Digital Banking

Digital banking: Money is just a part of life. Make it a part you don’t worry about.

Digital is changing the way we create value. Digital banking is not just about new front ends; it’s about “being digital”, which are new ways of solving problems, creating unique experiences, and accelerating business performance through new business models.

Different challenges mean that different thinking is needed. How can banks always be evolving? How do we look forward, and broadly explore new opportunities? What do customers really need (vs. want)?

“Transformation” is a big word. With lots of different meanings. We like to break it down into key themes so we can unpack the problem statement, options and tactics to address it, and the real life lessons learned.

Achieve digital velocity - Digital is here, today. How can the bank build the competencies and culture needed to design, develop, and deliver continuous business benefits?

Reimagine the customer experience - Money is just a part of life. How can we make it the part you don’t worry about? How can banks go to where the customer is, and not force customers to learn to work with the banks?

Simplify business processes - Banking business is complex. How can we streamline and automate what we can, to let our people focus on what matters, which is serving our customers?

Generate insights - Customers trust banks with their data, but it’s not being used. How do we unlock insights from customer data, which is the most powerful thing banks have?

Address legacy debt - Big banks weren’t built overnight. What is the best way to deal with complex, legacy technology and legacy thinking?

Embrace the open banking ecosystem - The future is open. Whether driven by regulation or by customer demand, how can banks integrate the broader ecosystem (e.g., FinTechs, third party providers) into how it does business?

Payments

Payments: disruption, opportunity, and an engine for growth

In the new and rapidly evolving path to purchase goods and services, consumers, merchants and corporates alike are demanding faster, simpler, more secure, and value-added payment options. And the number of offerings is growing quickly, across eWallets, P2P and B2B. Eventually, we anticipate the volume of offerings will consolidate. But for now, it’s an increasingly complex and fast growing number of options, coming from non-traditional players and posing a threat to the traditional issuers who fail to respond, or partner with payment vendors. Long standing customer relationships and control of the payment experience are at serious risk. As a result, FSI firms need to ensure their products secure a ‘top of wallet’ spot and become a ‘go-to’ choice with a strong and ‘sticky’ value proposition.

As plastic gives way to mobile payments, expectations by merchants, and the roles played by the incumbent payments companies, is beginning to change. Additionally, a shift from addressing compliance and risk weaknesses back onto the growth agenda is clearly taking place. This focus on growth has also been accompanied by an increase in payments innovation, uncertainty for the traditional industry leaders, and a drive toward an enhanced consumer experience.

The disruption created by new actors and competitors will continue to drive a wedge between issuers and merchants. While traditional banking institutions should consider participating in solutions such as the new wallets and apps managed by others, they should not allow these solutions to become the only transaction channel to the customer, or a significant loss of customer relationships and relevance will likely occur. The traditional players should turn to solutions that focus on helping merchants grow sales, offer instant credit to qualified consumers, and exploit the availability of predictive, real-time analytics and artificial intelligence (AI) using payment and bank-owned data.

By working more closely with merchants, this role offers banks an alternative path to achieve sustainable consumer engagement. The new path creates significant opportunities for banks to partner with merchants and merchant consortiums that may welcome not only a more cost effective solution, but also the opportunity to safely use consumer data to create strong-value propositions through analytics. To that end, banks must evolve to serve this new era of payments innovation and capitalize on the opportunity to develop stronger merchant and consumer value propositions.

Blockchain

Blockchain: the trust machine

Blockchain is rewiring our transaction fabrics and platforms across industries by enabling citizens, consumers, corporations, governments and regulators to transfer value in real time without the need for trusted third parties.

Blockchain technology is emerging as a business focus for companies in several industries, including financial services, consumer products, manufacturing, healthcare, and life sciences. However, the pace of technology deployment, referring to actual blockchain projects that companies intend to implement or have already implemented, varies as institutions face a number of considerations:

Where and when to play - Which areas of the business should leverage blockchain? What are the use cases to focus on? Is there a first–mover advantage?

How will we win - How will we be distinct from competitors (fintechs, startups, blockchain vendors)? What is our go-to-market strategy?

What capabilities do we need - What specific capabilities are required (people, process, technology)? Which capabilities are enterprise-wide vs. use case?

How do we organize and integrate - How should we integrate blockchain with legacy applications and our existing environment? Which internal functions, vendors, and consortiums should we collaborate with to ensure impact and benefits are maximized?

Deloitte can help you analyze the impact to your organization, identify the best use cases, assess their viability and feasibility, design and develop prototypes, and build market ready solutions. Our globally connected team of experienced practitioners will work with you to educate your teams, broaden your understanding, and develop the right blockchain capabilities for your company.

Robotics & Cognitive

Transforming your enterprise through robotic and cognitive automation

Robotic process automation coupled with advances in cognitive technology, enables you to unlock real business value through business transformation

Robotic process automation (RPA) and cognitive tools unlock business value by replicating and enhancing human action and judgement. Benefits include enhanced customer service, greater accuracy and speed, and cost containment or reduction, touching many dimensions in the operating model. When combined with advances in data and analytics, Deloitte’s Robotics and Cognitive offering can influence strategy and transform your business. We will tailor the offering and technology to meet your objectives and realize benefits, fast.