Innovation by Fintech companies is disrupting the financial services landscape, and many traditional banks are responding with Digital Transformation initiatives.\u00a0Banks are also exploring the fantastic potential of blockchain technologies to simplify business operations and reduce financial risks.<\/p>\n
Many forward-minded banks are realizing that old habits undermine the adoption of new digital business models.\u00a0Such changes must navigate functional and product silos, overcome business-as-usual inertia and internal resistance, and ensure compliance with regulatory mandates.<\/p>\n
Could banks institutionalize transformation by decree?\u00a0Might a creative cloud application clear all hurdles across the bank\u2019s organization?\u00a0Or should an inspiring CEO lead the change to digital?<\/p>\n
To be effective, banks should first look at transformation with the eyes of their customers.\u00a0In the digital age, customers are becoming increasingly volatile and expect instant response at any time.\u00a0A digital bank should dismantle internal barriers and grow into a more agile and responsive organization.<\/p>\n
Most customer-related tasks require the participation of several functional areas within the bank.\u00a0The complexity of internal interactions can grow exponentially depending on the number bank employees involved. \u00a0A computational formula for possible interactions between any two individuals within a group is: (n*(n-1))\/2, where \u201cn\u201d represents the number of participants.\u00a0For example, 10 employees could interact with each other as up to 45 different pairs.<\/p>\n
Combined interactions between subgroups would expand the possibilities. In such context, the ability to instill frictionless digital collaboration between bank employees will significantly improve customer effectiveness.<\/p>\n
Empowering bank personnel to work collaboratively and learn from each other will produce additional benefits.\u00a0Integrated videoconferencing and document sharing bring people together.\u00a0Besides the intrinsic gains in their multiple one-to-one and subgroup interactions, digital interconnection will motivate employees to coalesce as cohesive virtual teams across diverse functional areas.\u00a0In turn, every virtual team may create new business value through more dynamic performance, ingenuity, and combined specialization.\u00a0Spontaneous team rotations and reconfigurations should also help in breaking up established functional and hierarchical barriers.\u00a0Such learning culture will nurture adaptive and interchangeable skills to boost agility and resilience\u00a0in the bank.<\/p>\n
Therefore, a comprehensive digital collaboration platform will unleash the collective might of virtual teams, as they converge swiftly to fulfill the tasks at hand.\u00a0In the aggregate, the business value created by digital interactions between bank employees and virtual task teams can be impressive.\u00a0Banks should capitalize on the pervasive power of digital collaboration applied to cross-functional business scenarios.<\/p>\n
Read more on the Microsoft Banking & Capital Markets <\/a>and Insurance<\/a> blogs.<\/p>\n","protected":false},"excerpt":{"rendered":" Innovation by Fintech companies is disrupting the financial services landscape, and many traditional banks are responding with Digital Transformation initiatives.<\/p>\n","protected":false},"author":0,"featured_media":10210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ms_queue_id":[],"ep_exclude_from_search":false,"_classifai_error":"","_classifai_text_to_speech_error":"","footnotes":""},"categories":[4253,1523],"post_tag":[],"content-type":[1492],"coauthors":[1796],"class_list":["post-2277","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-financial-services","content-type-news-and-announcements"],"yoast_head":"\n