Financial service providers from our perspective
Financial Service Providers
Banks operate in a diverse and volatile environment. Customers’ needs and expectations are constantly changing. Banks find themselves in an intense market with new and established competitors. Together with you, we develop innovative business models and strategies to ensure your long-term competitiveness. We also support you on your way to a sustainable data and IT infrastructure.
Digitizing business models and processes
Customer behavior and customer expectations of the services provided are constantly changing. Challenges include an increasing range of products and services offered by established and new competitors, technological change, and new regulatory requirements. Digital, intuitive offerings in the customer’s living environment are being transferred to the business of banks. A customer-friendly alignment of processes is of high importance. For the development of new, innovative solutions, a combination of own and external data is essential.
Modularizing the value chain
In order to respond to the rapid developments in the market, it is crucial for banks to build sustainable ecosystems and platforms with the help of suitable partners. It is necessary to evaluate which partners can be used to manage the provision of products, the design of the front end, and other IT modules better, more flexibly, and more agilely. By modularizing the value chain in this way, banks can focus primarily on customer relationships and improve the customer experience.
Developing integrated multi-channel offerings
In both retail and corporate banking, banks need new business models and integrated digital and analog communication and sales channels. In the future, banks will have the task of modeling the customer journey across the various channels. In doing so, it is crucial to correctly forecast future customer movements in order to adapt the offering with foresight. For certain target groups and businesses, the branch is still important. However, adding digital and video-based offerings is crucial to success.
Adapting working models
The requirements for new data-based business approaches, partner models and integrated sales are also leading to new organizational forms at banks. Anchoring mobile working from home contributes to this. Processes and performance appraisals must also be modified accordingly. In addition, the processes for employee recruitment, development and retention must be put to the test and adapted to the new conditions in the banks. This will help attract new talent that will position banks to compete in the future.
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ADVYCE supports and accompanies financial service providers in particular with the following consulting services:
Developing innovative business strategies
We support you in the development of innovation strategies and the realignment of business models. The goal is to adapt these individually to the different needs of your customer groups. Together we identify and define sustainable business approaches as well as target groups. The development of suitable sales channels and revenue models are of central importance here. We support you in the further development of your business model as well as in the necessary organizational changes.
Designing dynamic and future-proof strategies
Together with you, we develop dynamic and sustainable strategies that create the basis for agile business models. For new and existing business models, we examine at which points in the value chain partnerships make sense. Supported by various models, we search for and evaluate possible partners and develop a suitable cooperation strategy with you. The goal is a beneficial situation for both sides. In addition, we also support you in the evaluation of companies in order to derive suitable company investments.
Creating data-based business approaches
Together with you, we develop individual data strategies and combine your own data with external data. New services are derived from this and existing services are aligned with changing customer needs. Together we forecast your customer journey and determine the customer lifetime value based on this. From this, we model various scenarios in order to adapt your value proposition with foresight. In order to keep your data clean and up-to-date in the future, we support you in the development of suitable data governance models.
Accompanying the modernization of the IT platform
We accompany you in the evaluation of your IT infrastructure, in the selection of a core banking system provider and in the subsequent implementation. Our transformation expertise also extends to individual lines of business such as payment transactions or securities business. Here, we support you in modernizing individual system modules. In addition, we develop proposals for the future IT architecture as well as for new IT processes and derive organizational implications for your target operating model.
Contact to ADVYCE