Digitizing the Financial Services Industry

COVID-19 has drastically changed the way businesses operate and the financial services industry is at the forefront of digital transformation.


The COVID-19 pandemic has drastically changed the way businesses operate and the implementation of digital technologies has been accelerated by several years. Digital processes are now essential for companies to thrive in a post-pandemic world.

Apart from relying on innovation, FSI organisations are gaining high revenue from digital products and services. This stands at 39% currently and is forecast to rise to 52% in three years.3

The leading technologies in which financial services companies are investing include artificial intelligence, blockchain, data analytics, the internet of things and robotic process automation.

By moving to digitised systems organisations in the Financial Services Industry can revolutionise their operations. In a digital world, increased client expectations should be a key driver for financial organisations to be able to offer their clients products and services at the click of a button.

Upgrading legacy systems and restructuring operating models mean companies can become more agile in meeting customer demand. It can provide opportunities for the creation of innovative online banking tools and digital platforms.

Since FSI companies are transaction-based, automatic data processing is paramount for exceptional customer experience. Solutions like the implementation of AI technologies mean complex information can be extracted from documents or chatbots answering questions in seconds resulting in operational efficiencies which will overhaul the customer experience.

FSI organisations need to drive transformation and move business-critical processes and workloads into low-code applications to ensure that technology architecture enables transformation.

COVID-19 is a tipping point for technology adoption and digital transformation, and the FSI is at the forefront.

1COVID-19 digital transformation & technology | McKinsey

2 The State Of Systems Of Agreement, 2021

A Spotlight On Financial Services And Insurance Financial Services And Insurance Industry Results

From The May 2021 Thought Leadership Paper, “The State Of Systems Of Agreement, 2021”

3Pandemic revs up digital drive for 3 in 5 APAC FSIs | Frontier Enterprise (frontier-enterprise.com)

OUR BRAND NEW WHITEPAPER FOR 2022

Queensland Crime and Corruption Commission

Queensland’s Crime and Corruption Commission (CCC) is an independent statutory body established to reduce the incidence of major crime and public sector corruption in Queensland, and to provide the state’s witness protection service. The CCC investigates both crime and corruption, has oversight of police and the public sector and protects witnesses. The CCC is run by a small, dedicated staff of approximately 50 people and is the only integrity agency in Australia with this range of functions.

Queensland Crime and Corruption Commission

by Procensol

Whitepaper

2022

2 pages of diverse content
FREE download in PDF format for reading anywhere
Industry leading content
Answering the big questions in Queensland Crime and Corruption Commission
By downloading you’ll be sent our regular newsletter with content based on Queensland Crime and Corruption Commission - don’t miss out!
Previous Post Next Post

Related Articles

Blog
January 27th, 2021

How financial services can improve institutional onboarding

Simplify and speed up institutional onboarding with these quick-start tips.
Blog
September 17th, 2021

Post-pandemic digital transformation: How to thrive in the new normal

Focus on these digital transformation strategy principles when plotting your route to growth.