At Amdocs, we help complex businesses drive digital society forward. Our team empowers companies to deliver amazing experiences to their customers.
Now, we’re amplifying our service offering to banks. Today, banks are creating the future of banking for their customers and their people. Our team of banking specialists can help accelerate the digital transformation required to succeed.
The choices banks make now will position them to grow or fade in the digital-first world. 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 digital experiences. It’s also never been easier to switch banks. And internal talent at banks? They can switch jobs as easily as customers can switch banks.
This critical juncture is an opportunity for banks like yours to supercharge growth in the digital-first world. Your bank can become the bank that customers choose. Plus, you can end the frustrating silos that inspire talented people to pursue their careers elsewhere.
Banks know the best strategy to win the opportunity: create the future of banking through digital transformation. And they’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 digital transformation is rapidly achievable for banks that 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 for banks
We accelerate digital transformation strategies that connect experience, cloud, and culture. That’s because we believe that by uniting those three elements you create synergy. The 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 digital experience piece commands significant attention today. Rightly so. It’s digital experiences that set banks apart. A bank with an exceptional digital 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 modern ways of working. That’s why we focus on helping banks:
- Reimagine digital experiences: You build experiences based on human-centered design and customer research. Insights lead to experiences that remove friction from banking and that include personalization of consumer offers. Technology-agnostic product development advances these efforts.
- Adopt 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.
- Build a culture of velocity: 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
Amdocs may be new to many banks, but we’re not new to working with banks to accelerate digital transformation. At Amdocs, we’ve been working with banks for more than a decade. Several of those banks initially reached out to us for help.
Our banking clients 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 track record in other industries. We have a reputation for accountability and for delivering desired outcomes, as our 96% project implementation success rate shows.
We helped one bank end a multi-year vulnerability remediation backlog. That same bank is now 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 digital experiences and delivering compliance wins.
Another bank 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 bank has been first to market for product bundles and innovative volume-based incentives. The bank’s 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 transformation culture specialists focused on banking. 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 digital experiences trends
We partnered with Celent to offer banking 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.