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Digital transformation

Digital transformation is changing banking from the inside out

Nastel Technologies®
November 16, 2021

The increasingly frictionless consumer banking experience didn’t happen by accident; it arose from foundational technology and culture shifts within banks toward a more digital mindset.

 

Companies across all industries are faced with the urgent need to transform the way they do business, including financial services, but changes abound with governance, security, and culture. A shift in mindset and perspective away from “the way things have always been done” is key to a successful digital transformation and to providing the frictionless customer experience banks and other financial services businesses strive to offer.

 

To stay competitive in the wide-ranging fintech landscape, says Michael Ruttledge, chief information officer and head of technology services at Citizens Financial Group, banks need to become more agile and embrace new technologies. He described the five pillars he has used to guide digital transformations at financial institutions: “The first pillar is moving to agile. Second is moving to a more modern architecture. Third is doubling down on the engineering talent at the bank, and fourth is being more efficient and transforming the technology cost structure. Finally, the fifth pillar is maniacally focusing on security and availability.”

 

Ruttledge says automation is key to delivering the frictionless experience customers want:

 

“As we’re developing these platforms, we’re looking at where can we automate. We’re trying to make it frictionless for our customers—for instance, we don’t want it to take a long time for them to open an account because of the amount of information they have to enter. Is there data we can pre-populate? Are there notifications and terms and conditions we can automatically route to the customer, as opposed to them having to send in a document with a signature? We’ve used a lot of robotics technology. For example, we’re using chatbots in our call centers to reduce the call volume to be more efficient.”

 

By creating the right infrastructure from the bottom up, Ruttledge was able to help Citizens better meet customer needs and expectations. Restructuring has also placed the bank in a good position to take advantage of emerging technologies, says Ruttledge:

 

“Another area we’ve touched on in the network space is 5G, which is at least 10 times faster than 4G. We’re using it now in some of our branches. As a customer comes into the branch, they’re met by a branch member with an iPad, and they’re able to complete an application together. That wasn’t possible before 5G speeds. Looking further ahead, blockchain is another area where there’s a lot of promise for the future. Whether it’s in contracts or in trading, the fact that it gives you immutability in terms of the data could facilitate a number of future use cases in the financial services industry.”

 

This article originally appeared on technologyreview.com, to read the full article, click here.

 

Nastel Technologies is the global leader in Integration Infrastructure Management (i2M). It helps companies achieve flawless delivery of digital services powered by integration infrastructure by delivering tools for Middleware Management, Monitoring, Tracking, and Analytics to detect anomalies, accelerate decisions, and enable customers to constantly innovate, to answer business-centric questions, and provide actionable guidance for decision-makers. It is particularly focused on IBM MQ, Apache Kafka, Solace, TIBCO EMS, ACE/IIB and also supports RabbitMQ, ActiveMQ, Blockchain, IOT, DataPower, MFT, IBM Cloud Pak for Integration and many more.

 

The Nastel i2M Platform provides:

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