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itpeoplenetwork · 1 year

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The problem in IT Risk Management & Compliance from the perspective of an enterprise

The organizations across the world face difficulties in coping up with the dynamic ecosystem of regulatory compliance. They have no choice but to comply with such requirements. However, the entire process of aligning the organization with multiple compliances raises several operational challenges. To make matters worse, the security environment of enterprises is also complex since new threats are emerging every day. Such threats need to be identified and blocked at the primary level to ensure that they do not end up disrupting the normal flow of business.

Challenges and Impact

Most enterprises fail to manage IT Risk & Compliance simultaneously. The failure to manage both can lead to catastrophic business outcomes which manifests in the form of

Legal penalties & law suits

Business loss

Interruption in Business Cycles

Loss of High Value Clients

Loss of Brand Reputation or Brand Value

For enterprises to survive, they must ensure that they manage the critical aspects of IT Risk & Compliance properly. This will ensure the sustainability of their business and growth in a highly competitive business ecosystem.

Solution for Enterprises in IT Risk Management & Regulatory Compliance

Enterprises which fail to produce matured internal cyber risk management capabilities must look for external help. ITSM service providers offer matured, comprehensive & effective cyber security expertise to enterprises to help them take the right posture in IT Risk Management Compliance. An IT Risk Management & Compliance partner helps an enterprise in the following ways

Developing a Very Loud & Clear IT Strategy

Identifying Regulatory & Compliance

Improving Logistics & Supply Chain Issues

Cost Optimization Techniques

The implementation of these factors in the IT & Cyber Security spectrum of an enterprise boosts its risk management capabilities. It puts the enterprise’s brand name in an envelope of security which cannot be breached easily.

Business Impact with good IT Risk Management Compliance

Any business with good IT Risk Management Compliance will have a competitive edge over its competitors. The business will get a chance to thrive in a highly secured environment free of IT threats & non compliance related penalties or lawsuits.

The business will have a broader impact on its overall brand value with

Better trust from clients, vendors, stakeholders & customers

Improved business connectivity

Better organization level confidence

A differentiator in the competitive marketplace

Better workplace safety for employees & customers

Better operational efficiency through consistency of applications

How ITPN can assist

ITPN offers end-to-end Infrastructure services that help organizations promptly respond to dynamic business needs through adopting the latest technology solutions, industry best practices, and IT infrastructure modernization. Whether you’ve yet to begin or have already started your Infrastructure Modernization initiative Drive Maturity Advancement of ITSM or create a top-down Service-Oriented CMDB database Build Resiliency into critical systems or Migrate to Cloud solutions or introduce IoT, ITPN will accelerate your company's transformation journey and empower your business to stay ahead of the competition.

#it infrastructure #cloud solutions #CMDB #ITSM

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itpeoplenetwork · 2 years

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Digital Transformation Of Banking - What Customers Want

Digital transformation has been one of the key priorities for the C-suite in the banking sector for a few years now. In 2017, Lloyd Blankfein, the CEO of Goldman Sachs said, “We are a technology firm. We are a platform.” Being the head of one of the most influential organizations in the global banking sector, his words were a reflection of how leaders in the banking space were focused on enabling more digital friendliness across operations and particularly at their customer touchpoints.

The COVID-19 pandemic has become an accelerator for banks and financial service companies on the journey to becoming digitally-aligned.

Studies by Boston Consulting Group pointed out that post the pandemic one in four customers would reduce or stop paying a visit to a bank branch altogether. A growing number of customers expect their financial needs to be taken care of digitally.

So, the question that banking organizations need to ask themselves is: What does a typical customer expect or want from a digitally friendly bank?

Here are the top 4 elements that should be on your radar, if you are to offer a superlative customer experience through digital transformation.

Seamless On-Boarding

Gone are the days when a customer would physically visit a branch, fill up forms, provide proof, and wait for hours or days before getting access to a personal account. Today’s customers expect banks to offer a swift and mostly self-service approach to opening an account and on-boarding. They expect ease of use and convenience while flowing easily through regulatory and KYC processes.

Surveys have also found that if you need customers to be loyal to your bank and recommend your services to their friends and family, then the account opening and onboarding experience needs to be fast and flawless. With digital transformation, banks can invest in highly user-friendly self-service portals or mobile apps for on-boarding. This will also equip front-line banking staff with better tools to capture customer data faster and seamlessly onboard them in a matter of minutes.

Customers are eager to transact business with the bank once they sign up. Digital onboarding processes that help progress on that road help build confidence and a clear sense of preference.

Personalized Services

As with other sectors like retail, customers are increasingly demanding personalized attention and services from their banking partners as well. Be it meaningful offers on interests for loans, flexible repayment tenures, or convenient loyalty and reward point management, customers expect banks to offer them the right options for their specific financial circumstances. Banks need to create product bundles and service offerings that are personalized using the data customers share at different touchpoints. This will improve the customer experience while also increasing the likelihood of customer uptake. An example could be sending a personalized promotional offer for a credit card that offers more points for flight bookings, to a customer who is a frequent flyer. He or she would be more interested in this particular card than a customer who rarely travels.

Customers are looking for assurance that they matter to their bank and that the bank understands their needs. Banks that can demonstrably provide that assurance, stand to win customer loyalty and gain a share of the investment dollars of the customers.

Intuitive Customer Support

Post internet banking, financial transactions take place 24 hours a day all through the year. Customers may require support from their banks on any challenges they face at any time of the day. At the same time, they would not appreciate a lengthy process of getting in touch with a banking associate to answer their queries. Rather than maintaining round-the-clock customer support teams, banks can turn to AI-powered chatbots and virtual assistants to help customers figure out issues and solve them with minimal help. An early example of the success of this model of autonomous customer support can be seen in Bank of America’s bot, Eric. The chatbot application served a record 1 million users in the first 2 months after launch and today has over 10 million users accessing the chatbot for their support needs.

Customers want effective support, the faster the better and when cutting edge technology can provide that, a superior experience inevitably results.

Intelligent Financial Planning

Banks are the custodians of the wealth of their customers. A primary expectation customers have from their bank is that the bank will not only safeguard their funds but also help them grow. Customers want banks to help them save and to advise them on how to invest optimally. They want curated information and ease of transacting business when they do decide to invest. They want the ability to transparently monitor the status of their investments. And they want the confidence that they are getting the right advice. This is vital for improving the loyalty of customers, in the long run, driving up transactions, and improving outcomes. Spanish banking giant BBVA offers a feature called Bconomy in its dedicated mobile app which allows customers to set financial goals, create a savings plan and track how it progresses with time and offers decisions on how to save money while shopping for essentials and paying utility bills. As of March 2019, the service had over 2.1 Million monthly users.

Customers pay attention to the innovative technology-driven services that banks can provide as long as those services are relevant, meaningful, easy-to-use, and, most importantly, aligned with the financial goals of the customer.

The digital wave is already visible in the banking sector. By leveraging technology, banks can offer comprehensive financial solutions to their customers suited to their unique needs. The success of such digital transformation initiatives could lie in their acceptance by the customers. As we have seen, customer expectations are clear. It’s now up to the banks to meet them. With the help of technology, of course.

Do you have a digital strategy & capabilities to grow your business?

As the demand posture and channels of interlock shift more towards new digital medium and interactive experiences, organizations struggle with how to transform internally to meet the challenges of evolving customer journeys and consumption patterns, emerging technology trends, and the connected digital world. ITPN enables organizations to create an engaging leading-edge platform and consistent digital experiences across every touchpoint thus generating new growth opportunities.

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