OPERATIONS AND BANK TRANFORMATION

In Operations Level I, we described Operations as the back-office function that ensures that customer interactions with the bank are completed accurately and efficiently. It is the part of the business model that guarantees the fulfilment of products and services according to the promise made to the client.

For every webpage clicked, every call answered, every transaction completed, and every product bought, Operations allows the business to flow, whilst monitoring for anything that could expose the bank or its customers to financial loss, penalty, or other risks. All this makes the implementation and management of bank operations a complex and costly activity.

In other Level II modules, we discuss how retail banks are responding to industry-wide challenges by transforming from being product-centric or channel-centric to customer-centric. One of the main threats is from new digital challengers, including Fintechs and global technology and telecoms giants.

In this module, we focus on how operations and technology can support the bank’s transformation into a modern customer-centric digital bank, detailing some processes and techniques that help it achieve its aim. Much of this is around how the bank can improve its customer data management, where if they get it right they can still command a competitive advantage.

As a result, there is a close relationship between these modules:

• Operations Level II;
• Customer Management Level II;
• Fintech Revolution.