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How Outsourcing can spur digital Innovation and Drive the Future of Banking?

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How Outsourcing can spur digital Innovation and Drive the Future of Banking?
posted Feb 16, 2018 by Sagar Sharma

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Banks may have been slow to adopt digital technologies compared to other industries, but they are rapidly catching up through a sharper focus on innovation. Increasing demand for speed and simplicity in financial interactions, as well as the need for personalized products and services, are driving fundamental changes in banks’ business and operating models. Banks are also realizing that innovation is the only way to respond to the growing threat posed by Fintech start-ups and non-traditional competitors.

Why should banks outsource to innovate?

External service providers bring in the expertise, best practices, scale, flexibility and technological capabilities necessary to accelerate innovation and support your digital transformation initiatives. They also enable access to cloud-based infrastructure and cutting-edge talent pool, to drive large transformational projects. Here are some of the areas where outsourcing can help you innovate and gain a competitive edge:

Mobile solutions: Mobile banking is the most valuable area of innovation when it comes to consumers, according to Bank Innovation’s 2016 State of Banking Innovation survey. External suppliers can play an important role in deploying robust technology platforms for faster and more flexible implementation of mobile solutions. An added advantage would be an ecosystem of mobility partners as well as tools and enablers, which can be used to develop sophisticated mobile wallets or digital payment solutions.

Multi-channel integration: Integrating digital and social channels with traditional channels is necessary for delivering a seamless, personalized customer experience. Outsourcing can be used to gain cross-channel process efficiencies through automation and digitization.

Analytics and Big data: Experienced service providers typically offer analytics solutions across the value chain - from data management, reporting and descriptive analytics to predictive modeling and optimization. You can also aggregate and consolidate mobile, online and branch data into a single source to generate more powerful customer insights. In addition, real-time, predictive analytics improves decision-making with respect to regulatory compliance, fraud detection, and risk management.

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answer Feb 17, 2018 by Shubham Rajput