Why do most digital banking transformations fail?
Three top reasons.
- Technical debt of siloed legacy platforms.
- The separation of the business lines (with lots of different processes) and IT.
- Bank culture resistance to change (plus worried about employee churn).
Why it matters.
Digital transformation leads to better business outcomes, including increased customer acquisition, improved retention rates and faster time to market.
The goal is for RMs to expand relationships with more loans and deposits-hard to do if they’re busy with admin-like typing.
Can Chief Appraisers help? Absolutely. Connect nCino to YouConnect with Glances is a great first step.
Help your RMs order appraisals from YouConnect, avoid double entry and reduce mistakes, the latter of which helps with regulatory audits.
Glances Facilitates Regulatory Audits
Centralized data access reduces the time and effort required to gather documentation for audits. Having accurate and reliable data is crucial for demonstrating compliance and avoiding potential penalties.
Glances also will help address with recent changes the CFPD made with the Dodd-Frank Act regarding reporting for small business loan applications.
The Puzzle of Fragmented Data
Imagine a sprawling jigsaw puzzle with pieces scattered across different rooms. Each piece represents vital information trapped within siloed systems. These pieces include customer data, transaction histories, regulatory reporting, audits and compliance.
Legacy systems, some from bank acquisitions, struggle to interconnect these pieces, leading to inefficiencies and missed opportunities.
By consolidating data from various platforms, Glances creates a single source of truth, enabling banks to navigate the complex financial landscape with precision and agility.
Efficiency and Insight
The true power of Glances lies in its ability to streamline operations and enhance decision-making. With integrated data, banks can automate routine processes, reducing the burden on employees and minimizing human error.
A comprehensive view of each customer, allowing for personalized and timely interactions is key.
Imagine a bank that can anticipate customer needs, tailor its offerings and provide seamless service—this is the promise of Glances.
Strategic Alignment
Glances aligns with a bank’s broader strategic goals. It addresses the technical debt of outdated systems, replacing them with agile, integrated solutions that are essential for staying competitive.
By leveraging Glances, banks can pivot from reactive to proactive, using real-time data insights to drive innovation and growth.
The Road Ahead
Digital transformation in banking is a journey that can have challenges, but integration platforms like Glances offer a roadmap to success.
By connecting the dots, Glances empowers banks to turn fragmented data into actionable insights, streamline operations and enhance customer experiences.
It’s merely a tool, but a strategic enabler that transforms how banks operate.
Unlock new levels of efficiency, insight and strategic alignment.
Make digital transformation a reality.
