3 Ways IT Leaders in Financial Services can Drive Business Innovation

Blog: Bizagi Blog

Financial services organizations 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 financial services companies 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 financial services firms 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. Digital Process Automation (DPA) can help to enact changes because business and IT can use the common language of process to communicate complex application problems. With DPA, 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, like DPA, enables people to discuss, design and create processes collaboratively. This shared language talking about process will help your business to discuss goals and work better towards achieving 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 DPA approach can give you an agile layer to wrap around your existing systems, allowing you to see and manage the old and the new. You can get practical advice for overcoming the ‘Top 5 Challenges of Digital Transformation’ in our free ebook, which details practical steps to help you avoid the common pitfalls and helps you to cultivate change.

FTSE 100 financial services company, Old Mutual, successfully implemented a step-change towards a customer-centric operation by leveraging DPA. The international investment, savings, insurance and banking group wanted to achieve a 360-degree view of all customer interactions across all channels along with tight integration with their legacy technology.

Using DPA, Old Mutual has been able to leverage customer insight and data analytics, providing more relevant products and services to customers, and improving retention and revenues from cross-sales and leads.

The result for Old Mutual was a reduced number of escalations to the back-office related to incorrect customer data. Experienced front-desk advisors were redeployed elsewhere as integrated digital process automation systems support intelligent decision-making. Consistent and improved customer experience was delivered across all channels.

Transform your operations with DPA

87% of financial services firms view digital transformation as a significant strategic challenge for their business. DPA not only help to address the complex process applications that IT are looking to drive forward as part of this transformation but also enables departments to communicate using the common language of process.

To find out more about how banks can leverage digital business platforms to achieve rapid product innovation, download our free whitepaper, ‘Harnessing Digital Process Automation to Drive Transformation: How Banks Can Leverage Digital Business Platforms to achieve rapid product innovation in a highly regulated market’.

If you’d like to find out more about how Bizagi is helping businesses to accelerate their digital transformation initiatives, why not register for our global community conference on October 16-18, Bizagi Catalyst 18.

This event will bring together a range of inspirational speakers, leading industry analysts, successful business leaders and Bizagi experts. We’re especially excited to have the multi-talented Guy Kawasaki joining us. Click here to find out more about the exciting agenda and beautiful Miami venue.

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