Kate Cordell, Client Director

Delivering a market-leading customer experience means investing in industry-leading platforms, technologies and services. These may range from API-enabled channels that leverage FinTech and exploit Open Banking, to software development processes that utilise hybrid cloud and Software-as-a-Service to achieve cost and agility improvements. The aim is always the same:  to transform the banking experience for your customers and to drive rich, actionable insights that enhance growth and deliver new business for you. 

But of course, a new digital architecture designed to deliver an enriched customer experience must not only be built around business needs and aims. Where the new digital architecture needs to integrate with legacy systems, this can be a significant challenge, fraught with risk, and must not be underestimated.

Integrating new technology into your legacy applications naturally carries risk. If the integration is not completed with quality practices in place (for example, is run by a non-specialist third party), it can leave you with unforeseen defects or issues in production. This is common when poor modelling of the end state or  ‘true to life’ business scenarios or events has occurred.

Secondly there are challenges with data volumes and complexity. For example, there are greater challenges around handling and managing customer data in line with new GDPR regulations. This has the potential for huge reputational damage, and fines of up to €20 million or 4% of global annual turnover, even if a data breach stems from systems outside your direct control.

The capability to execute change well

Balancing requirements for a positive customer experience with avoidance of increased risk requires a target data / data architecting model that embeds continuous quality from the outset. It must make better use of your enterprise data, driving meaningful insights, as well as meet all statutory and regulatory requirements.

Ongoing mapping of your data risk landscape ensures confidence and enables faster innovation when proceeding with your change programme. The result is better outcomes for your customers and your bank.

Continuous quality embedded

A proactive, fast-acting defect detection mechanism is an inherent component of our solution. It identifies and mitigates risk in your IT-led change before it can affect customers – ensuring data is fit for purpose and fully compliant with regulations. Because the mechanism is validated, improved and extended based on findings and analysis from each iteration, it continuously evolves along with your customer base.

The information it provides will enable you to transform not only your customer experience – with better engagement and retention – but also your operational effectiveness. 

This is an excerpt from our latest report: Preparing for tomorrow, today.