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Digital transformation

Digital transformation is changing banking from the inside out

Nastel® Technologies
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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, a global leader in integration infrastructure (i2) and transaction management for mission-critical applications, helps companies achieve flawless delivery of digital services.

 

Nastel delivers Integration Infrastructure Management (i2M), 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.
The Nastel Platform delivers:

  • Integration Infrastructure Management (i2M)
  • Predictive and Proactive anomaly detection that virtually eliminates war room scenarios and improves root cause analysis
  • Self-service for DevOps and CI: CD teams to achieve their speed to market goals
  • Advanced reporting and alerting for business, IT, compliance, and security purposes
  • Decision Support (DSS) for business and IT
  • Visualization of end-to-end user experiences through the entire application stack
  • Innovative Machine Learning AI to compare real-time to the historical record and discover and remediate events before they are critical
  • Large scale, high-performance complex event processing that delivers tracing, tracking, and stitching of all forms of machine data
  • And much more

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Comments

  • Dave
    December 21, 2021
    Fascinating piece of research, but what is unclear from this summary of this study is if the AI is actually more or less reliable than human analysis. 5 radiologists is quite a small sample, and the range of accuracy of fake detection is so wide that the results of the AI actually fit inside that range. Are the volumes of tests enough to be statistically viable? And of course the real issue is that compromised images could take many forms, some could be complete real images replacing the image to be tested, while others could have artifacts added or removed. So is the issue AI or the ability to secure the way an image is managed from creation to analysis. That then becomes a integration infrastructure management (i2M) problem.
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    […] Read more about Nastel’s latest Press Release here. […]
  • Why are so many BMC customers looking to replace their Middleware Management (“BMM”) solution?
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    […] Watch OnDemand today to learn more about the Nastel solution for Integration Infrastructure Management (i2M) and discover how Nastel has successfully replaced BMC’s Middleware Management solutions in many midsize and large enterprises around the world. […]
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