Digital transformation in banking

Meeting the demands of digital transformation involves establishing fresh business avenues, choosing suitable technology, and executing effective implementation methods. These challenges are currently confronting you and your team amidst the profound changes occurring in the financial sector. Fulfilling these requirements is no small feat. Consequently, numerous financial services providers are turning to adesso for assistance in developing and implementing strategies. Our team of experts offers you the essential industry-specific knowledge and IT expertise that is required to support you in shaping your digital future.

Is your bank among the many awaiting fundamental transformation? Financial firms are currently experiencing how markets and customer requirements are changing. These businesses are also experiencing the implications of these changes for technology and IT. The requested turnaround times for projects are becoming increasingly shorter, while the requirements for simplicity and design are constantly growing. You need to create something new while maintaining your customers’ trust, which relates to the reliability and security of your services. Your task is to manage the cultural change associated with digital transformation, while also delivering usable results.

When tackling the issue of digital transformation in the financial sector, our experts use a pragmatic and agile approach. At the same time, they also consider the regulatory and technical requirements. We combine our understanding of the latest technology with wide-ranging expertise in the fields of banking, savings banks and fintech. Our developers introduce the traditional world of banking to the approaches used by start-ups. These approaches include SOA, microservices, SPA, COBOL, Microsoft and Java technologies and the Netflix and Facebook web stacks.

Our experts have already advised numerous financial institutions on these and similar topics:

• Digitization strategies

Digitization is no longer a choice but a necessity for banks that want to remain relevant in the digital age. Our experts have worked closely with financial institutions to develop comprehensive digitization strategies tailored to their unique needs and objectives. By digitizing core processes, optimizing workflows, and embracing emerging technologies, banks can enhance operational efficiency, reduce costs, and deliver superior customer experiences.

• Omnichannel portals

In today's hyper-connected world, customers expect seamless experiences across multiple channels. Omnichannel portals empower banks to offer consistent, personalized experiences across various touchpoints, including web, mobile, and social media. Our experts specialize in designing and implementing omnichannel solutions that enable banks to engage customers effectively, drive loyalty, and differentiate themselves in a competitive market.

• Digital platforms

Digital platforms serve as the foundation for modern banking operations, enabling institutions to offer a wide range of products and services through digital channels. Whether it's online banking platforms, mobile apps, or self-service kiosks, our experts have the expertise to develop robust digital platforms that cater to the customers’ evolving needs while ensuring security and compliance.

• App development

Mobile apps have become a cornerstone of modern banking, providing customers with convenient access to banking services while on the go. Our app development services are designed to create intuitive, user-friendly apps that deliver seamless experiences and drive customer engagement. From design and development to testing and usage, our experts guide banks through every step of the app development process, ensuring success in the mobile-first world.

• Commitment banking

Commitment banking goes beyond traditional banking services, focusing on building long-term relationships with customers through personalized offerings and tailored solutions. Our experts advise banks on implementing commitment banking strategies that foster trust, loyalty, and customer satisfaction, ultimately driving sustainable growth and profitability.

• New branch banking

While digital channels continue to gain prominence, physical branches remain an integral part of the banking ecosystem. Our experts help banks reimagine the role of branches in the digital age, transforming them into modern, customer-centric hubs that offer value-added services and personalized experiences. By leveraging technology and innovative design concepts, banks can create next-generation branches that meet the evolving needs of customers.

• API banking

API banking enables banks to seamlessly integrate with third-party applications and services, unlocking new opportunities for innovation and collaboration. Our experts specialize in API strategy and implementation, helping banks leverage APIs to enhance agility, expand their service offerings, and create innovative solutions that drive business growth.

• Big data

In the era of big data, banks have access to vast amounts of information that can be leveraged to gain valuable insights and drive informed decision-making. Our experts assist banks in harnessing the power of big data through advanced analytics, predictive modeling, and data-driven strategies. By leveraging big data, banks can optimize risk management, personalize marketing efforts, and enhance the overall customer experience.

• Cloud applications

Cloud applications, powered by cloud computing technology, offer banks a wide array of benefits, ranging from enhanced scalability and flexibility to improved security and cost efficiency. Unlike conventional on-site software, cloud applications are hosted on remote servers and are accessible via the internet, enabling banks to deploy, manage, and scale applications with unprecedented speed and agility.

In our projects we draw on an extensive set of different instruments:

• Design Thinking and Interaction Room, for example for rapid scoping
• Tame agility for fast customer- and value-oriented implementation in a regulated environment
• Integration of solutions such as Microsoft Dynamics CRM, Backbase, Crealogix, Liferay and Axway
• SmartShore models

In summary, digital transformation is not just a buzzword, but a strategic imperative for banks that want to succeed in an increasingly digital world. By embracing digitalization strategies, leveraging innovative technologies and rethinking traditional banking paradigms, financial institutions can unlock new opportunities for growth, differentiation and success. With our expertise and advice, banks can navigate the complexities of digital transformation with confidence and position themselves for a successful future in the ever-evolving banking landscape.