Quantcast

3 Ways IT Leaders in Banking can Drive Transformation

Banks risk falling behind the innovation curve by not enabling proper collaboration. 92% of businesses report at least one kind of tension within their organization, and the disconnect between IT and business leaders is a prime example.

Online banking has become the norm and banks are shifting towards technologies like blockchain to help manage investments securely. So, the onus is now on IT departments to help deliver platforms and strategies for a digitally-led approach.

But 69% of banks say their efforts to transform the business are undermined by the internal complexity of their organizations. So how can IT leaders be the ones to bridge the gap and build better relationships?

 

1. IT takes responsibility  

IT leaders are the drivers of technology in the organization. They are in control of the journey, following the strategic direction planned by the business. They make sure that a firm has the technology to get where it is going and achieve its objectives.

Computer scientist Landon Curt Noll, cryptologist and security architect with Cisco Systems, said, “You can never say all the tricks have been done. Someone always shows you something you didn’t know.” CIO Insights draws on this statement to advise that CIOs should “strive to become ambassadors of collaboration and encourage departments to step outside their silos and join forces.”

It’s the responsibility of people like the CIO to understand the business needs, then lay the groundwork for more collaborative working with digital tools. By introducing intuitive and easy-to-use solutions, they can ensure that all executives are on the same page.

 

Discover how Bizagi can modernize your banking operations.

2. Create a common language

One of the biggest hurdles to successful collaboration is mutual understanding. IT leaders need to effectively collaborate with business leaders if they want to deliver fast solutions that meet the business’ needs. But often the technicalities and jargon of IT can be alienating to business leaders.

The secret to successful digital transformation is truly effective collaboration between business and IT leaders. A low-code automation platform can help to enact changes because business and IT can use the common language of process to communicate complex application problems. With low-code automation, businesses can co-document, curate and share processes with IT teams. It also enables them to be:

  • Agile: Quickly develop and adopt new operating models to create competitive advantage
  • Engaged: Use data, content, and context intelligently across the moments that define the customer experience
  • Connected: Seamlessly orchestrate people, processes, applications and “things” on a global scale.

88% of businesses think employees need to be empowered with the tools and skills to enable digital – so clearly, people are keen to be self-sufficient. Working with low-code technology enables people to discuss, design and create processes collaboratively. This shared language around process will help your business to discuss goals and work as one team to achieve them.

 

3. Cultivate change

The problem is – not everybody likes change. IT leaders may discover that entrenched legacy systems are rigid and not built for change, making innovation problematic.

But legacy systems don’t have to be cast aside: a low-code platform provides an agile foundation that orchestrates your existing systems with new applications, allowing you to see and manage both the old and the new. 

AgFirst Credit Bank needed to develop an agile approach to working to make their loan approval, special asset management and onboarding processes. There were numerous processes in the organization that needed optimizing, but limited staff to implement the change. 

Using Bizagi's low-code automation platform, they were able to map and model processes, creating reusable assets with self-documenting systems that enable faster development cycle times. They delivered their first process in just 16 weeks, with subsequent processes launched 75% faster than before.

AgFirst’s employees were almost always on the road visiting customers rather than in the office, now they have a responsive, mobile-optimized platform, supported by robust, reusable business processes, which has dramatically improved compliance and consistency.

 

h4>Transform your operations with low-code automation

If would like to learn more about how automation can accelerate your bank’s transformation efforts, download our free ebook, The Essential Guide to Modernizing Banking Operations. 

In addition to insight on how to offer innovative employee experiences, you will also learn how to:

- Create frictionless customer experiences
- Respond to regulatory pressures
- Bridge gaps in your system with automation
 

Modernizing-Banking-Operations-mockup.png

Use Cases

4 Ways Tatweer Petroleum are Using Automation to Optimize Operations

Banking

Perfecting the Customer Experience in Banking

Digital Process Automation

Ease the Strain of Supply Chain Disruptions in the Energy Sector with Low-Code Automation 

Manufacturing

3 Ways Unilever International Achieved Agility at Scale 

Banking

Banking Automation: 4 Essential Tips to Transform Your Bank

Agile & Low Code

Why You Need a Cloud-First Strategy 

Banking

3 Processes Ripe for Automation in Banking

Use Cases

Automating the Vendor Management Process: Benefits at 5 Key Steps

Banking

Transforming Approval Processes in Financial Services: Real-Life Examples

Manufacturing

What is Supply Chain Sustainability?

Process Modeling and Mapping

How to Find and Fix Bottlenecks in Your Supply Chain 

Process Modeling and Mapping

What is Process Improvement? Methodologies to Help Your Business

Manufacturing

Want a Resilient Supply Chain? It’s Time to Automate Manual Processes 

Manufacturing

[Infographic] Supply Chain Orchestration: Fixing the Gaps in Your Operations

Manufacturing

Supply Chain Automation: Use Cases for Every Point in Your Logistics Network 

Manufacturing

How to Build a Connected Supply Chain

Person at desk building business process map in Bizagi Modeler on laptop Agile & Low Code

3 Low-Code Use Cases: How Low-Code Platforms Can Accelerate Digital Process Automation 

Woman looking stock market Data on smart phone Banking

6 Lessons Learned from 6 Years of Using Bizagi at Stone Coast Fund Services

Intelligent Process Automation

Five Intelligent Process Automation Use Cases to Inspire Your Automation Project

Robotic Process Automation

Intelligent Process Automation (IPA) vs Robotic Process Automation (RPA) – What’s the Difference?

Use Cases

16 Real-World Business Process Automation Examples That Sparked Success

Digital Process Automation

Why Your Shared Services Center Needs Automation 

Agile & Low Code

Low-code and No-code Platforms: Which Approach Should I Use?

Process Modeling and Mapping

Process Documentation Examples: Tools, Use Cases & more

Agile & Low Code

[Infographic] Low-code vs No-code: What’s the Difference

Agile & Low Code

The Citizen Developer Revolution: How to Enable and Support Developers

Digital Transformation: Technology

What is Hyperautomation and How Could It Help Your Business?

Man wearing headphones working on laptop at desk in empty office Finance Solutions

The Benefits of Audit Automation: Real-Life Examples

Use Cases

AP Automation: Getting Started with Accounts Payable Automation 

Process Modeling and Mapping

Process Mapping vs Process Modeling: What’s the Difference?

Cardboard boxes on a conveyor line in distribution warehouse Use Cases

Automation Success Story from Deutsche Post DHL Group’s Shared Services Hub

Infographics

[Infographic] Bridging the Gaps in Financial Services

Agile & Low Code

Low-Code Automation: The Benefits

Manufacturing

Supply Chain Automation: What is it and How Can it Benefit Me? 

Banking

5 Ways to Empower Financial Services Employees with Automation 

Infographics

[Infographic] Automate to Innovate in Manufacturing - 3 Essential Strategies

Finance Solutions

What CFOs Really Think About Automation in Finance

Process Modeling and Mapping

What is Process Mapping? Benefits and Examples of Process Maps

Business Analysis and Strategy Digital Process Automation

What is Business Process Automation (BPA)?

Confident smiling businessman using smartphone in office Intelligent Process Automation

Process Automation ROI: How to Calculate Yours

Workspace with Blank Computer Screen Agile & Low Code

What is Low-Code Automation and How Could it Benefit You?

Digital Process Automation

Automation Predictions for 2021 and Beyond

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Process Modeling and Mapping

What is Process Modeling? 6 Essential Questions Answered

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Insurance

Transforming the Insurance Claims Process: Real-Life Examples

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Finance Solutions

5 Reasons for Automating the Procurement Process

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Banking

Loan Origination Automation at AEON Credit Service Asia (ACSA)

Digital Process Automation

3 Ways Process Automation Can Aid Your Business Recovery

HR & Employee Experience

4 Ways to Deliver Change Management for Process Automation

Banking

[Infographic] 3 Processes Ready for Automation in Financial Services

Depressed frustrated trader tired of overwork or stressed by bankruptcy, sad shocked investor desperate about financial crisis or money loss, upset businessman having headache massaging nose bridge Business Continuity

4 Technology Priorities for Enterprises Preparing for Economic Downturn

Digital Transformation: Technology

The Building Blocks You Need for Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Robotic Process Automation

How to Use Bizagi and RPA to Achieve True Digital Process Automation

Banking

5 Insurance Processes Transformed by Digital Process Automation

Banking

Loan Origination: How to Make it Fast, Personalized, Compliant and Connected

Insurance

Insurance Peer Review Just Got Easier, Thanks to Process Automation

Governance & Compliance

5 Governance, Risk and Compliance Automation Templates You Can Use Right Now

Insurance

4 Important Wins from Digital Transformation in Insurance

Banking

Intelligent Process Automation: Bizagi and RPA in Action at Bancolombia

Banking

3 Ways Bizagi Transforms Wealth Management Organizations

Insurance

Tackling the Frankenstack: Legacy IT Evolution for Insurers

Digital Transformation: Strategy

Digital Transformation Strategy: Get it Right & Become a Digital Master

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

3 Ways to Ensure Data Security in Healthcare

Customer Experience & Engagement

The Customer Journey: How to Capitalize on Critical Moments

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Healthcare

Telemedicine: Meet Customer Expectations in Healthcare with AI

Digital Transformation: Strategy

[Infographic] 3 Ways to Tackle the Tensions Around Digital Transformation

CREATOR: gd-jpeg v1.0 (using IJG JPEG v80), quality = 82
Insurance

Rescue Insurance Policy Administration with AI & Process Automation

Person sat in front of laptop taking bank card out of purse Banking

How AgFirst Ensures Compliance in the Finance Industry using Process Automation

Governance & Compliance

[Infographic] 4 Ways to Reduce Risk & Keep Your Business Compliant

Insurance

Insurance Claims Process: Don’t Leave Your Customers Waiting

Digital Transformation: Strategy

Digital Operations: Transform your Business in 6 Simple Steps

Customer Experience & Engagement

[Infographic] 3 Ways to Transform Your Customer Engagement Strategy

Banking

Banking Fraud Prevention: System Silos Create Gaps for Criminals

Insurance

Customer Experience in Insurance: How to Accelerate the Digital Transformation

Customer Experience & Engagement

Contextualization: The New Rules of Customer Engagement

Governance & Compliance

Governance and Compliance: Mitigate Risk in 6 Simple Steps

Insurance

Insurance Onboarding: The Key to Lasting Customer Relationships

Insurance

[Infographic] 5 Steps to Digitally Transform Your Insurance Company

Governance & Compliance

Why Agility is The Key to Regulatory Compliance

Use Cases

Lotus Notes Migration: Modernizing Your Applications with Bizagi

Banking

Blockchain: The Fuel to Energize Your Financial Services Transformation