Three Steps to Increase Profitability in Financial Institutions
Being legacy-bound, financial organizations often remain behind the curve when it comes to attempts to digitally transform. In the last few years, because banks and other financial institutions worked to manage a complex and uncertain economic landscape, many digital transformation efforts were refocused on critical digital consumer-facing solutions or products. However, for financial organizations looking to maintain profitability and provide a strategic response to new market factors, investing in digital transformation and using data can deliver a competitive advantage.
Now’s the time to adopt advanced data-driven technology to replace manual processes, and data suggests that financial organizations are ready to take that step. A report by Syntellis says 42 percent of financial leaders are starting to invest in predictive analytics, and others are using AI and self-service to connect, do business, and deliver promised value to customers. Although many organizations still face the challenges of navigating an emerging financial landscape, they’re taking some actionable steps to set themselves up for success in the long run.
1. Monitor the Performance of Your Digital Transformation Strategy
Statistics show that though a majority of financial institutions have launched a digital transformation strategy, only 20 percent are more than halfway through their plan.
Executing a strategy for data-driven profitability is extremely important, but following through is the only way to witness results. By gaining visibility into their data, top-notch financial leaders can confidently make informed business decisions that benefit their performance and value generation. To achieve this visibility, financial leaders require solutions that turn information into valuable insights.
2. Leverage AI and Self-service
Financial organizations can embrace modern data-driven technological solutions with self-service and AI to garner quality insights and deliver accordingly. Self-service data integration solutions enable non-technical business users to implement data connections much more quickly while freeing IT to focus on more strategic, high-value business priorities.
With self-service data integration solutions in place, financial organizations can onboard customers 80 percent faster. Also, AI-powered data mappings solutions help companies map and integrate customer data quickly, securely, and easily. This enables financial companies to garner quality customer insights and take necessary steps.
3. Connect and Do Business with Customers Faster
Financial organizations need to find better ways to connect with customers. That becomes easier by deploying modern data integration solutions.
When business workers can connect with customers faster, they can identify their customers’ needs and requirements and meet them. Such happy and satisfied customers are more likely to buy more products or services from the company and ultimately stay longer. Consequently, financial organizations can create new revenue streams.
For financial organizations to successfully ensure maximum profits this year and beyond, business leaders must take a closer look at their data to collect a more precise and objective understanding of their financial position, leverage AI and self-service-powered data integration solutions, and incorporate ways to connect and do business with customers faster. By investing in the right solutions, top-of-the-line executives can rely on their valuable data and make better decisions with confidence no matter what the future holds.