The Banking Industry Is Being Totally Disrupted. Are You Ready to Solve These Challenges?

Dramatic digital transformation requires innovative solutions. Learn what you need for a digital experience platform to succeed.

A digital revolution is reshaping banking and transforming how nearly everyone deals with their finances.  According to a study of digital banking attitudes, which surveyed 1,500 consumers, four in five customers prefer to manage their finances digitally, while roughly eight in 10 handle their banking activities from a smartphone and/or laptop/desktop.

Clearly the days of patiently waiting in line at the local branch to start a mortgage application process, invest in a money-market account, or get a transaction receipt are over.

Customers nowadays are making deposits, transferring money (sometimes accompanied by animated GIFs), applying for loans, and tracking every detail of their finances from wherever they are at all times of the day.

There are also new companies shaking up the industry overall. From app-controlled stock trading to financial “institutions” that have no brick-and-mortar presence at all. It should be no surprise that digital banking is here to stay.

What remains unclear is how banks and even new startups can best meet the challenges posed by such dramatic digital transformation. Doing so means incorporating new digital technologies and satisfying rising customer expectations, all while maintaining profits amid a landscape of fierce competition and innovation. And the rock-solid level of security required for any financial transaction is paramount.  

Banks face major challenges today. Not only have core banking activities gone digital, but institutions from adjacent industries are now embedding banking products into their offerings (think Facebook, Venmo, Affirm, Acorns, etc.), blurring the lines of what is and isn’t a bank.

The challenges facing banking institutions are varied and urgent:

New customer expectations.

Banks are competing not just with other banks, but with every company in every industry that gives customers a fully engaging user experience.

Customers expect their banking to be as personalized and convenient as shopping online or streaming a show on a mobile device. Providing banking tools on a dynamic interface is a crucial ingredient to connecting with customers who have grown accustomed to such features.

With HCL DX companies can deliver such experiences using out of the box low code tools that open up the development process to non-specialists, speeding time to market, maximizing the innovation cycle for IT & Dev teams and creating more diverse and powerful user experiences across multiple channels.

Legacy applications and systems and the need to scale.

Adapting is hard especially when the systems are old. The financial sector still relies on very outdated systems, which endangers daily commerce, makes implementing new tools difficult, and puts a heavy load on the decreasing number of specialists who can fix issues for technology designed 60 years ago. Being able to deploy your digital experience solution wherever and however you want is key.

HCL DX works with any on-premises, hybrid, or cloud-native solution, making it easy to customize the environment and meet the specific needs and business goals of banking institutions. This flexibility enables remote operations, allows for portions of your data to be kept on-prem, if needed, and speeds up the automation that powers time to market of new products, providing scalability.

HCL DX also integrates with more out-of-the-box solutions and technology than any other DXP in the market, including legacy systems.

This means that you can preserve the value of your existing investments, while modernizing the user-facing data, systems, and processes.

Ever-more-urgent security concerns and regulations.

A modern banking environment faces security risks unprecedented to the industry. A single institution may have thousands, if not hundreds of thousands of linked computers and devices in its network, and that doesn’t even include the social, cloud, and mobile channels in the mix. In 2021, a bank’s reputation is based on keeping an attack at bay. Maintaining security on such a large scale is essential.

With HCL DX security is baked into its DNA. Rules-based and customizable security ensures petabytes of sensitive data is kept secure every day.  Features include end-to-end encryption, multi-level authentication, and role-based access that allows for total control over access to data.  HCL DX even has NSA-level security protocols, helping deliver the trust that’s needed in those financial moments that really matter.

Data silos that slow productivity.

Banking is rife with divided departments and isolated systems, reflecting the vast offerings most institutions provide, including retail services, loans and financing, financial planning and investing, insurance, retirement planning, and more. When key information across these services can’t be shared with ease or speed, customers get frustrated and may take their business elsewhere.  The right digital experience platform is one that is tried and trusted to bring all these legacy backend systems together into a seamless experience on the consumer end. Closing the gap between back-end data to the digital touchpoints being engaged with helps drive both efficiency and growth.

HCL DX provides over 2,000 APIs that connect your data, applications, and processes seamlessly, with an architecture built for more than just websites.

Being able to build custom apps more quickly and support more digital channels that can be accessed over multiple experiences is where HCL DX excels.

For institutions looking to address issues of data integration, user expectations, rising security risks and new tech adoption, a DX platform can offer a unique toolkit of solutions. HCL DX brings key functionality to an industry serving an evolving customer-base with systems in need of an upgrade. HCL DX is designed specifically to meet the business-critical needs facing banks today, with a range of capabilities suited for this next era of banking.

The HCL DX platform is trusted by financial institutions around the world and has helped improve their customers’ journeys. Here are a few success highlights:

• HCL DX provided highly secure support to an online banking institution that needed help developing stronger user authentication, delivering a 50% faster time in delivering sleek transactions
• The platform helped a financial institution to refresh and redesign its mobile capabilities to make its customer experience more robust and responsive, leading to a 40% increase in self-service mortgage application conversations
• HCL DX improved the functions of web services and product portals for a global bank looking to better cater to partners across banking services, leading to 24% increase in revenue

A digital experience platform can help resolve many of the business-critical challenges facing banks today. But only HCL’s DX platform resolves these issues with a combination of speed, flexibility, and out-of-the-box efficiency built to handle modern banking needs.

For more information on HCL DX click here.