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HCL Technologies

The Need for Speed

The Need for Speed

Preparing for the transformation of financial services

Succeeding in this new era will require fundamental changes not only in technology but mindset. Companies must accelerate their pace of innovation or risk being left behind with a set of services and a  business model that can no longer compete. What matters most are the customer’s needs, not the institutions traditional product preferences. For most banks, this represents a radical shift that demands a completely new way of doing and thinking about their business. One way to handle this transformation that our client partners have found effective is by following the FENIX model of application development, an approach that is forward‐thinking, engineering‐driven, nextgen‐focused, innovative, and E‐Xperience‐centric.

Financial service CIOs – and other senior decision makers, including CEOs – unquestionably recognize digital’s importance to the future of their businesses. However, many, if not most, acknowledge that they do not know where digital revenue will come from. In a 2016 Gartner survey, for example, when asked to choose the top three expected impacts that digital represented for their enterprises, 59% of banking CIOs responded that they expected “more business through digital channels”, but only 15% chose the more transformational answer of “crossing industry boundaries”. Banks CIOs should look to Gartner’s industry predictions for delivering the digital experience. Here are the recommendations:

  • Create proactive innovation strategies rather than reactive strategies in response to startup  bank and other fintech announcements  
  • Differentiate the business‐as‐usual blockchain use cases from those related to new business  models
  • Develop an automated investment management strategy that support advisor curation and  enables client self‐service
  • Assess your organization’s ability to employ iterative, agile development and delivery for core  banking renewal initiatives   

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