Working in the Forefront of Digital Banking Automation
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Automation and digitization have long been on the forefront in the world of banking. From the start of the ATM back in the late 1960’s, we have seen shifting developments of new focus areas as the banking industry continues to advance, with Nordic countries taking the lead.
Similarly, the implementation of highly automated systems has also set standard expectations high for enabling seamless digital experiences among Nordic bank customers, whom are now leading this next decade in a new digital revolution.
Long live the days where cash is a form of payment; Nordic countries are now beginning to phase out physical cash as the focus of using bank cards and digital banking services become standard to service consumer needs, among other new innovative payment solutions to streamline their infrastructure.
The Nordic cash phase out is just one of many ways that the Nordics are leading present day digital banking revolutions, as the focus on operating with highly automated processes and digitized infrastructures rises central to its benefits.
Bank Norwegian, one of Norway’s largest consumer preferred digital banks, has become a leading advocate for these concepts among Nordic banks as they recently extended their contract with Banqsoft’s flagship product View21 Suite, a highly automated platform for digital banking and asset financing.
Their recent years working with Banqsoft’s View21 suite have simplified their processes including online banking, savings accounts and unsecured loans to name a few and will continue to spearheadtheir digital banking processes through ongoing technological advancements now and in the future.
If you look at Banqsoft’s development, it has been important for us to keep the automation mindset on the whole journey when developing our solution.
Arguably, advanced technologies have made it easier for innovative concepts to surface and establish these initiatives through a substantially lower investment, compared to many other regions in the world.
For Nordic banks, the challenge now is utilizing the infrastructure in an innovative way that will best position them for future digital changes and optimized processes to continually improve customer experience.
Of course, the fact that Nordic banks are in the forefront in digitalization has helped us tremendously, but we believe this has also given us the advantage in terms of advising our clients in further automation, in order to take advantage of new business opportunities.
In order to establish a future proof automation journey, we highlight three ways of combating this.
The first factor is to establish an overall strategic approach to automation. Such strategies as applying streamlined automated services to surface additional competitive advantages for current and new market partners can be a goal in mind.
“If you look at Banqsoft’s development, it has been important for us to keep the automation mindset on the whole journey when developing our solution,” says Terje Kjøs, CEO of Banqsoft.
“Of course, the fact that Nordic banks are in the forefront in digitalization has helped us tremendously, but we believe this has also given us the advantage in terms of advising our clients in further automation, in order to take advantage of new business opportunities.”
The second highlight is to take advantage of simplified processes.
The essence of digital automation is its versatility to simplify processes and, most importantly, to take advantage of agile processes that will keep companies moving, despite ongoing digital changes and transformations. It is without exaggeration that automated digital processes will also enable a richer financial ecosystem overall.
While we discuss the benefits of automation, we also want to highlight the importance of using AI and machinelearning carefully.
According to a McKinsey report, a second wave of automation and AI is planned to surface in the next few years, “in which machines will do 10% to 25% of work across bank functions” [1] , to allow employees to focus on projects that require human intelligence.
The last highlight to remember here is that AI and machines require data, at times sensitive data, in order to carry out proper systems and processes. We suggest identifying specific applicable processes for the infrastructure and set clear automation goals to ensure these technologies can make the most of what they are to do.
Banqsoft offers future proof systems in order to help digital banks and other entities stay ahead of the game. From end to end highly automated standardized platform to easy customizable processes, Banqsoft can help your company prosper and stay ahead of future market changes and innovations.