PlanetNTF

Dramatic digital transformation requires innovative solutions. Learn what you need for a digital experience platform to succeed.

A digital revolution is reshaping banking and transforming how nearly everyone deals with their finances.  According to a study of digital banking attitudes, which surveyed 1,500 consumers, four in five customers prefer to manage their finances digitally, while roughly eight in 10 handle their banking activities from a smartphone and/or laptop/desktop.

Clearly the days of patiently waiting in line at the local branch to start a mortgage application process, invest in a money-market account, or get a transaction receipt are over. Customers nowadays are making deposits, transferring money (sometimes accompanied by animated GIFs), applying for loans, and tracking every detail of their finances from wherever they are at all times of the day. There are also new companies shaking up the industry overall. From app-controlled stock trading to financial “institutions” that have no brick-and-mortar presence at all. It should be no surprise that digital banking is here to stay.

What remains unclear is how banks and even new startups can best meet the challenges posed by such dramatic digital transformation. Doing so means incorporating new digital technologies and satisfying rising customer expectations, all while maintaining profits amid a landscape of fierce competition and innovation. And the rock-solid level of security required for any financial transaction is paramount.  

Banks face major challenges today. Not only have core banking activities gone digital, but institutions from adjacent industries are now embedding banking products into their offerings (think Facebook, Venmo, Affirm, Acorns, etc.), blurring the lines of what is and isn’t a bank.

The challenges facing banking institutions are varied and urgent:

New customer expectations. Banks are competing not just with other banks, but with every company in every industry that gives customers a fully engaging user experience. Customers expect their banking to be as personalized and convenient as shopping online or streaming a show on a mobile device. Providing banking tools on a dynamic interface is a crucial ingredient to connecting with customers who have grown accustomed to such features.

With HCL DX companies can deliver such experiences using out of the box low code tools that open up the development process to non-specialists, speeding time to market, maximizing the innovation cycle for IT & Dev teams and creating more diverse and powerful user experiences across multiple channels.

Legacy applications and systems and the need to scale. Adapting is hard especially when the systems are old. The financial sector still relies on very outdated systems, which endangers daily commerce, makes implementing new tools difficult, and puts a heavy load on the decreasing number of specialists who can fix issues for technology designed 60 years ago. Being able to deploy your digital experience solution wherever and however you want is key.

HCL DX works with any on-premises, hybrid, or cloud-native solution, making it easy to customize the environment and meet the specific needs and business goals of banking institutions. This flexibility enables remote operations, allows for portions of your data to be kept on-prem, if needed, and speeds up the automation that powers time to market of new products, providing scalability.

HCL DX also integrates with more out-of-the-box solutions and technology than any other DXP in the market, including legacy systems. This means that you can preserve the value of your existing investments, while modernizing the user-facing data, systems, and processes.

Ever-more-urgent security concerns and regulations. A modern banking environment faces security risks unprecedented to the industry. A single institution may have thousands, if not hundreds of thousands of linked computers and devices in its network, and that doesn’t even include the social, cloud, and mobile channels in the mix. In 2021, a bank’s reputation is based on keeping an attack at bay. Maintaining security on such a large scale is essential.

With HCL DX security is baked into its DNA. Rules-based and customizable security ensures petabytes of sensitive data is kept secure every day.  Features include end-to-end encryption, multi-level authentication, and role-based access that allows for total control over access to data.  HCL DX even has NSA-level security protocols, helping deliver the trust that’s needed in those financial moments that really matter.

Data silos slow productivity. Banking is rife with divided departments and isolated systems, reflecting the vast offerings most institutions provide, including retail services, loans and financing, financial planning and investing, insurance, retirement planning, and more. When key information across these services can’t be shared with ease or speed, customers get frustrated and may take their business elsewhere.  The right digital experience platform is one that is tried and trusted to bring all these legacy backend systems together into a seamless experience on the consumer end. Closing the gap between back-end data to the digital touchpoints being engaged with helps drive both efficiency and growth.

HCL DX provides over 2,000 APIs that connect your data, applications, and processes seamlessly, with an architecture built for more than just websites. Being able to build custom apps more quickly and support more digital channels that can be accessed over multiple experiences is where HCL DX excels.

For institutions looking to address issues of data integration, user expectations, rising security risks and new tech adoption, a DX platform can offer a unique toolkit of solutions. HCL DX brings key functionality to an industry serving an evolving customer-base with systems in need of an upgrade. HCL DX is designed specifically to meet the business-critical needs facing banks today, with a range of capabilities suited for this next era of banking.

The HCL DX platform is trusted by financial institutions around the world and has helped improve their customers’ journeys. Here are a few success highlights:

• HCL DX provided highly secure support to an online banking institution that needed help developing stronger user authentication, delivering a 50% faster time in delivering sleek transactions  
• The platform helped a financial institution to refresh and redesign its mobile capabilities to make its customer experience more robust and responsive, leading to a 40% increase in self-service mortgage application conversations 
• HCL DX improved the functions of web services and product portals for a global bank looking to better cater to partners across banking services, leading to 24% increase in revenue

A digital experience platform can help resolve many of the business-critical challenges facing banks today. But only HCL’s DX platform resolves these issues with a combination of speed, flexibility, and out-of-the-box efficiency built to handle modern banking needs.

For more information on HCL DX click here.   

An intranet is a private, secure computer network that is only accessible internally (thus, the “in” in its prefix) to a company’s employees.  Intranets surfaced in tandem with the internet in the 1990s and exist as a secure alternative to the public internet network that could be used by anyone online. It can be an integral tool for enterprises looking to improve employee communication and engagement. Employment engagement is key to an organization’s success.

A recent Gallup study¹ said that only a third of employees are truly engaged in their work — and that organizations with higher engagement levels are not only more productive, they achieve four times higher earnings per share growth. 

An intranet platform provides enterprises with useful collaboration tools that can open up dialogue among co-workers while streamlining certain processes within the organization as a whole. A good one also serves as a vital tool for sharing HR and other information, as well as providing operational and computer services within an organization.

Let’s look at five ways the intranet can boost productivity in the workplace. 

1. Improved Communication 

Not only can it act as a direct link between staff from all departments within a sprawling organizational flow chart, it can host blogs and forums that provide employees with a unique outlet to collaborate. An intranet network can allow employees to communicate in creative and empowering ways that might not otherwise occur, promoting a much-needed sense of community. Given the way the world has moved more toward remote work, this is more important than ever.  

Intranets can have communities and discussion boards, so that instead of employees having to sift through an unwieldy company directory to find another staff member, they can easily use the intranet to connect with them and quickly enhance the work they are doing.  

Additionally, an intranet network can distribute company updates, alerts and action items efficiently to everyone, saving time and streamlining internal communications. 

2. Centralized File Storage and Comprehensive Search 

The sheer number of files, documents and digital information an enterprise must grapple with can make managers and project leads — anyone, really — shudder in horror.  Being able to locate and access the data you need when you need it can be the difference between a job getting done and a project failing.   

With an intranet network you can store all your files in one centralized location, making data searches faster.  The intranet search engine can look up key terms and connect you to the discussion, blog or piece of information you need.  Communications can also be saved and stored, making posts and notes easy to look up and review.   

3. Faster Response Time  

If a problem arises, the collaborative nature of a company’s intranet software can unleash the shared knowledge and expertise of key players.  An issue can be immediately shared, whether it’s with IT or an emergency development in another department. Teams can then troubleshoot from all angles and stay informed of the solutions.   

By acting as an information conduit for an organization, the intranet can quickly assemble the collective brainpower of the organization to identify and quickly solve an issue that could otherwise can take much longer to properly assess and address.   

4. A Forum for Creativity, and an Information Hub   

By giving some ownership of the space to employees and empowering them to utilize it, an intranet can strengthen the creative bonds between people and teams and ultimately improve the collective performance of the company.  The intranet can host a range of staff-led endeavors, ranging from discussion forums on industry-specific topics to informal spaces for brainstorming the next staff retreat. It can also be a hub of information, where relevant articles, podcasts and videos can be shared and debated.   

If employees feel plugged in and connected not just to the specific work they do but to a larger web of people and information, they will be happier and more productive in their job.  There are endless ways of sparking this type of engaged community on an intranet.   

5. A Convenient Space for Company Policies and Procedures  

We’ve all gotten the massively daunting PDF of the staff handbook filled with processes that are probably outdated by years.  It sits somewhere collecting dust, a sad reminder of a tree groove that is no more.   

An intranet network can be the digital repository that weaves together the procedures and policies of a company and can be easily accessed and updated as needed.  It can also be the centralized place where employees can access the HR benefits hub, and grab the forms they need, for things such as leave, expenses, or travel.   

While your company intranet might not get its moment on center stage in a roomful of mass appreciation, it is often the backbone to a functional and successful organization. If it’s set up well, and actively used, it becomes almost an invisible part of a functional workday. And if it drives the engagement and productivity your teams and employees need, it helps you reach better business outcomes faster.  

For more information on how HCL’s Digital Experience can boost staff engagement and productivity click here.   

¹Gallup Study, “Employee Engagement on the Rise in the US,” August 26, 2018.  

The post 5 Ways an Intranet Can Drive Employee Productivity and Engagement appeared first on HCL SW Blogs.