An interesting 'blog' below goes into a direct question to whether banks really understand what the term 'Digital' means and the risks on not taking it seriously.

As a company when we talk about digital transformation we are aware that we may need to apply a different model to each company. Our vision involves working to reinvent the technology platforms that incorporate successful innovations not only now but also into the future. Whilst this is the case there are many parallels and a lot depends on where Banks are in their integration as a whole, to a degree dependent on whether they are formed as being part of multiple buy outs over the years, with disparate technologies or like some Banks, those integrations have been consolidated into specific system (a common architecture).

There are many reasons Banks need to take a more strategic view to not only their technology platforms, but in particular their processes, in anticipation on what their costumers will want tomorrow and in the future.

Users of Banks are being treated to innovation often for free with smaller disruptive Banks. The reality I believe that many of these multitude of start -up Banks will not survive, whilst others who are also building a good infrastructure and foundation are likely to become the Banks of the future. What happens to the existing Banks might be best looked at in the linked 'blog'.

There are many reasons that a more strategic view to Digitising the Banks must be led from the top and must go beyond marketing hype. If a Bank needs to be a Bank of the Future, they need to look at their core services, their whole infrastructure, how data is currently managed, how regulations is actually supporting them to be more disruptive in their approaches.

A key to success must start with the values of the Bank, how it integrates into society, how it invests it's money, these are all values that customers are becoming more critical about. Banks need to move away from being 'money making machines' into how they 'add value to society and help communities grow' through their life-cycles. One or two Banks have these marketing strategies, however it is not about marketing, its about actions. 

Our customers of today want a seamless customer experience that supports their life-style. We have designed a 'Bank of the Future' using the latest technologies to support those customers that want a superior in-branch experience as people at different times may want to visit a Branch (for Banks with Branches).

The key is that there are many tools being developed to help take the customer journey to a new level. The days of penalising customers without warning them are over and a more collaborative and a life supportive vision is that is what is expected of customers today.

everis supports a customer partner and the results-driven approach. This through a flexible, multi-disciplinary and hybrid work teams (business & technology with domain specific experience). The delivery is always managed on site and can have a hybrid delivery approach where wanted. This using a hybrid 'on' and 'near-shore' approach to ensure best value is achieved for our clients. 

We have strong internal in-house user-experience experts and also have access to our award winning sister company RMA for some of the most complex projects, particularly for Investment Banking clients. The story of Digital should cover: 

User experience, infrastructure, architecture, mobility (or omni-channel access), the use of API's for exchanging data with other banks / service providers ( as needed for PSD2 / Open Banking regulations), the adoption of open-source Big Data technologies in a strategic approach to also support regulations around GDPR, and KYC and other related requirements. The adoption of bio-metrics for ID purposes (and faster on-boarding). Geo-location services for better real -time interactions with customers. The adoption of leading Blockchain providers for supporting better value International Payments and other areas as they become available such as Smart Contracts. Cloud and Security are all part of the Digital process of making banks more productive and able to run at lower cost and more secure.

If your Bank is doing all of the above, the question must be how integrated is the strategy, is GDPR done in silo's or strategically. Is GDPR is being managed by one part of the Business or is every part of the business involved. Does your bank have a Data Model and do you have a properly managed Data Lake that is giving you real value. (Or a Big Lake of unknown information?)

A few years ago we saw the changes around Risk Regulations start to break the silos of the Risk functions in Banks to bring it under a central point of CRO's who were required to report into the Board. This same journey of disruption is happening with Data. Digital is all about Data, whereas Risk touches most parts of the business, Data touches every part and every process and every person. Hence what is at stake is effectively the DNA of the Bank. Banks need to think like their own customers and need ideas from outside their industry. A few are building relationships with Start-Ups, although a move in the right direction, the question must be how effective is this really? Some Banks have had genuine success, the key is to think as if you are a start-up yourself, but at the same time ensure you are making money!

Chris' blog statement below highlights the importance of really taking Digital seriously and at every level.