2023-10-15 03:00:53
The challenges of the banking sector in its digital transformation
Many leaders focus on hyping digital transformation, prioritizing new technology integrations rather than defining a strategy. By simply picking the latest hot digital solution and rushing to implement it in an effort to keep up with their competitors, businesses in the financial sector are taking a risk. The majority of transformation projects are dense: they involve a large number of teams, processes and systems, many of which are siled or disconnected, leading to high operational complexity, risk of inefficiency and data leaks. Thus, it is important for organizations to ensure that they are making the right digital investments in order to achieve long-term gains.
AI is a powerful tool, but its deployment is not easy. If poor processes are in place, integrating technology will only exacerbate existing problems. Companies therefore need to get their data in order before they can trust these solutions to effectively manage tasks, especially if they rely on AI to make major strategic decisions or make changes to their organization. Given current budget constraints, it is important that leaders only invest in solutions or services that are simple and effective for the overall performance of their business.
With the objective of evolution, financial managers must reconsider the way in which they approach digital transformation and stop implementing it thinking that it will be a solution to all existing problems. Indeed, clearly defining their revenue lifecycle management is the first step. By establishing alignment and collaboration within the organization to bring teams together and align their go-to-market activities, they can help improve the overall business cycle and drive revenue growth. . Additionally, consulting with affected teams and explaining to them how the new processes will affect their work allows leaders to reassure them that the technology will benefit them and how it will help them.
Discussing change programs between departments before implementation also allows employees to offer valuable insight into how communication and data sharing might be improved within teams. Indeed, often ignoring processes or inefficiencies, management teams can facilitate the requalification of positions and the redefinition of professional roles in light of these elements. Trust between teams and performance are two elements on which productivity and strong company culture depend. The banking sector has a particular interest in finding the right balance and reshaping its way of working, in order to adapt it to the needs of its clients, in light of current economic, political and environmental issues.
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