The world’s biggest banks are pushing back against the industry-disrupting competition from online financial startups with billions of dollars of investments in digital technology, Bloomberg reports.
Earlier this year, Spain’s Banco Santander SA announced plans to spend $22 billion over the next four years to stay competitive. In the U.S. J.P. Morgan Chase & Co. tops the list with $11.4 billion committed for new technology in 2019, according to the story.
The growing number of nimble and digitally-savvy fintechs competing for everything from bank accounts to mortgages and insurance, has left banks of all sizes struggling to meet the challenge created by the changing consumer expectations that have developed in their wake.
The competition for small and mid-sized banks without billions to invest in technology is no less intense, while the challenges are arguably greater. Staying competitive means providing the seamless experience customers have come to expect while managing risk, compliance and regulatory considerations.
Best Practices for Achieving Digital Transformation for Small and Mid-Sized Banks
Our whitepaper, Keeping Up With Fintech Disrupters: How to Achieve a Digital Transformation in Banking from Front to Back-office, outlines the best practices for small and mid-sized banks looking to take advantage of the opportunities for growth and innovation that a digital transformation can bring.
Learn how to provide a secure, seamless and wait-free experience, from wherever your customers are, with 24/7 access that is secure and compliant.
Highlights of the whitepaper include:
- How to create a system of omni-channel document capture that can streamline document classification, reduce errors and eliminate the time-consuming task of manually scanning and extracting text
- How to manage multiple applications and information sources with Robotic Process Automation (RPA)
- How the right automation tools improve customer service and engagement
- Making use of process intelligence to extract and combine data sets for insights into compliance, risk management and business analytics.
A Path to Opportunity with Digital Transformation for Banks
With the right combination of technology, you can achieve seamless business processes and the customer experience that the modern consumer has come to expect.
The opportunities are everywhere when you take advantage of smart, intuitive, digital technology that tackles process roadblocks and inefficiencies while also providing the analytics and visibility you need to grow and innovate. With the possibilities created by RPA, Intelligent OCR, BPO and AI technologies like machine learning, natural language processing and predictive analytics, you can refocus your time and energy on building the relationships that drive your business.
At MetaSource, we can help you create a plan for rising above the paper-clog, with the right technology customized for your needs. We have deep expertise in the financial services industry and a wide variety of solutions for streamlining your processes from front to back-office.