Key takeaways from our 21st Century Banking event
We recently hosted 21st Century Banking where we welcomed leading Financial Services Institutions (FSI) around the discussion of the cloud, GDPR and customer-centricity. Our experts share some insights into the landscape as well as their key takeaways from the event.
Tell us about the current cloud landscape among FSI’s
There is a clear trend that Banks are moving to the cloud. Today, more and more apps are moved to the cloud, starting from HR apps to more customer centric apps. Historically, moving an app to the cloud was a clear No-Go for banks. During our event, the panellists agreed that this response was sometimes more based on emotions and uncertainties than on legal grounds. Today, the swiss banking community shows willingness to support the move to the cloud and into the digital future of the swiss banking ecosystem.
It’s clear that swiss banks cannot be stopped from leveraging the latest technology or miss out on a competitive edge. Many banks have made the move in several areas and with the right legal structure, proper controls and required organizational setup, the move will bring the desired success.
Philipp Stuber, Head of Sales Northern Switzerland
How can organisations establish a customer-centric approach?
For decades, the Finance IT ecosystem has been built around products, transactions and optimizations based on standardization rather than on the analysis of specific customer needs. It’s now time to move to a customer-centric approach, based on customer lifetime value, rather than on temporary heterogeneous products, or personalized one-to-one journeys, rather than standardized processes and communication. Big data and intelligence allows us to analyze each customer’s profile, understand his/her needs and propose the best and easiest experience; it also makes it possible to anticipate the needs and be more proactive.
The Customer Center Team is able to keep customers happy and loyal; e.g. the service agent can deliver a personalized service, or the marketer can use AI (e.g. Salesforce Einstein) for better segmentation. A CRM like Salesforce can provide all the tools for a customer-centric approach, but much more; for example, the financial advisor can improve his/her productivity and results, with tools and reports helping him/her in his daily tasks and objectives.
Martial Février, Practice Group Manager Salesforce Platform
Can you share some insights into due diligence?
FSI’s have a duty to clearly understand and do their due diligence regarding the cloud provider of their choosing. Even though their solution is not provided in-house they have a duty to answer questions and explain to internal or external audits how their cloud provider works and ensure governance. This Includes:
- Appropriate monitoring of the operational measures implemented by the cloud providers.
- Review of the Cloud Provider's security and confidentiality standards on the basis of independent reports - recognized Reporting standards.
In conclusion, FSI’s are not released from their duties to understand how their application environment is run and made available, therefore a close work relationship with the cloud provider is essential.
Josua Kammermann, Strategy & Solutions Consultant
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