IT Transformation in Financial Services

EMC Consulting guides the financial sector to make sure IT is fit for purpose.

In the introduction of The Banker’s December 2012 Special Report, Alexis Kane, Senior Director, EMC Consulting and Shailen Salvi, Director, Financial Services, EMC Consulting offer their insights on how financial services firms should modernize their IT strategies, systems and software to thrive in this increasingly competitive industry.

The report goes on to discuss how the explosion of Big Data has provided banks and other financial institutions with great opportunities including deeper insight into customer behavior, the creation of new products and services and more control regarding to executive management.

According to the report, bigger is better as it pertains to data and the copious amounts of new information created by multichannel delivery in the retail banking space is improving the customer experience by providing the freedom of choice. Technology is critical to the success of a multichannel strategy via customer touch points at a bank branch, call center, ATM, website or mobile app as they are all interconnected. Placing more emphasis on customer centricity and enhancing the customer experience across multiple channels is the only way to maintain competitive advantage.

Technological innovation however, does not come without its price and in the case of the banking system, the biggest price tag comes in the form of customer trust. Banking customers must trust that their funds will secure, their investments will be safeguarded and their experience will be a positive one. Capable and dependable IT systems are central to winning and maintaining that trust.

Read the full report from The Banker