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FINANCIAL SERVICES DIGITAL ENERGY

Is now the time to drive Digital Modernisation in this period of economic uncertainty?

Digital Energy Insight

THE CHALLENGE

Contradicting forces are driving the need to increase digital momentum

Today’s banking market, across large retail corporates to the small / medium-sized enterprise (SMEs) challengers, is being reshaped by contradictory forces.

Together these forces are challenging traditional business models to serve personal and commercial/ business customers with greater digital enablement – the “new norm” post Covid-19.  

Banks need to establish new/enhanced ways to build, innovate and deliver their services and products digitally. Those that do not will be less relevant and risk losing out in this vital marketplace.

This challenge in creating digital momentum or energy, be that of modernisation or overall strategic transformation for some organisation, is that this is set against a backdrop of economic uncertainty. 

ECONOMIC OUTLOOK

The impact of COVID19 drives a reset for many organisations in 2020

The Bank of England governor Andrew Bailey has suggested that the economy shrunk by 3% in the first quarter of 2020, followed by an unprecedented 20.4% decline in April, rising to 25% in the three months to June. 

For the year as a whole, the economy is expected to contract by 14%, which is the biggest annual decline on record, according to Office for National Statistics (ONS). 

Whilst the 2020 economic contraction has a major impact on Financial Services organisations, the Bank of England expects UK growth to rebound in 2021 to +15%. 

We have a brief respite before the economy comes back online strongly – but operating in a new normal.

DRIVERS FOR EVOLUTIONARY CHANGE...

“Digital Transformation is a fundamental reality for businesses today.  Organisations of all sizes realise to delay digital transformation further is to risk obsolescence”

Warren Buffett (Chairman and CEO of Berkshire Hathaway

Some 70% of companies had a digital modernisation agenda underway, or were working on one, but it seems many were not far enough along the digital journey to absorb Covid-19 turbulence.
For example we have seen dramatic impacts on Telecommunication, based on the ”new norm” of home working, increased cloud usage which allows companies to scale up (and down) the demand of IT capacity or the virtualisation of customer interaction through multiple digital channels. 
With the economic impacts, many companies have stopped or paused their digital energy agenda, but this can only be a short-term option. Organisations need to be ready to exploit the economic recovery in 2021, which means accelerating the digital journey NOW….

…TO ACHIEVE DIGITAL ENERGY GOALS AND OUTCOMES

Let Information Technology (IT) be an enabler to Digital Energy

The goal of digital energy, through modernisation, is to use technology and partnerships to solve traditional problems, which means integrating technology into every area of the business model: 

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Innovation of existing and new products/services that will drive Competitive Advantage;

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Optimisation for Efficiencies, Improved Capability and Cost Savings;

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Cultivation of talent through enhanced Ways of Working; and

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Evolve Cybersecurity and Fraud Prevention for an Agile and Resilient Defence Posture.

When applied continuously Digital Energy allows companies to provide unprecedented value to its customers, and thus support the growth potential of the organisation in this competitive marketplace.
Based on our experience, organisations should consider six (6) Digital Energy outcomes as part of their digital journey.

THE DIGITAL ENERGY OUTCOMES

The six business outcomes that will drive the Digital Energy of your organisation
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Powered Customer Experience

The delivery of enhanced Customer digital experience through understanding the service requirements and optimal design of your Customer journey against existing and new business products/services, with access through innovative digital channels and the right digital partners;

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Safe and Secure Technical & Customer Environment

Improved security of products and services for your Customers within a constantly evolving digital global threat landscape.  This includes Cyber security modernisation, but also Fraud prevention through enhanced online access/ payment security and automated KYC/KYB i.e.: ID Verification, Customer/Business due diligence AML checks for PEPs, Sanctions and Adverse Media;

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Data Driven Decision Making

Harness and exploit external and internal organisational data – treat data as a strategic asset. Accelerate delivery, revenue, cost savings and risk decisioning (speed and accuracy) through AI, machine learning or Robotic-enabled capabilities;  

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Maintain Regulatory Compliance

Build and maintain people, process and technology compliance against the ever-changing regulatory requirements landscape (PRA, FCA, EBA) i.e.: Operational Resilience1, Outsourcing2, Open Banking, Payments, GDPR, etc….; and  

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Digitally Enabled Ways Of Working

Build a Business operating model (people and process) that complements the Digital modernisation.  This needs to include new agile technology enablement Ways of Working for the workforce across all sectors of the banking environment – the “new norm”;

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Increased Revenue & Decreased Cost

With enhanced digitally enabled Customer journey (technology, applications, people and processes, with appropriate Right Sourcing/Outsourcing), this will drive increased speed to market and revenue opportunities, against a lower cost to serve for delivery and fulfilment of new and existing products/services.

…AND THE STEPS to DELIVER

10 guiding principles to create Digital Energy for your business

Step1

DEFINE YOUR DIGITAL ENERGY

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Define your Digital Strategy

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Define a 90-day agile value sprint approach

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Secure Executive Commitment

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Secure the business case investment

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INITIATE

Step2

DEFINE YOUR DIGITAL ENERGY

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Build an experienced delivery team

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Perform a proof of value/concept project

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Define new Ways of Working operating model

Value-Orientated
Design

DESIGN

Step3

DEFINE YOUR DIGITAL ENERGY

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Define and adopt the new Business operating model

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Sequence digital energy deliver to drive quick wins

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Communication is king!

Value-Orientated
Build

BUILD

...CONTACT US FOR YOU FREE DIGITAL ENERGY ASSESSMENT

DIGITAL ENERGY ASSESSMENT

Xonetic provides advisory and delivery capabilities to Financial Services customers today that drive the creation of a Digital Powered Business, and the supporting digital ways of working through the Business Technology Operating Model.  This is what we call Digital Energy.

To find out more why not contact us for a FREE Digital Energy Assessment. 

Get in touch

If you would like to find out more about how Business Technology can help you, then please fill out the form or contact us by: 

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Elena-Van
Coach & Facilitator

ELENA VAN LEEMPUT

I like my work best when I can motivate and help other people. I constantly strive for excellence in everything I do and I’m open to different ideas that challenge my views. I believe in constant change which drives my innovative mindset. My background is both in technology and business with more than 15 years’ experience ranging from demand, development to service management. I enjoy taking initiative and carry out new ventures.

I try to keep things simple and bring my skills when I coach and facilitate to inspire people and help them innovate. I’m passionate about all forms of facilitation and coaching be it face-to-face or virtual facilitation. I also enjoy creating different e-learning training, holding innovation workshops and design thinking hackathons.

I also find it very important to nurture my creative side along the way (visual arts: photography, sketching, videography and all areas of design) through both my work and hobbies – which I’m happy to say I get to do often enough.

elena.van.leemput@sofigate.com

Thomas-Hughes
Coach & Facilitator

THOMAS HUGHES

I work as coach and facilitator in the Business Technology Academy. My focus is business simulation games such as the DevOps simulation. I consider myself a full-stack Business Technology professional of sorts. During the past 20+ years, I’ve worked in wide range of various IT and business management roles in and with organizations ranging from global enterprises to startups in a variety of industries.

I enjoy looking for new perspectives to phenomena and challenging myself and others to continuously develop ourselves and to expand our thinking. Being in the discomfort zone is the way to grow. As a coach I like to cross breed theoretical frameworks, practical examples, illuminating stories and humour. I see simulation games as a perfect way to combine these into an engaging and fun day.    

I enjoy exploring life through various projects and experiments. Some of these involve focused self-development both physically and mentally, while others focus more on creative aspirations related to areas like photography, writing and digital media.

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