The financial services industry has become more competitive than ever as customer expectations continue to evolve, thanks in part to constantly improving digital technology, the demand for mobile access, and the shift to moving and storing money that would typically live in bank accounts through peer-to-peer payment apps such as Venmo and Apple Pay.
Financial institutions must find new and innovative ways to meet their customers’ expectations for fast, frictionless service, while at the same time complying with an increase in regulatory standards and changes.
With these key market trends and challenges in mind, financial institutions must be proactive in examining whether their existing operating model can sustain these changes over time. Key questions include how data is captured, stored and used, if existing systems are flexible and able to handle changing requirements, and the best places for investment. To remain current and stay ahead, institutions must focus on creating personalized, convenient and high-value experiences for their customers that align with their new expectations. Unfortunately, many financial institutions struggle to achieve this, due to disparate systems and siloed data, the impacts of which are felt at every level of the institution.
For example, bank management may struggle to interpret stale or unreliable data and have a difficult time demonstrating operational improvement or ROI. Employees may find themselves rekeying the same information multiple times and switching back and forth between systems, which can lead to confusion and an increase in user errors. Customers may experience slower service and complicated business processes when opening a new deposit account or applying for a loan. Developers at the financial institution may be stuck working with inflexible systems with limited support and capabilities.
The good news is that financial institutions can overcome these challenges by investing in a single, cloud-based platform like the nCino Bank Operating System. Establishing a single platform and data model that provides a single source of truth and shared processes can help to mitigate the complexity of today’s financial services environment. nCino in particular combines banking best practices with the security and scalability of the world’s leading cloud platform to offer financial institutions a complete solution in which they benefit from increased efficiency, increased revenue/profitability and a best-in-class customer engagement experience.
To learn more about how the nCino Bank Operating System offers financial institutions a true competitive edge in the market and helps them overcome today’s banking challenges, download our Point of View (POV) document now.