Amdocs may be new to many in financial services, but we’re not new to the industry. At Amdocs, we’ve been partnering with financial service providers to accelerate transformation for more than a decade.
Now, we’re amplifying our offering to the financial services industry. Today, financial service providers are trying to align their people, offerings and technology for the digital-first world. Our financial services specialists help accelerate the transformation required to succeed.
A critical time for financial service providers
The choices financial service providers make now will position them to grow or fade in the digital-first world. Take banking as an example. In the past, customers tended to choose a bank because it had a nearby branch or low fees. Convenient branches and appealing incentives no longer win and keep customers. Today, customers can—and do—shop around for the most pleasing user experiences. And internal talent? They can switch jobs as easily as customers can switch banks.
This critical juncture is an opportunity for financial service providers like you to ignite growth. You just need to capitalize on your brand, customer and technology strengths. The FinTechs competing for your customers lack your trusted financial services—but they do offer great user experiences. They also have the agility that comes with modern technology and ways of working. Getting and staying ahead requires that you overcome the siloed processes and other challenges that make it hard to capitalize on your advantages.
You know the best strategy to win the opportunity: digital transformation. And you’re investing in the opportunity. A recent survey by Celent showed that 77% of banks increased IT spending in 2021, with 40% seeing an increase of 5% or more. Digital banking saw the strongest growth, with 51% of banks increasing digital banking budgets by 5% or more.
At Amdocs, we believe that you can accelerate your transformation journey when you follow a connected strategy. That strategy encompasses three crucial elements: experience, cloud and culture. Let’s consider how these elements fit together.
End-to-end service mindset
Many transformation efforts fail to deliver on their promise, but our process has yielded a 96% success rate. That’s because we connect experience, cloud and culture. By uniting those three elements, you create synergy and build momentum. Success in one area increases gains in the other two. And the failure to account for the connections between those elements leads to disappointing results.
For instance, the user experience piece commands significant attention today. Rightly so. It’s user experiences that set financial service providers apart from each other. A provider with an exceptional user experience has an edge with customer acquisition and retention. But the kind of agility that helps companies maintain an experience edge comes with the use of the public cloud at scale. And you’ll find it difficult to launch and maintain exceptional experiences without a culture versed in new ways of working. That’s why we focus on helping financial service providers to:
- Create winning user experiences: You build experiences based on human-centered design and customer research. Insights lead to experiences that remove friction for users and that include personalization of offers. Technology-agnostic product development advances these efforts.
- Thrive in the cloud at scale: Adopt, secure and manage hyperscale cloud infrastructure. Starting with the right platform and workloads adds momentum to your migration efforts. At the same time, you instill a cloud-centric mindset in your people and turn to cloud-native processes. You improve your governance, risk and compliance stance as you enhance security.
- Adopt new, faster ways of working: Teams receive tailored training in Agile methodologies. People learn best practices and the “whys” behind them. AI and automation power a QA process that never stops, which fuels a faster pace of innovation. Your people are empowered and upskilled, adding velocity to workflows.
A new ally with extensive industry experience
At Amdocs, we have a long history of working with financial service providers. Several of our clients in the industry initially reached out to us for help. That’s because they knew of our reputation for taking ownership of project goals. Some tried to deploy digital strategies, but they saw disappointing success relative to their investment. They wanted a new approach, and they liked our reputation for accountability and for delivering desired outcomes.
We helped one bank end a multi-year vulnerability remediation backlog. It’s now addressing issues in real time. That same bank is also releasing key apps 500% more frequently. Plus, its upskilled internal teams base their workflows on Agile methodologies, like DevSecOps. They’re empowered to keep reimagining user experiences and delivering compliance wins.
Another financial service provider worked with us to gain a 360° view of customers. They use that customer-centric view as a foundation for product innovation. In its home market, the company has been first to market for product bundles and innovative volume-based incentives. Its customer satisfaction score has increased by 50%.
Meet our team
At Amdocs, we believe that banks can benefit from our connected, accountability-driven approach. Talk to us. Meet our team of human-centered design, cloud and culture specialists focused on financial services. We’ll listen first. When we know more about where you are and where you want to be, we’ll share our perspective.
Learn more about user experience trends
We partnered with Celent to offer financial service leaders a report on customer engagement technology trends. Celent surveyed banking leaders to capture a broad view of industry progress on digital-first experiences. The findings may surprise you. For instance, 75% of banks have a completion rate of 60% or less for digital account opening.