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Digital Transformation for Financial Institutions: Start with the Tech You Have

Marianne Elie, Director, Financial Services Industry Marketing
October 27, 2022

Financial services institutions are playing the long game in working toward digital transformation. Considering the rapid rate of change and innovation over just the last 10 years, leading financial organizations are realizing that digital transformation isn’t a destination. It’s a journey. 

While there isn’t one right way to approach digital transformation, some strategies are less effective than others. For example, many financial institutions (FIs) try to digitally transform by upgrading decades-old ERP systems. But that can take years to fully implement and even longer to see benefits from. And with the rate of change of technology, a brand new ERP system may end up being outdated before it can even yield benefits. 

Accenture shares 4 tips to help financial institutions break down silos and bring people, technology, and processes together.

A more realistic approach for financial services organizations looking to solve the pains of outdated technology is to get more out of existing core solutions by extending them and filling the gaps. 

How FIs can get more out of legacy solutions.

Many FIs leaning on software from 10, 20, or even 30 years ago have put so much time and money into their solutions that sunsetting them and implementing something new just isn’t realistic. Fortunately, there’s no need to rip and replace legacy tech. Instead, FIs can use a low-code platform to bring together and extend their legacy systems. 

Low-code platforms that are built to be open can seamlessly integrate with existing ERP systems and pull data into a single source of truth. Employees no longer have to spend time toggling between solutions to get the information they need to make informed decisions. A single view of internal, external, and third-party data makes it easier for operating teams to get more done in a timely manner. 

This is a more attainable fix for FIs. Rather than spending years selecting, implementing, and getting up to speed with a brand new core system, low-code platforms take significantly less time to implement and can start bringing legacy systems together right away. Unified low-code platforms also offer native automation capabilities to optimize how humans and technology work together. 

Boosting agility with low-code. 

A low-code platform helps businesses unify and extend what they have, yielding immediate benefits by breaking down silos formed by outdated technology. Even better, low-code also helps organizations future-proof, or adapt faster to changes in  the future. As the concept of digital transformation continues to evolve, businesses must be able to evolve along with it to stay competitive. Low-code is made for helping organizations easily adjust processes and entire workflows as needed when things change. 

To find out how financial institutions can drive organizational change and efficiency with a low-code platform in just four steps, take a look at our whitepaper: 4 Ways Financial Institutions Can Digitally Transform for the Future.