Building Up and Out: Mastering Modernization for Today’s Financial Institution LeadersJamie Chomas | VP, Growth Strategy for Next-Gen Banking, FIS
Change is scary for every business, and the current environment is only making that worse. With pandemic pressures accelerating market shifts and turning customer expectations upside down, it’s more important than ever for banks to embrace digital and modernization moves before they get left behind, outpaced by new fintech solutions from outside the traditional banking model.
As a bank, it may be hard to see the benefits of modernization from the starting line. You’re looking at an overhaul to your systems, your technology, your workflows and even the way you train your employees. The bank will have to invest in new technology infrastructures, employee education and new processes to match the pace and structure of modern banking. Taking on that kind of change may feel impossible, but with the right support, guidance and solutions driving your transformation, your bank can come out on top.
Flexing to meet customer demands
Just like any other business, banks seek ways to not only meet current customer wants and needs, but to anticipate future needs as they come. Banks that can’t do that will face the loss of customers, current and prospective, as consumers turn to more agile organizations that satisfy their expectations. Banks that try to skate by with a mobile app stacked on top of their aging and inflexible technology infrastructure will experience similar issues to those of organizations that don’t modernize at all. Moving away from established systems and processes may feel daunting, but it doesn’t have to be.
Modernization isn’t a brand-new concept: Banks and other organizations all over the globe have been talking about it and taking steps toward it in recent years. So why is it more important than ever? As the impact of the pandemic starts to become clear, businesses will see a new order emerge, one largely shaped by consumers’ experiences with COVID-19 and quarantine, coupled with the benefits offered by the ongoing growth of next-generation technological advances.
Today’s consumers want more than ease of use. They’re also focused on finding businesses willing to partner with them in more personal ways. The average bank customer isn’t satisfied anymore with just a mobile app or not having to visit a bank branch. The pandemic may have significantly sped the change, but the push to more customizable, relatable interactions with businesses has been building for some time. Post-pandemic, customers will expect to keep the convenience of mobile, no-contact practices that have become popular through the pandemic – and they’ll be looking for businesses to go the extra mile in other ways, too.
Banks that do this right will start from the bottom up, reinventing their core and launching digital-first, customer-first initiatives throughout their business models, hardware and software solutions, strategic plans, and more. Powered by and fully participating in the right ecosystem of fintech solutions, modernization will help banks become full-service partners with access to a complete customer picture that makes interactions with bank customers more successful, more efficient and more profitable.
The modern banking platform
Imagine having access to a platform that could take the risk and intimidation out of the equation, help your institution achieve the agility that makes continuous personalization simpler and reinvent your bank’s core infrastructure. FIS™ Modern Banking Platform is a componentized solution that adapts to changing market and technology needs so that your institution won’t have to keep making major shifts as the market does. The platform is specifically designed to evolve, continuously offering up new options, solutions and partners to help meet needs and capitalize on opportunities as they arise. FIS Modern Banking Platform empowers banks of all sizes and types successfully make the move to modernization.
FIS Modern Banking Platform is designed to meet the unique challenges and opportunities of the digital age. At a time when digital transformation is critical, FIS can help your bank profit from change. You’ll always be able to easily pivot to new market demands to deliver a simple, seamless and secure customer experience and achieve next-gen operational excellence.
Ready to learn more about how Modern Banking Platform can help you master modernization, streamline processes and set the stage for growth? Get the details here.