In the credit business, digital transformation means more than just converting Word or Excel templates into an electronic format. For a sustainable digital change, it is essential to question existing processes, technologies and business models. To give you an overview of the human, technological and functional factors influencing a digitization project in the credit sector, we have published a new expert page – CREDIT. DIGITAL.
Digital transformation is the key to competitiveness in all economic sectors, including finance. Especially in the area of credit processes, digital change proves to be a driver for further development if existing processes are questioned and optimized during planning and realization, and if they are dynamically implemented using modern technologies.
As a starting point for carrying out such a transformation project in the credit industry, the needs and requirements of the various stakeholders should first be identified, for example, those of the customer, the administrator or the regulators. Viewed from this perspective, there are specific requirements for each group, which serve as central objectives for the project.
The technological base for implementing such a project, taking into account all stakeholder needs, must satisfy many requirements: it must be flexible, strengthen the core business and open up new opportunities, like cooperation with third parties. A banking platform as a 'Digital Agility Layer', that is, an intermediate layer that intelligently interconnects the existing systems and, at the same time, offers open interfaces, meets exactly these requirements.
Finally, in order to cope with the complexity of the subject of credit, it is advisable to incorporate the expert knowledge about the business domains and their correlations in a modular manner during the implementation of a digitization project. Core areas can be incrementally modernized with individual components that can be used flexibly, combined and adapted to each other – depending on the needs and technical development.
Visit Credit. Digital. now and learn more about stakeholders, technological initiatives and solution components in the digital transformation of complex credit processes. You may also download the detailed document as a PDF file.
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