Reconstructing Financial Services Operations for an Emboldened Tomorrow

Transform customer experiences by starting within

The financial services industry is undergoing a massive transformation. FinTech has upended the status quo by providing customers with new methods to obtain the services they require. They proved that access did not have to be a source of contention, altering consumers' expectations of service speed and ease. It sparked the fire to digitally revolutionise the way the sector does business.

More recent times have compelled institutions to shift gears quickly on numerous levels, including discovering new methods to communicate with consumers, enabling workers to securely work remotely and delivering services that customers require immediately. The move brought to light how digital fragmentation and silos in the middle and back office are impeding progress.

Building (and keeping) trust with consumers and regulators requires reliance, quickness, and agility. To be successful, the industry's digital transformation must go beyond the sleek user interface and into the heart of operations. To have a genuine change, financial institutions must address their disjointed approach and seek solutions that solve organisational difficulties holistically.

Establishing seamless connections

Highly fragmented systems and manual procedures generate massive inefficiencies throughout the middle and back office, where client information remains siloed.

A report states that “banks struggle to join the dots internally and prepare bank-wide views of a customer relationship, let alone integrate external sources of data. And, as such, risk and credit decisions are typically taken at the product level, not at the customer level.”

OpenGov believes that financial services operations must enable everyone to be on the same page with the same information at the same time. It should give institutions the end-to-end insight they require to boost resilience and build more customer-centric operations. Furthermore, it ought to provide executives with a clearer view of the operational facts they require to make better decisions.

Efficient productivity

Manual procedures plague the middle and back office, making it difficult and time-consuming to complete work across different functional areas. A single erroneous or misplaced email can cause a bottleneck for days. As with ESG efforts today, these are often ad hoc, siloed, and manual, with data scattered across disparate systems. If one system can tie directly to all those disparate data, that’s powerful.

Secure digital workflows in place can alert the appropriate person to act at the appropriate moment. It simplifies complex procedures that span siloed teams, allowing work to be progressed swiftly and simply. They also decrease work redundancy, which is a common source of dissatisfaction and exhaustion, not to mention needless blunders.

Employees can optimise their effectiveness and improve the customer experience by working with improved tools and insights. Less time is spent on routine chores and more time is spent on customer-facing concerns.

OpenGov Asia is pleased to invite you to an exclusive OpenGovLive! Virtual Breakfast Insight that aims to provide the latest information on the benefits of an efficient and cohesive bank-wide operational platform to engage customer experiences. This is a closed-door, invitation-only, interactive session with top financial services industry leaders from Singapore, Malaysia, the Philippines, and Thailand.

The biggest pain point for banks is to establish a bank wide Operational Platform that is seamless and efficient! This is what we will be discussing!

• How to Connect the entire financial institution internally
• How to Maximise and unlock employee productivity
• How to Improve flexibility and agility in the existing technology ecosystem
• How to Eradicate digital fragmentation and data silos
• How to Accelerate business performance

Who Should Attend:

• Chief Information Officers
• Chief Information Security Officers
• Chief Customer Officers
• Chief Risk Officers
• Managing Director
• Head of Departments
• Line of Business IT