Now that the fourth industrial revolution is afoot, digitalisation is business as usual for all organisations, including banks. To keep up with changing customer needs and behaviour, digital transformation projects are not only necessary, they are the first step in the journey of customer satisfaction. With regulations like open banking attempting to give the customers what they want, banks need to step beyond just digitalising their core systems.
Digital transformation strategy should include integrating a digital core which essentially has two components – a Product Innovation Layer and a Customer Engagement Layer. Here’s a look at how a digital core would help your organisation become more agile and enable you to become more customer centric.