Industry Guide to Financial Services: What’s driving digital transformation across financial services institutions?

To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend…

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Monica Hovsepian

May 1, 20194 minute read

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To compete and succeed in today’s fast-changing business climate, banks, insurance companies and other financial services institutions (FSIs) need to have three priorities to contend with new technologies, new market entrants and new ways of working that are changing expectations for the industry.

  1. They need to deliver great experiences for customers and
  2. They need to find ways to innovate faster while controlling costs.
  3. They need to meet new cybersecurity risks head on while also keeping pace with new regulations.

At OpenText™ Enterprise World 2019 in Toronto on July 9-11, we’ll have a specific Financial Services track dedicated to exploring in detail all of these trends and changes – as well as the best ways to manage them.

Great experiences

One of the biggest factors driving change in the finance sector is the rising expectation for better, faster, anywhere/anytime customer service. Customers have become used to Google’s near-instant answers to anything, Amazon’s 24/7 digital storefront, Facebook’s global communication capabilities and Apple’s user-focused design. The days of visiting a bank branch, making an appointment to speak with a financial advisor and filling out paper forms to buy a financial product are gone!

Traditional players in the FSI industry are feeling new competitive pressures from lean and nimble startups in the industry. These start-ups focus squarely on the experience that customers enjoy to retain their loyalty, rather than developing new financial products to sell, or making moving institutions prohibitively difficult!

Built from scratch on new technologies, these experience-centric companies promise to provide the same or better services as traditional institutions, but with all the speed, convenience and customer-centric service of an online shop or a mobile app. That’s an appealing promise, especially for digitally-savvy Millennials who are both customers and employees—not to mention Gen Zers, who grew up in a hyper-connected, mobile world.

Financial institutions are also dealing with increasing compliance and regulator demands like the EU’s General Data Protection Regulation (GDPR) and revised Payment Services Directive (PSD2), Australia’s launch of open banking and the California Consumer Privacy Act. Additionally, as personal finance becomes increasingly global, the risks of cyber-attacks on FSIs continue to grow, meaning FSIs must provide increased levels of data security, protection and privacy.

The good news is that FSIs can address all of these challenges with technologies that don’t require them to rip out and replace their core legacy systems in hugely expensive and time-consuming capital improvement projects. Digital solutions that use automation, the cloud and other advanced technologies like analytics and artificial intelligence enable organizations to modernize their services quickly, securely and cost effectively.

How can FSIs rise to the challenge?

During Enterprise World in Toronto in July, we’ll be running a dedicated Financial Services track, providing attendees with insight into the advanced technology solutions that OpenText has developed for the sector. Specific in-depth session will explore the latest features in OpenText™ Content Suite and OpenText™ Documentum™, industry-leading ECM solutions specifically designed for highly regulated and information intense organizations. We will also run focused sessions on improving the customer experience with technologies like OpenText™ StreamServe™ which can help businesses transform the handling of customer documents and information.

Additional breakouts will provide in-depth information on emerging technologies like AI & analytics, as well as cloud-based solutions like the OpenText™ Business Network which enables users to easily integrate existing customer data into new applications, helping established organizations to better compete with digital newcomers.

Alongside the deep-dive sessions, Enterprise World will also feature a specific FSI Industry forum where users will share experiences of the current trends, and their real-life use cases for modernization, compliance, security, analytics and cloud technologies.

We will be running over 200 breakout sessions at Enterprise World this July in Toronto. For information on the specific Financial Services & Insurance sessions, please click here. Watch the video below to hear what you can expect at Enterprise World.

Join us at Enterprise World in Toronto and find out more about how Enterprise Information Management (EIM) can help to extract greater value and insights from your information and prioritize your digital transformation strategy to focus on experience, innovation and control.

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Monica Hovsepian

Monica Hovsepian is the Global Industry Strategist for Financial Services at OpenText. With more than two decades of financial industry experience, Monica has become a trusted subject matter expert in the Financial Services Industry, having worked with numerous large and international banks in North America, Europe and Asia.

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