><strong>Economic benefits<\/strong><\/p>\n<p>If an organization is able to digitize processes that involve a lot of information, it could see costs cut by up to 90 percent, better turnaround times and fewer errors.<\/p>\n<p>\u201cDigitalization accelerates global economic growth and creates employment. It also allows companies to save costs and generate revenue from existing and new streams,\u201d according to the post. \u201cBanks and insurance companies do not have a choice: They must meet the challenges of digital structural change and redesign some of their operating models, structures, and teams.\u201d<\/p>\n<br \/>Widget not in any sidebars<br \/>\n","protected":false},"excerpt":{"rendered":"<p>Digital transformations are becoming more and more popular within the enterprise. And when it comes to the banking and finance verticals, \u201cdigitalization is about managing and controlling your customer experience \u2013 leading your business from your customers\u2019 perspective and rethinking and transforming your legacy business models,\u201d according to YourEDI. The vendor published a blog post [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":553,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[37],"tags":[156,196,52,11,221,26,282,229,23,3,136,19,238],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Digitization is Key in Banking and Finance - Best Content Services Platforms\u200e, Software and Content Management ECM Vendors<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/solutionsreview.com\/content-management\/digitization-key-banking-finance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Digitization is Key in Banking and Finance - Best Content Services Platforms\u200e, Software and Content Management ECM Vendors\" \/>\n<meta property=\"og:description\" content=\"Digital transformations are becoming more and more popular within the enterprise. And when it comes to the banking and finance verticals, \u201cdigitalization is about managing and controlling your customer experience \u2013 leading your business from your customers\u2019 perspective and rethinking and transforming your legacy business models,\u201d according to YourEDI. 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