You’re the COO of a growing financial institution and your role is changing fast. With a bigger remit than ever, the cogs of your brain never stop turning.
TOP three CHALLENGES FOR TODAY’S coo
You don’t just keep your organization running smoothly, you’re now driving its digital transformation. But can you keep up with the changing financial world around you and its growing demands?
No wonder
In challenging times like these, there’s a lot for you to think about.
In a job that’s as much about adding value as lowering costs, the modern COO needs to be bold and have vision. So, no pressure. With the customer experience on your mind as well as your internal operations, addressing three key priorities will help you lead the way forward.
your priorities, in order
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plan to transform their technology for efficiency
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are investing in digital capabilities
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As the financial world continues to evolve, the next regulatory change is always just around the corner. With new rules emerging on ESG, digital currencies and cybersecurity, you must be able to adapt swiftly and smartly – without constantly adding point solutions.
A well-connected, flexible and highly automated framework for meeting complex regulatory requirements will help you take a coherent and confident approach to compliance, get valuable insights from regulatory data, and keep your systems secure but your costs down.
Keep on top of compliance
Improve transparency
Simplify regulatory reporting
Increase flexibility
Open your architecture
When you run outdated systems right across your institution, you increase costs, slow time to market for new products, make it harder to manage risk and operations and understand and satisfy customers.
You need innovative, agile, API-ready technology that you can easily configure or extend, plus cloud-based managed services to take the pressure off your IT teams. Only with this modern, open ecosystem can you provide the frictionless processes that change the whole bank and optimize the customer experience.
Drive customer loyalty
With bank customers and cardholders now expecting real-time payments when they need them, new payment methods are emerging all the time. You must move quickly to match the pace of change with the latest fintech.
Access via one provider to a global financial infrastructure will help you rapidly support new payment methods, ease the movement of money and reach more customers. And you’ll get a future-proof gateway to the whole, complicated, ever-evolving world of payments, without setting up new systems yourself.
With a single, automated framework for compliance, flexible open technology and a gateway to global payments infrastructure, your financial institution can reduce costs, effort and risk, find and keep more customers and stay ahead of their expectations.
There's a way forward.
don't worry
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Digitalize everything
Fast-track change
Support growth
YOU’RE WORRYING ABOUT:
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of COOs are now responsible for more projects and initiatives than three years ago
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Releasing capital for innovation
How can you improve efficiency in your function to reduce cost and have more cash for innovation?
There’s so much data, how do you make actionable insights from it?
Making smart decisions
How do you stay ahead of payment innovation, with growing markets and customer expectations changing?
Having flexible payment options
End to end digitized processes
As technology forces change, what are your 2022 goals?
A.
Combining data silos
B.
Risk management & Regulation
C.
Cryptocurrency & digital asset strategy
D.
Intelligent operations (AI, Cloud, RPA, IoT, analytics)
E.
You're not alone
Your institution is facing unique challenges, but you are not the only one trying to keep up with change.
In research done by Deloitte, only 11% of financial institutions globally said their organizations had fully modernized their banking platform. When asked whether there are significant challenges adopting new technologies, more than half of the organizations surveyed had challenges with each major technology needed to succeed in the future.
Where do you stand?
Sources: Banking Hub, COO Agenda 2020, PwC, Pulse Survey, January 2022
Regulation
With new currencies and sustainability now in the mix, you must always be ready for the next regulation.
From embedded finance and real-time payments to blockchain, digitalization is critical to driving growth.
Digital transformation
Today’s customers want faster, more flexible and open digital banking services.
Customer expectations
Select your answer below...
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Banking Hub, COO Agenda 2020
PwC, Pulse Survey, January 2022
PwC, Pulse Survey, January 2022
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Source: Six Retail Banking Technology Trends for 2022