It’s true that the back-office operations have been traditionally ignored and they still carry several manual processes. Today, front office digital transformation has changed the business models and the customers are now in direct contact with the back-office operations for customer service. While the front office was ready for such interactions, the back-office was not given enough focus and is under prepared.
A case in point – most of the customers in the digital world are using self-service options and are interacting directly with the enterprise’s information systems to transact, submit requests, get customer service and perform operations, such as download/upload. The back-office has to support aspects, such as faster response to customers, high availability of the infrastructure, bill generation, transaction processing.
However, digital-savvy CFOs and CIOs realize that efforts to transform customer-facing systems and processes are limited without equally effective and integrated back-office operations. That digital interconnectedness is required to make key data and intelligence residing in the core—related to pricing, product availability, logistics, quality, financials, and more—available to customer-centric operations.
Investing in digital solutions is a key strategy to create an intelligent back office. Banking back office operations have been forced to keep up with the RPA, AI and other technology innovations as well as operate under more complex compliance regulations. Pursuing advanced technology and digital ecosystems will be key to that success. With these elements in place, banks will cut costs and drive efficiencies.
Reshaping the back office for the next normal can lead to a meaningful increase in service quality and speed, resulting in happier, more satisfied clients. With the unexpected disruption, banks have responded swiftly to take control, catering to the immediate needs of customers. In a post-crisis ‘next normal’, new and re-enforced client demands and priorities will emerge. To enjoy a competitive advantage in the ‘next normal’, a more digitally enabled back office will be a key requirement. In the long run, banks will benefit significantly from efficiencies from increased digitalisation — contributing to a much needed increase in profitability.
This is why Group Futurista would like to take this opportunity to present its “Future of Digital Back Office”.
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