Industry News Details

Bringing Banking Into The Future With The Intelligent Enterprise Posted on : Jan 13 - 2021

If this past year has shown us anything, it’s that the ability to quickly respond to unexpected challenges and continuously innovate to meet changing customer expectations is vital. This is just one of the reasons financial institutions have embraced the agile enterprise.

In financial services, being an agile enterprise centers on the idea of turning key banking functions — from product development and customer acquisition, to account opening and commercial lending — into a systematic, fast and frictionless process. This requires a configurable and flexible system of engagement that allows bank and credit union employees and customers to collaborate in real-time, with full transparency and visibility into every step of the process. As the chief product officer of a fintech company, I’ve personally seen financial institutions around the globe leverage this kind of system with incredible results.

Innovation, however, is not a destination. It’s a journey. This is why institutions that have embraced the agile enterprise must take the next step forward and become an intelligent enterprise.

From Agile To Intelligent

Becoming an intelligent enterprise means building on the benefits afforded by agility and leveraging cognitive technologies to capture deeper customer insights, make informed, data-driven decisions, manage risk and increase efficiencies. To see what this looks like in practice, let’s take a look at Amazon, a business that has mastered the art of intelligence and customer personalization.

It’s easy to view Amazon’s success simply in the terms of its legendary digital storefront and customer interface. However, Amazon’s true secret to success is its innovative and ultraefficient operational foundation and capabilities, which is what empowers the front-end magic of Prime two-day shipping, amazing pricing and uncanny suggestions for other things you might like.

For the many people (myself included) who rely on Amazon for pretty much everything, that level of speed and service is no longer a novelty — it’s an expectation. And by evolving into an intelligent enterprise, financial institutions can meet and exceed those expectations.

Work Smarter, Not Harder

The intelligent enterprise uses the power of cognitive technologies like artificial intelligence (AI), machine learning and natural language processing to reduce costs, increase efficiency and delight customers. Currently, the financial institutions my company supports are seeing significant business results from AI in the area of efficiency gains. View More