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ISFS614: Digitalisation in Banks — Session 7 readings (Part 1) - Coggle…
ISFS614: Digitalisation in Banks — Session 7 readings (Part 1)
Attributes of digital
Value creation: At frontiers of new business
Re-examining / Extracting more from existing business model
New businesses
Value creation: In core businesses and processes
Customer-centricity: Customer journey & experience
Capabilities: Building foundational capabilities
Technological and organisational processes adapted for agility
Mindsets and dual-speed organisational architecture
Digital competencies
Why digitalise?
See external environmental pressures
(
Session 5 readings
)
Digital techno trends
Telecommunications (2G > 3G > 4G > 5G)
Lower cost of entry for startups
(more competition)
Innovation momentum
Maturing technology enables: IOT, Analytics, AI, Teleco
Pervasiveness of mobile devices
Rapid pace of technology adoption
Governmental support & policies
How do banks digitalise?
Ad hoc / One-off
Nothing wrong, but ineffective & inefficient in the long run
Business process improvements / automation
Delivery channels transformation
Core banking replacement
Inhouse incubators / accelerators
Copy-cat
Work with fintechs
Strategic digital intent
Effective & efficient in the long run, but many banks are under short-term pressures
Programmatic digital strategy roadmap:
involves programs stated in the one-off strategy, but in a coherent and systemic manner
Pure-play digital bank
Where do banks digitalise
Front office (customer facing)
ATMs
Teller platforms
Advisory
Portfolio management
Middle office
Operations and processes
Straight through processing
Back office
Core banking
Risk management
Compliance (AML/KYC)