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.

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