In our previous blog series on digital banking platforms, we reflected on Gartner’s 2017 report, CIO Agenda: A Financial Services Perspective, and shared the experiences we had gathered in our time working with numerous customers in the financial services industry.
As the saying goes, "experience is the best teacher," and since our last Gartner blog series, we’ve been able to collect plenty of new customer examples and approaches to implementing and leveraging Appway Digital Banking Platform.
BCGE has launched a new service platform, Avantageservice.ch, which includes freshly created products and services and allows new and existing customers to open a savings account and receive a secure financing proposal in a matter of minutes
While these three banks applied our solution in very different ways, they all have one significant thing in common: they’ve chosen to fully digitalize their business and not just deliver existing services via new channels. This is why they chose Appway Digital Banking Platform to implement their end-to-end digitalized processes, as it offers them the capabilities to connect the right people, systems, and data.
Nonetheless, many banks are not yet as far in their digital transformation journey. Gartner analyst Stessa Cohen has published a report in March, CIO: How to Choose the Right Approach to Digital Banking, where she shares how CIOs should tackle the issue of digital banking so that it aligns best with their bank’s priorities—from a strategic, organizational, and technological perspective. As Cohen puts it, “Bank CIOs seeking to acquire a new digital banking solution must address a fundamental decision between two often conflicting priorities for the bank: IT cost optimization and business transformation.”
As we’ve continued to gain more and more experience working with our diverse customers and their particular needs, it’s clear that CIOs and banks need to ask themselves: Is our main goal to save costs or to generate new revenues? In Figure 1 of Cohen's report, she draws attention to the following: "IT Cost Optimization or Transformation: What is your primary driver for change?" If it’s the latter, then deploying a digital banking platform will make it possible for banks to achieve this goal, today and in the future.