Digital disruption across the Financial Services Industry means companies have had to fundamentally change to align their financial service offerings with ever-evolving customer and partner demands. Technology requirements, increased competition, and the need for digitally traceable adherence to regulations and controls means that businesses have had to re-imagine how they operate.
Challenges facing the Financial Services Sector today
Here are some key challenges faced by the Financial Services Sector.
Nimble, highly agile and consumer focused FinTech’s are disrupting the market with niche product lines and lower margins.
Consumers are demanding, ever faster, better, cheaper omni-channel functionality, with a seamless customer experience. This creates huge challenges for organisations with legacy systems and multiple, unconnected information silos.
Growing regulatory complexity and oversight covering international, national and state based transactions is creating huge financial, process and operational pressures for Financial Services Companies. They need to respond to regulatory requests for information, they must analyse the impact of new regulatory policies and implement new risk controls. There are new accountabilities to contend with and the need for authority to be delegated where appropriate.
Rapidly evolving technological capability and process improvement, from Big Data to Artificial Intelligence, and Machine Learning, is raising the competitive bar for all Financial Service organisations. They’re looking to identify cost optimisation opportunities and increase automation while streamlining operational functions and processes for all financial services, as well as digitally enhancing the customer experience.
Outcomes delivered by the Capsifi Digital Business Platform
It’s clear that in order for players in the Financial Services Sector to successfully meet the challenges posed by digital disruption, re-imagining their strategic business capability means exploiting any and all tools at their disposal.
Capsifi’s fully managed digital business platform, a revolutionary cloud-based solution, helps our users make real-time decisions confidently. It provides the business architecture information needed to fine-tune and refine critical decision making in real-time. With Capsifi’s Digital Business Platform you continually adapt and improve your technology and information management landscapes, while coordinating ideas management at the same time.
Imagine you could capture your organization’s business model, map it to core strategies and policies, and integrate it with Customer journeys – with Capsifi you can do just that.
Here are some specific outcomes you can expect when you apply the Capsifi Digital Platform to your business.
The development of fully traceable digital operating models
Enhance your ability to rapidly respond to changes in strategic priorities, brought about by unexpected global and national events such as Covid19
Reduce the cost associated with changing regulatory requirements
Connect the ‘Voice of the Customer’ to every element of the operating model – business capabilities, value streams, processes, IT architecture and delivery
Develop a detailed understanding of the technological (apps, systems, data) and business landscape (business capabilities, processes, value streams, organisation) in order to enhance detailed analysis and requirements design
Your questions answered
So, what are some of the burning questions being asked in the Financial Services Sector, and more importantly, how can the Capsifi Digital Business Platform deliver the answers and insight you need?
Strategy to Execution
How can Financial Service companies evolve so they’re able to continually set and re-set their strategic priorities?
Managing strategic goals and objectives in an increasingly uncertain and unpredictable environment is a huge challenge. Financial Services are having to continually monitor and adapt their strategic direction in response to shifting market needs and regulatory changes. To do this, you need to dynamically align your investment decisions, initiatives and evolving technological implementations.
Capsifi helps you achieve this by developing a dynamically linked digital operating model, including strategic objectives, business capability maturity, customer journey’s, value streams and initiative roadmaps.
How can Financial Service companies reach a point where they’re continually transforming?
Keeping pace with your competitors and addressing the digital demands of FS customers and partners requires a focus on continuous, systematic transformation. Building your capacity to continually transform, means developing enterprise feedback loops, capturing innovative ideas from front line employees, and having the ability to prioritise against strategic business drivers.
Through its highly evolved Customer Experience and Ideas Management functionality, Capsifi’s Digital Business Platform best helps you build the capacity to transform as well as showing you how to continually adapt your strategic priorities and pivot quickly – realigning your delivery to address customer, partner, and market demands.
How can Financial Services bring the customer into the heart of their operating model?
The relentless pace of technology innovation has shifted the balance of power in customer interactions to the point where digitally enabled customers are now calling the shots. They have access to more responsive, ubiquitous information in evaluating their options than the information processing capabilities of businesses.
To address this issue, Financial Services need to develop meaningful relationships with their customers and continually access customer experience and needs.
Capsifi works with you to develop, reinforce, and adjust product offerings around value propositions targeted specifically at carefully defined customer segments. You’ll continuously monitor and measure the customer experience across their journeys and their interactions with your business. You’ll have access to an interactive canvas of up-to-the minute customer feedback, dynamically aligned to business levers and all elements of the operating model focused on moving the needle in response to the voice of your customers.
Governance, Risk & Compliance Traceability
How can Financial Services reduce the costs associated with managing their GRC landscape?
Regulatory demands on the Financial Services sector are continually evolving and impacting every aspect of the front, middle and back offices. Companies are having to allocate increasing levels of capital in order to analyse, maintain, and transform their GRC landscapes, and remain compliant. This involves an intricate web of governance processes, risk controls, individual accountabilities, performance metrics and more.
Capsifi helps by digitally mapping, tracing and modelling the intricacies of the GRC landscape. This reduces cost and enables you to respond quickly to regulatory queries, as well as quickly redesigning and transforming GRC requirements in line with new State or Federal policies.
Benefits of using Capsifi
Here are some of the benefits you can expect when you team up with Capsifi:
Measure and track progress against your execution of strategic plans, understand where there are challenges and take corrective action fast and early
Keep resources on track
Identify activities that are not contributing to clearly defined strategic outcomes so that resources can be more appropriately channelled
Blueprint your services
Develop a Service Blueprint that visually connects the customer experience (customer persona/voice of the customer), with your operating model – value streams, business capabilities, process, IT architecture
Maintain regulatory traceability
Digitally maintain a dynamic and fully traceable catalogue of organisational policies, procedures, regulations, and controls
Capsifi solutions for financial services
Capsifi offers a comprehensive suite of strategic business solutions that can be applied as individual modules or combined in a powerful, integrated platform tailored to your specific needs. Take a moment to explore possibilities and discover the value Capsifi can create for your business.
Gartner peer rating
The Capsifi model provided the most complete and precise functional spec we had ever seen, allowing us to eliminate the vendors analysis and design phase and greatly reduce our project risk.
CIO, Government Agency