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Digital Transformation

Helping Banks Evolve for the Future

Digital Transformation is now within reach for banks at Geniusto. This will enable them to have many options not just to transition from traditional banking to a digital world but to transform banks digitally on how they do business with their clients, generate value to benefit both the business and its customer, innovate its organization and equip the bank with Geniusto smart technology that would prepare them for what of lies ahead.

About Digital Transformation

Banks joining the GENIUSTO banking platform will have many options to enlarge their digital footprint with the extension of the functionality offered by the software.

 

Drivers for Digital Transformation

  • Cost reduction (among others lowering cost per transaction)
  • increasing sales (cross-selling, up-selling, acquisition of new customers)
  • Customer focus: optimizing the customer experience and enhancing customer
  • Single customer view: connecting systems and processes to achieve the above with an increasing role for digital channels
  • Developing new offerings, products and services that are adapted to the evolving customer reality, competitive landscape and area of activities.
  • Digital and direct banking with a clear role for mobile banking, especially in areas with less branches, high mobile penetration and cost reduction programs.
  • Adaptive and agile business models, taking into account customer segments, based on various parameters
  • Limit the investment in brick and mortar, among others for cost reduction purposes, but also to introduce new – cost-effective and customer-adapted – ways to digitize specific processes and tasks
  • The use of digital marketing and customer service strategies to acquire, retain and service customers, adapting to the digital consumer but also promoting digital services to reduce costs, both in services and marketing spend.
  • Turning customer experience and customer service improvements into changing customer behavior with real tangible profits and revenue-generating activities such as referrals.

 

Growth Strategies

The growth strategy will depend on factors as defined in the previous chapter.

Is it important to create a seamless digital experience and to integrate internet banking with similar functionality or to segment, first business banking followed by other relevant segments?

 

Focus on the acquisition of new customers meaning that integration with an e-kyc module is required.

 

The GENIUSTO e-banking solution offers extensive functionality in the area marketing, messaging.

It can also be used to minimize the role of branch for logistic purposes. Over 100 different forms can be included allowing customers to handle the e-commerce as well as the management of their banking relationship

 

Below a list of possible implementation scenario’s. The split is made between type of application: Mobile banking (MA) and Internet Banking (IB), the target group Mass (Retail) Business, Wealth and Youth.

The bank also has the choice in functionality: Extended banking functions, integration with externals (Standard e- merchant option) as well with e-KYC integration or other important building blocks like loyalty software, call center integration ….

 

Finally, the extension with the digital engagement. The e-communicator and e-commerce software developed by GENIUSTO.

 

The grouping of the options is listed in a logical way. Business circumstances will decide the most qualified way to support the bank in the digital transformation route.

 

Whatever the bank decides, we will feel privileged to be their partner in that journey.

 

To be in-line with digital banking trends means having streamlined and integrated systems that allows 3,60o customer view and provide to end-user a seamless anytime/anywhere access to full range of banking and additional services as a one-stop-shop. On the other hand, all banks look for cost effectiveness that can be achieved also by having an internal team working with trusted supplier who can offer both competitive price and right expertise and can scale both for the initial development as well as further extensions.

 

In order to fulfill the above mentioned challenges Geniusto offers to banks its advisory services to help the Bank smoothly transform and achieve its business goals. The Bank has begun a major reorganization with the intent of redefinition and improving existing digital banking capabilities to meet changing customer needs through delivery of simple, personalized banking experience across all banking channels.

Send us a message for your inquiries.