Will the long gestation of new technology initiatives in banks leave them too far behind their digitally advanced competitors?
When we think of the early digital deployments of banks like ATMs, online banking, digital ledgers, credit and debit cards and so on, it is safe to say that banks have historically been early movers in terms of adopting new technology. However, over the years the banking industry has gone through several reforms, and stringent compliance measures have come into force to safeguard the interests of banks, it’s depositors as well as the economy as a whole. While this was inevitable to protect the interest of all stakeholders, the industry has consequently been grid-locked into a rigorous framework with complex organizational structures making them bureaucratic, less agile and inflexible to make quick decisions.
A global banking study by Earnst & Young in 2018 revealed that only two-thirds of banks planned and budgeted to invest in technology. This technology would help them to acquire, engage and retain customers by using AI and data. However, after the onset of the COVID pandemic and the evolution of the “new-normal”, all banking institutions have now reconciled that complete harnessing of new technology is cardinal for their mere survival.
That said, banks are now facing a challenge of having long development cycles to implement new technology: conceptualizing, creating and deploying experiences to their customers under an extreme constraint for time. A long gestation period may prove to be too costly for banks and a threat to their very existence. With the clock ticking and most implementation deadlines being immediate, banks are pressured to rollout solutions within very short periods of time.
This is where leveraging off-the-shelf solutions come in handy to banks. At Flaist, we offer banks, a plug-and-play digital transformation solution that is thoughtfully curated. AI-driven analytics, a virtual assistant with conversational capabilities, machine learning to have contextual understanding, predictive analytics, etc. are some of the many features that our solution comes with. This solution from Flaist can be embedded into the existing technology framework of banks and has one of the shortest make-ready times in the market.
A shift in the way the banking industry now works: from viewing technology as a mere tool to improve business, to embracing technology as the focal point for the new modus operandi; has fueled startups like Flaist to take on the challenge of creating solutions to expedite digital transformations in banks.
To know more about Flaist, visit www.flaist.com.