• COVID-19

    • Government Sector Whitepaper
      Effective management of information systems and communications is critical for the success of the public sector.

      Mining Sector

      Increase productivity & build a culture of innovation

      Financial Sector

      Meet the challenges of disruption & cyber security

      Healthcare Sector

      Empower your patients & leverage data by deploying customised solutions

      Retail Sector

      Embrace the changing retail landscape & know your customer

      Government Sector

      Use digital transformation to grow the economy & build capacity

      Industries Overview >

    • Innovation Through Simply Navigating The Complex

      Specialized digital diagnostics, solutioning, consulting, development and maintenance across legacy and cloud-based systems.

      Digital Innovation Awards

      Enter the 2020 BCX Digital Innovation Awards

      BCX Exa

      Innovation through simply navigating the complex

      Digital Transformation

      Intelligent systems upgrading

      Analytics

      Data that works for you

      Applications

      Tools to streamline operations

      Services

      Strategies for efficient ICT

      Cloud

      Computing for today & the future

      Cybersecurity

      Protection for your critical systems

      Devices

      Processes & network foundations

      Connectivity

      Connections within & without

      Partners

      Partnerships moving business forward

      Solutions Overview >

    • Speak To An Expert
      We'll need just a few details from you, and one of our specialists will be in touch as soon as possible.
      BCX HEAD OFFICE

      Employee Entrance:

      1021 Lenchen Avenue North
      Centurion
      Gauteng
      South Africa
      0157

      Contact Us:

      +27 (0) 11 266 5000

      Visitors Entrance:

      1266 South Road
      Centurion
      Gauteng
      South Africa
      0157
Home > The right-fit technology partner is key to future sustainability of the banking sector

The right-fit technology partner is key to future sustainability of the banking sector

13 Jul, 2019

As ongoing technological innovation continues to disrupt traditional business models across various industry sectors, this is perhaps having the most profound impact within the financial services sector.

Here the rapidly changing competitive landscape is already having an impact on the profitability and returns of traditional market participants in the banking sector, as Fintech companies and “over-the-top” or non-traditional banking participants continue to bring more innovative, efficient, and cost-effective solutions to specific market segments.

Now more than ever it is essential for players within the banking sector to remain sustainable and respond to these challenges by becoming more strategically focused and technologically advanced.

Leveraging technology to keep abreast of global trends

“South Africa’s Banking Vision 2030: A tale of two realities”, a whitepaper produced by BCX in association with Frost and Sullivan, highlights the fact that prominent global trends – customer centricity, digitalization, reduction in physical footprint, virtualisation of customer channels and data security – are relevant and already having an impact in the South African context.

Customer-centricity

When it comes to customer-centricity, banks have moved away from product-centric practices to adopt a more holistic and long-term view of each customer’s evolving life-cycle needs.

Through leveraging data and analytics to strengthen customer insights, banks are now able to provide customised products and services supported by enhanced customer engagement through an overarching omni-channel strategy.

 

Digitalization

Unsurprisingly, this is another key trend where banks are implementing emerging technologies to improve or replace legacy systems and enhance and streamline front and back-office operational efficiencies.

On the front end, banks are automating basic communication and advisory functions through chatbots, using technologies such as Artificial Intelligence (AI). Back-office operations are being automated using Robotic Process Automation (RPA) technologies. The digitalisation roadmap is further supported by capabilities such as Cloud, data analytics, and the Internet of Things (IoT).

 

Reduced physical footprint

Fintech and digital competitors have entered the banking value chain, and do not have any of the  costs associated with maintaining a physical infrastructure. So, in order o remain competitive, traditional banks are reducing their physical footprint, which also means increasing their digital footprint.

Collaboration between banks, to further drive costs out of their operating models, could be on the horizon. Examples of this include sharing branch and ATM infrastructures, and non-differentiating back-office systems. Banks are also virtualising their channels to market, moving from physical to virtual channels such as chatbots and virtual assistants.

 

Data security

As digital banking expands, banks are increasingly exposed to data breaches that could lead to customer data loss, data manipulation, financial losses and loss of customer confidence. The vast amount of customer data and financial assets handled by banks makes them natural targets. Naturally, cybersecurity is top of mind for both banks and regulators to secure, detect, and respond to cyber-attacks.

A future-proof business model requires a right-fit technology partner

To ensure long-term relevance, these key trends mean that traditional banks are having to prioritise ways to accelerate modernisation, automation, and transformation, by partnering with technology providers that can assist with driving innovation and the development of cutting-edge solutions that leverage data, advanced analytics, and digital technologies.

As a leading Information and Communications Technology (ICT) solutions provider to the financial services sector, BCX understands that the boundaries between telecommunications, media, technology, Internet, and Information Technology (IT) are becoming increasingly blurred.

To effectively future-proofing banking business models requires the incorporation of digital technologies to ensure there is a focused approach towards driving operational efficiencies (and therefore business excellence) in delivering greater customer experiences.

In line with the goal of reinventing the customer experience for its clients, BCX has adopted the next generation digital operating model and has prioritised investment in serveral new solutions including:

>   Software Define Wide Area Networks (SD-WAN)

>   Converged connectivity and communication

>   Extensive Managed Services

>   Mainframe as a Service

>   Cloud enablement and advisory services comprising readiness assessment, design, application transformation, planning, transitioning, management, and operations

>   Artificial Intelligence (AI)

>   Robotic Process Automation (RPA)

>   The Internet of Things (IoT)

>   Big Data and Analytics

>   Cyber security

>   Packaged applications

Although the South African banking industry is by no means facing catastrophic failure, South African retail banks are under enormous pressure to reduce costs and innovate, to remain competitive.

BCX recognises that our success will be measured on how well our solutions meet our customers’ needs and help them to solve their current and future challenges.

So, while technology may change, one thing remains the same. We’ll put your business right where your customers are. Because at BCX our most important customer, is yours. 

Share

SPEAK TO AN EXPERT

 We'll need just a few details from you, and one of our specialists will be in touch



RELATED POSTS