Traditional financial institutions are facing multiple challenges today. From a raft of digital-first entrants disrupting the market to a dramatic increase in customer expectations, banks have to rethink how they operate just to maintain customer share, let alone grow it.
For decades, banks have established strong relationships with clients and rightly point to their ability to do this as something that truly differentiates them from disruptive start-ups.
However, having the time to invest in relationships – and having the ability to put the customer in the center of everything you do – is critically important to maintain and grow this point of difference.
Read below for a summary of how digital pricing and profitability tools give banks the edge or click the button below to download the full article.
Moving with the times
There’s increasing recognition in mainstream banking of the need to change business models and approaches – something that has only been fast-tracked by the global pandemic. In the age of customer-centricity, a siloed banking approach can’t deliver the outcomes the business – and customer – need.
Corporate banking customers operate linearly – they don’t differentiate between checking accounts and lending, commercial finance and equipment finance – they’re dealing with one business, one brand.
Internally, however, it’s a different story – which is where digital pricing and profitability tools configured to the specific requirements of your business can help.
Seamlessly plugged into your CRM and origination platforms via API, digital pricing and profitability tools can enable banks to operate more dynamically.
This facilitates smoother, quicker, and more meaningful transactions that deliver a better experience for the customer and more profitable business for the bank.
Some organizations traditionally haven’t prioritized pricing and profitability – but the world, and the competition, has changed.
Rather than relying on an ever-increasing headcount to solve pricing and remain competitive, banks need a modern digital solution.
And its impact can be wide-ranging. Here’s why.
1. Reduce silos and deliver a holistic view of the customer
2. Improve customer relationships
3. Increase speed to market
4. Understand profit and avoid leaving money on the table
5. Empower your people – and give you valuable performance insights
6. Reduce operational and reputational risk
7. Create a genuine point of difference
By having a nimble, agile digital pricing and profitability system that adapts to the way you work and enables you to create your own rules – rather than conforming to a predefined way of working – banks can become more strategic, more profitable, and deepen relationships with their customers.
In doing so, you can create a real point of difference between yourself and your competitors.
The global pandemic has accelerated digital transformations in businesses around the world. Businesses are urgently building agile and robust foundations capable of withstanding intense pressure.
Banks are rapidly reviewing and rebuilding their internal processes to make them fit for purpose today, to meet and exceed customer expectations and remain competitive in the years ahead.
And, if you’re not doing that right now, the chances are you’ll be left behind.
To read more, download the full article below.