Legacy System Modernization

Legacy banking software is a major constraint, preventing traditional banks from scaling capabilities at par with digital banks. On average, larger incumbent banks have setups written in COBOL from the 60s and 70s. Modern programmers use advanced programming languages (COBOL is now obsolete), and therefore there’s always a risk involved if banks do not consider modernizing their legacy systems/software.

Customer Experience

In the financial sector, Customer experience (CX) means a strategic approach to building customer loyalty, reducing costs, making employees happier, and boosting revenues significantly. Sometimes, this focus on a customer’s CX satisfaction ensures lifetime profitability through active recommendation five to eight times more impactful over a negative perception. 

Data Intelligence

The financial sector generates an inordinate amount of big data for good, which may turn bad if it is not for Data Intelligence. Data Intelligence helps the industry analyze organizational data, improve and streamline operational efficiencies to bolster sales, marketing strategies, customer service programs, mitigate risk, and more.

Process Automation

Banks, financial institutions, and insurance companies undergo digital transformation to address significant industry disruptions from the new breed of FinTechs enterprises. This transformation must fulfill process optimization and improve efficiencies through upgrading systems or outsourcing processes. Through RPA, the banking/finance sector can scale speed and accuracy to maximize business profit and client/customer satisfaction.