APRA Chairman Wayne Byres was spot on when he cautioned financial services firms earlier this month not to neglect investment in their back office operating platforms over emerging technologies.
In a highly networked society, where mobile is increasingly the channel for choice for consumers in managing their finances, financial services firms are under pressure to redefine their customers’ experience. It’s not surprising then that it’s the technology that customers interact with – websites, apps, mobile payment systems – that is capturing the industry’s attention and investment.
However, as Wayne Byres said in his speech to the A50 Australian Economic Forum, balanced investment in the technology that ensures “customers’ transactions are actually processed and recorded correctly” is absolutely essential. And this means your operating platforms.
While it’s easy to see the attraction of the new “bright and shiny technology” (to borrow Byres’ phrase), operating platforms are among the least sexy of all your technology spend. But without them, that customer experience you’re aspiring to deliver and even the full potential of that bright and shiny technology, is severely hampered.
An integrated, end-to-end digital operating platform – one that connects your customer-interfacing technology with your back-end processing and fulfilment systems – is where real gains can be made in customer experience. Not just in driving speed and efficiency gains, but in helping you to gain a single view of your customers by having all their information in one place. And, in a world where data is king, an integrated operating platform can enable you to better capture and harness your data and identify opportunities to create new value streams – for your customers and your business.
Investment in digital technology mustn’t end at your front door. A balanced and holistic approach to technology spend is well advised.
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