Unlock value through digital-first operating models for banking and financial services

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The race to digital-first

In the banking, financial services and insurance (BFSI) industry, it’s no longer a matter of ‘if’ or ‘when’ to move to a digital-first operating model; it’s all about how fast organisations can make it happen. BFSI consistently emerges as a top industry vertical, actively undergoing digital transformation and adopting new technologies to engage with customers, connect ecosystems and build trust. According to research conducted for this report, 93% of BFSI enterprises are in the ‘execution’ mode of their digital transformation strategies.

Customer engagement
Learn why the biggest investments in the digital-first operating model have been improving customer engagement.

Distributed applications
Discover how modern BFSI enterprises expect their network architecture to readily support distributed applications deployed in the cloud, on-premise and at emerging collection edges.

Digital trust
Understand growing concerns about data security and digital trust, as customers adopt digital engagement channels.

View methodology

The CXO view

The CXO view

72% report that rapid adoption of digital technology has had the biggest impact on customer service

40% of digital-first businesses believe integrated network automation across hybrid and multi-cloud services is critical – with apps built in the cloud, from the network up

The CXO view

The CXO view

52% are more concerned about cybersecurity risks following digital transformation.

6

Key
findings

Digital-first strategy to accelerate reach and better customer
experience

Digital-first strategy to accelerate reach and improve customer experience

Network modernization is an indicator of digital maturity

Network modernisation is an indicator of digital maturity

Putting people first to solve digital first challenges

Putting people first to solve digital first challenges

Unified Communications as an enabler of a hybrid and connected
workforce

Unified Communications as an enabler of a hybrid and connected workforce

Cybersecurity management to ensure security, risk and
compliance

Cybersecurity management to ensure security, risk and compliance

Rethinking back-office processes and priorities for digital
operations

Rethinking back-office processes and priorities for digital operations

6

Key findings

Digital-first strategy to accelerate reach and better customer experience

1

Digital-first strategy to accelerate reach and improve customer experience

Network modernization is an indicator of digital maturity

2

Network modernisation is an indicator of digital maturity

Putting people first to solve digital first challenges

3

Putting people first to solve digital first challenges

Unified Communications as an enabler of a hybrid and connected workforce

4

Unified Communications as an enabler of a hybrid and connected workforce

Cybersecurity management to ensure security, risk and compliance

5

Cybersecurity management to ensure security, risk and compliance

Rethinking back-office processes and priorities for digital operations

6

Rethinking back-office processes and priorities for digital operations

5 Big bets

To support successful digital transformation in BFSI enterprises

Digital first means networks must evolve

Digital first means networks must evolve with a layer of automation to remove team silos

Digital first means networks must evolve

BFSI need to evaluate their network architecture to support digital first operation. Hybrid WAN or SD-WAN can meet real time need of application performance, increasing network capacity to support a fully digitized business processes.

Collaboration platform and services are critical for digital transformation

Differentiation wars will be won by improving the CLVs, Communication platforms must drive effective, personalized interactions

Collaboration platform and services are critical for digital transformation

There is increased investment in collaboration platforms to improve employee experience, automating back- office operations, while ensuring corporate and regulatory governance is continually applied

Secure connectivity is a business enabler

Secure connectivity is not just a business enabler for BFSI but a metrics to drive trust and brand loyalty

Secure connectivity is a business enabler

As business, workforce and customers are distributed around the globe, security has become the necessary requirement for BFSI enterprise to conduct business efficiently and effectively having a direct impact on the top line

Digital transformation calls for specialist technology services

Pace of Digital transformation puts BFSI enterprises at a disadvantage to create in-house skills, creating a space of MSPs

Digital transformation calls for specialist technology services

BFSI enterprises will depend on the third-party consultants, system integrators, and managed services providers to provide necessary infrastructural and technological products and services. This opens the door for a variety of as-a-Service companies in security, applications, unified communications, and contact centres

People and culture matters

People and culture matters

People and culture matters

Successful digital first transformations are actually people-first transformations. Involvement of the stakeholders from major organizations functions are important for planning and guiding the digital transformation with changes clearly communicated to employees, contractors, and partners.

Ready to get your digital-first operating model out of the blocks?