Technology Implementation and Adoption

As the financial services industry continues to transform at unprecedented velocity, enterprises grow more dependent upon digital technologies to compete in today’s hyper-competitive conditions. Yet, without a coherent technology adoption strategy, the implementation of ERP systems, workforce management applications, mobile technology, and cloud-based solutions can cause more problems than they solve.

Some aspects of the modern business environment present more challenges than the adoption of technology. These include:

• Lack of clear or integrated technology goals
• Steep learning curves for IT personnel and technology end users
• The high cost of hardware, software, security, and training
• Lengthy implementation processes that delay critical learning
• Selection of the wrong technology for the problem
• Poor integration between technologies that need to work together
• Ability to keep pace with obsolescent and emerging technologies
• Insufficient support from technology vendors

When technology implementation and adoption go well, they can produce significant cost reductions, improved productivity, a more engaged workforce, superior business results, and a healthy return on investment for your technology spend.

The question is, How do you get from point A – constantly struggling to make the technology work – to point B – the seamless implementation and adoption of technology in all areas of the business?

Consumer Retail Banking

In consumer retail banking, today’s customers have expanding yet diverging service expectations. Some want primarily digital/virtual experiences, some continue to prioritise in-person relationships, others desire hybrid “some of both” interactions, and all want hyper-personalisation. Distribution channels are not being switched as much as they are being added; customers want more of everything. At the same time, some banks are streamlining internal operations and seeking outsourcing solutions, while others are trimming back third-party resources. All of these diverse strategic and technology transformations are driving complex workforce training/retraining and skill development initiatives.

Insurance and Risk Management

In insurance and risk management, the automation of quoting, underwriting, document management, and the full range of service issues and claims processing and administration has created fundamental reimagining of the role of the workforce in serving customers. Contactless and virtual sales, service, and support are driving widespread transformation of what systems will get the work done, and which and what type of people will use those systems to do that work.

Investments and Wealth Management

In investments and wealth management, history’s largest wealth transfer that began a decade ago is now in full transition while new digital-only competitors and platforms rewrite how registered investment advisers and custodians fulfil their roles and do their jobs. Dramatic changes in other financial service sectors mirror these dynamics.

For more than 50 years, we have immersed ourselves in the global financial services industry, working closely with banking, insurance, investment, merchant services, and other financial services around the world. In the process, we have gained the experience and expertise needed to assist domestic and global financial services brands in solving problems today while preparing them for the future.

Our proven technology adoption frameworks combined with our implementation support services help financial service firms leverage new technologies across the board to deliver critical business outcomes.