The secret to unlocking adaptive banking (and why institutions need to)

Abstract

To thrive in a commercial, technological and regulatory environment that is in constant flux, banks must be able to react at the speed of change. This paper argues that building an adaptive operational model depends on Process Intelligence (PI). Traditional, slow-moving approaches for business transformation are no longer sufficient in today’s volatile market. Four primary forces of change are reshaping the banking industry: the explosion of artificial intelligence (AI), rising customer expectations, the need for smarter operations as well as evolving risks and regulations. Adaptability empowers businesses to overcome these challenges and turn change into commercial advantage. The paper gives readers a solid understanding of what it means to be an ‘adaptive bank’ and how a process-centric operational model is the foundation for this agility. It introduces PI as the enabling technology for this transformation and explains how PI provides a ‘digital twin’ of a bank’s operations, offering real-time visibility into workflows and breaking down operational silos. Ultimately, the readers will learn how PI can be used to address each of the four major industry challenges directly, from fuelling AI with accurate data and context to enhancing customer experiences and ensuring compliance with shifting regulations. It concludes that becoming adaptive is a continuous process that delivers benefits far beyond operational agility, positioning banks to be ready for whatever the future holds. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.