the digital transformation journey: how far along is your financial institution?
TRANSCRIPT
The Digital Transformation Journey: How Far Along is Your Financial Institution?
Webinar sponsored by
Featured PresentersOur knowledgeable speakers today are:
Paul HagenSenior Principal
West Monroe Partners
Peggy Bresnick Kendler Contributing Editor InformationWeek
Michael HeffnerGlobal Capital Markets &
Banking Industry Lead Appian
Banking Industry 2016: Banking Industry 2016: Challenging EnvironmentChallenging Environment
• Customer behavior and preferences are changing, expectations continue to grow.
• Customers contact banks via proliferating channels• More non-traditional competitors• Expanding use of digital payments• Data is growing exponentially• Regulatory changes• Digital disruption
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Digital Disruption: Digital Disruption: Challenge Challenge andand Opportunity Opportunity • Can be a blessing or a curse• Ignoring digital transformation is no longer an
option• Some banks are well on their way with their digital
initiatives – but time is running out for others to catch up.
• The dangers of holding off are just too great.
Digital Transformation Can Digital Transformation Can Help Financial Organizations: Help Financial Organizations:
• Boost customer understanding, transform experience• Optimize processes, increase efficiencies• Grow the top line• Make meaningful customer service improvements• Innovate faster• Improve productivity• Respond to and comply with changing regs
BUSINESSCONSULTANTS
DEEPTECHNOLOGISTS
The Digital Transformation Journey: How Far Along is Your Financial Institution?
Paul HagenSenior Principal, Customer [email protected]
The best companies are re-inventing how they operate
Today’s product-centered organizational design
Future customer-centered organizational design
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© 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited.
Re-think strategy through a customer lens Impress customers rather than shareholders
Reframe strategy
Retail store strategy “Best 30 minutes of a child’s day” not growth or expansion A portal not an island
Allowed company to reduce product count and retail space Focused on what matters – storytelling, shows and kids having fun Outcomes focus rather than products/features
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© 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited.
Re-align operational processes to customer journeysLife events re-shape organizational design
Re-orient operations
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© 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited.
Engage the extended ecosystemTo create breakthrough experiences
Engage 3rd parties that are involved in delivering experience Action plans around moments of truth with dealers Drive advocacy and consistency of brand experience
Engage the ecosystem
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© 2016 West Monroe Partners | Reproduction and distribution without West Monroe Partners prior consent is prohibited.
Early stage: Ignite a revolution (Debra Meyerson “Radical change, the quiet way”) Variable-term opportunism Disruptive example setting Strategic alliance building Verbal jujitsu
Later stage: Scale the transformation Build capability foundations Seize on disruptive moments (e.g. mergers, leadership
change, existential crisis) Change holistically
Advice
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Appian unified, easy, powerful
solving Critical Financial Services Challenges
1. Win Fight For CustomerCustomer Experience, Omni-Channel, FinTech Integration
2. Ensure Timely ComplianceQuick to Adapt, Increased Visibility and Control, Connecting Dots
3. Drive Down Costs; Improve EffectivenessDigitization, Integrate Front-to-Back, Cloud, MobileAvoid Rip & Replace, Solving Actionable Data Challenge
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challenge: disjointed customer journeyGRC OPERATIONS
SALES AND MARKETING
CUSTOMER SERVICE
solution: streamline the customer journey
OPERATIONS SUPPORT
SELF-SERVICE
ON-BOARDING
MEMBERSHIP SERVICES
INCENTIVEPROGRAMS
NEWPRODUCTS
financial services lifecycles
Customer Lifecycles – experience, integration, and across all channels•Consumer | Commercial | Capital MarketsOperating Lifecycles•Lending Lifecycle – loan origination, loan management, loan syndication•Product Launch – concept, launch, post-launch monitoring•Trade Lifecycle Pre-Trade to Post-Trade Lifecycle•Cash Management Lifecycle•FX Lifecycle•Corporate Actions Lifecycle•… Compliance and Control Lifecycles•Stress Testing Lifecycle•Enterprise Risk Management Lifecycle•Audit Lifecycle•Activity Lifecycle (e.g., AML, EDD, KYC, SSAE-16, Re-Paper, Collateral, etc. etc.)
+ Related Actions
• Launch product• Initiate mandate on-boarding• Corporate Action response … and many more
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Trade Record
Cash Record
Counterparty Record
single integrated platform
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providing digital overlay solution
Banking Trust & Advisory
Cards / Payments Asset Management Alternatives Market Utilities
Consumer, Commercial
Wealth Management, Private Banks
Proprietary, Affinity,
Private Label, POS
Institutional, Consumer, Sovereigns
Hedge Funds, Private Equity
Exchanges, Clearers, Data
Providers, Quasi Gov’t., Government
DECISIONING
SERVICE REQUESTS
INVESTIGATION
COLLABORATIVE
STRUCTURED
INCIDENT MANAGEMENT
all-in-one platform
BPM Case Management
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unified
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PEOPLE PROCESS
DATA
easy to…design
• Rapidly design your application.• Orchestrate people, process and data.• Improve business/IT collaboration.
• Instantly execute your designs.• Integrate enterprise data.• Deploy to web and mobile.
easy to…execute
• Follow key business events.• Collaborate and share content.• Dynamically re-route work.
easy to…manage
• Capture detailed performance metrics.• Create rich reporting dashboards.• Optimize business operations.
easy to…optimize
enterprise mobility
dynamic case management
business process management
one platform for digital transformation success
on-premise and in the cloud
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platform as a service
KNOWLEDGE WORKER
TASK WORKER
EXTERNAL WORKER / CUSTOMER
scalable
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• Millions of transactions. • Reliable architecture. • Proven scalability.
secure
• Highest security certifications.• Globally hosted.
Appian continues to be the leader in the iBPMS Magic Quadrant - “… the leading platform, compressing the observation-to-action-to-outcome cycle, and enabling business transformation leaders, business process directors and solution architects…”
= Transformational Speed
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23 applications in 15 months
40%+ reduction in service costs
9X acceleration of service processes
single integrated platform
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digital overlay solution
Thank you for attending
Paul HagenSenior Principal
West Monroe Partners
Peggy Bresnick Kendler Contributing Editor InformationWeek
Michael HeffnerGlobal Capital Markets &
Banking Industry Lead Appian