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Banking on Business Change with Digital Process Acupuncture

Cognizant %24 Banking on Business Change with Digital Process Acupuncture From wealth management "robo-advisors" to online instant mortgages, the digital revolution's impact on banking is profound. However, boil-the-ocean strategies for digital change are usually doomed. So where to start? Consider: digital process acupuncture. The precision application of digital technology to just the right processes or sub-processes can help relieve operational stress in business value chains to unlock unprecedented value. We surveyed 118 European and U.S. banking leaders to understand how and where they are applying digital tools and techniques to optimize work. Here's what we found: Trim the Fat and Build Digital Muscle Digital process acupuncture releases massive cost savings and revenue growth in the banking and capital markets industries, with many financial services outliers seeing revenue increases of greater than 15% or cost decreases of greater than 10%. 0,19 o10 9.8% AVERAGE REVENUE INCREASE 8.1% AVERAGE COST REDUCTION Source: Cognizant Center for the Future of Work In for a Penny, In for a Pound: Banking's Pervasive and Persistent Process Digitization BANKERS (Percent of respondents who have piloted or implemented a digitized approach) ARE FOCUSED ON REVENUE GENERATION ... 87% 78% PRODUCT/SERVICE DEVELOPMENT WEALTH 78% MANAGEMENT INITIATIVES ... AND FRONT-OFFICE HONING A PROCESSES COMPETITIVE EDGE. Source: Cognizant Center for the Future of Work The Healing Touch: Pinpoint Techniques that Release Value Banks greatly value the integration of front-office and customer-facing functions, as can be seen in the specific digital solutions or services already in use that simplify, conjoin and digitize processes. 52% 49% • High-speed trading 53% • Remote deposit capture, remote bill pay • Real-time analytics-driven forecasting • Customer risk profiling/ analytics 47% 46% mobile • Omnichannel personalized BAY • Collaborative, participatory design content or services • Location services, maps • Digital wallet/ m-payments/e-payments • Virtual branches/ 42% "smart" hubs • Content management, real-time updates • Next-gen identity/ security (retinal, fingerprint, e-signature) 43% • Straight-through digitization of processes Source: Cognizant Center for the Future of Work Business Drivers for Banks Are Clear And the Time to Act Is Now HS NIH Banking and capital markets firms see the impact of new competitive disruptors and the ability to augment customer offers, anywhere at any time. Banks are more likely to take fast action than organizations in other markets. Action is required now - not "maybe someday." Percent of respondents who rate the driver as Percent of respondents who will take action Business Driver highly important within 12 months Mobile payments (i.e., Apple Pay, CurrentC, Softcard, etc.) 65% 60% Digital mortgages (i.e., comprehensive digital tax, escrow, attorney, title appraisal, etc.) 67% 52% SOLD Impact of "born digital" competitive disruptors on current models 71% 64% 71% 74% 60% 70% Location- and activity-based services and offers Wealth management Source: Cognizant Center for the Future of Work From Symptom to Cure: Applying Digital Process Acupuncture to Reinvigorate Banks Process change for banks really does look and feel different in today's digital age. Leaders need to be innovative and nimble, while simultaneously managing organizational change. Instead of reactively performing major surgery, consider digital process acupuncture to heal and energize your enterprise and deliver lasting outcomes across the extended value chain. To learn more, read our white paper at: http://cogniz.At/digitalprocessacupuncture, or visit our business process services business unit at: http://cogniz.At/bps. KEEP CHALLENGING" © Copyright 2016, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trade- marks mentioned herein are the property of their respective owners. TL Codex 1797

Banking on Business Change with Digital Process Acupuncture

shared by cognizant on Apr 30
Anybody can “go digital,” but rather than a big-bang approach, leading banks are using precision-guided digital change to unlock unprecedented value throughout their extended value chain. We surve...



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