AI is Accelerating These Trends – Are You Ready?
With the rapid evolution of technology and increasing regulatory demands, financial institutions (FIs) face the dual task of enhancing operational efficiency while mitigating risks.
Thought Leadership |
How to Avoid 7 Common Digital Transformation Mistakes: Infographic
Other Topics
Digital Transformation
key points
Adapting to evolving market dynamics and customer needs requires financial institutions to prioritize a seamless digital experience.
Successful digital transformation involves defining clear target state objectives, fostering collaboration and establishing strong leadership roles and accountability.
To optimize business processes and ensure compliance, financial institutions should use effective project delivery methods, manage risks, control resources and build a strong foundation with defined goals.
The market is constantly changing as customer needs evolve and technology advances. As financial institutions adapt to keep up with those changes, the need for a seamless, digital experience grows, too.
For most institutions, transforming your infrastructure takes time and hard work. That’s why it’s so important to know where your institution currently is and where you hope to be as your digital transformation strategy evolves. This kind of early preparation can help you navigate the challenges of a transformation and improve your chances of long-term success.
Here are a few suggestions to help you begin your digital journey!
Define target state objectives
Foster a collaborative environment
Confirm scope during planning
Maintain an integrated program plan
Establish project delivery methods
Manage risk and controls
Monitor resource capacity
Building a strong foundation with clearly defined goals and objectives is a powerful way to track your progress, and knowing who is responsible for which strategy can help strengthen leadership and accountability.
Are you ready to start preparing and planning for a seamless and efficient digital transformation that will optimize business processes and improve compliance?
Download nCino’s digital transformation infographic and let us know how we can help you on your digital journey!
Related Articles
To Buy or Build: Navigating the Technology Dilemma for Financial Institutions
How do you choose when to buy a solution and when to build your own in house?
The Future of Lending with Artificial Intelligence
Thanks to the advances in artificial intelligence (AI) and machine learning, the future of the lending industry is undergoing a major transformation. AI is enabling lenders and financial institutions to automate processes, reduce costs, improve customer experience, and manage risks more effectively. AI can also help lenders offer more personalized and tailored products and services to their customers, based on their preferences, behavior, and creditworthiness.
4 Steps to Implementing Commercial Banking Technology While Keeping a Human Touch
It is possible to implement technology in your bank while maintaining the human touch. Commercial bankers know their business is different to retail.
Beyond ChatGPT: Leveraging the Power of AI
Amazement. Excitement. Controversy. Fear.By now, you’ve probably heard of ChatGPT, the revolutionary artificial intelligence (AI) technology that has stunned the world in 2023. Perhaps you’ve even tried out the free version of this powerful tool to draft an email to your boss or write a poem about your pet.
As exciting as generative AI applications like ChatGPT are, they’ve also triggered fear and uncertainty across many spheres, from education, where many school districts have banned students from using AI to write their term papers, to the financial services industry, where major banks like JPMorgan Chase, Bank of America and Wells Fargo have prohibited their employees from using AI for corporate communications, citing compliance concerns. Meanwhile, other financial institutions, such as Goldman Sachs, are experimenting with generative AI tools internally to help write and test code, which has some developers worried about their roles.
While conversational AI tools like ChatGPT, Jasper and Google Bard have suddenly captured the public’s imagination, the underlying technology is not new. And it’s certainly not the only—or best—use case for generative AI in banking.
