Back office, it’s time to meet the customers. Most banks aim to compete and win in the digital economy by offering a customer experience that is truly personalized, but most North American bank operations can’t deliver.
The 2018 North America Banking Operations Survey of 80 bank executives points to the future of banking operations—by 2020, up to 40 percent of bank spending on digital transformation will be in operations.
Becoming the new front office
Bank operations today are a bit like Play-Doh when it hardens—it can be tough to change, but mixing in a little water makes the putty soft and pliable again. Digital innovation is water for a bank’s office.
Four game-changing themes
Survey results highlight key themes set to change the game for bank operations:
- “Customer First” has reached the back office
- Bank operations becomes the intelligence engine
- Tapping trapped value elevates customer experience
- The legacy environment is holding back change
Time to reimagine the back office
Changing the role of the back office and having a game plan is essential to successfully adapting to the changing digital economy.
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