The effort of setting up a suitable IT infrastructure is one of the reasons why smaller financial institutions often shy away from digitalization projects. But the competition from the FinTech base is already in the starting blocks. A cloud-hosted banking platform can be an interesting alternative.
The name of the annual IBM conference, to be held February 12-15 in San Francisco, is certainly an invitation. As an IBM business partner, knowis AG is participating not only with sessions on Open Banking, but also as part of a high-quality panel discussion.
When implementing digitalization projects, one of the key success factors is a comprehensive understanding of the processes. One possible method to achieve this understanding is called Event Storming. Read about what is behind Event Storming and the experience we have made using this method.
In order to differentiate themselves from their competitors in the financial market, banks are increasingly focusing on the topic of customer experience. But anyone who wants to achieve true customer-centric models with a seamless customer journey cannot avoid the subject of omnichannel banking.
Since January 2018, the EU Directive PSD2 applies. This means more flexibility and transparency for the customers, but it entails a profound transformation of standards for banks. To profit nonetheless, financial institutions should rely on innovative business models and open banking.
Banks must change themselves quickly to remain important in a changing world. That's why platform banking is the right approach for banks to meet the challenges of digital transformation. And there are more reasons for this.
Digital transformation, a low interest rate environment and increasing regulatory requirements present major challenges for banks. Those who wants to remain sustainable in the market must pursue a clear business model. What banks should learn from the troubled department store company Karstadt.
The expansion of renewable energies is a decisive trend in the energy sector. Within the context of this energy revolution, extensive infrastructure projects are required. In order to be able to use this source of income, banks must find a way of making its complexity manageable.
In digitalization projects within the credit business, complex relationships and dependencies need to be mapped in the system. At the same time, the system must be flexible to respond to any future requirements. Success in both areas is ensured by the use of modular components for business domains.
Only if all interest groups in a digitalization project recognize a clear added value for themselves and their concerns, they will support its implementation and the intended success can be sustainable. Who are the stakeholders and how can they be satisfied?
Digital transformation poses challenges for traditional banks. Innovative Fintechs put them under pressure in retail banking - but not only there. How can this development in corporate banking be avoided?
An essential interface in the loan business is located between customer service and the loan department, as a lot of data is exchanged here. By mapping all application elements in a digital workflow, information deficits between front and back office can be avoided.
The step into digitalization seems to be a big one in the corporate lending business. Knowledge-intensive processes, often with exceptions, must be mapped and different inventory systems must be connected. We show the procedure for a digitalization project by a practical example.
The essential basement of any digitalization project in finance should be the creation of a reliable database. Using the following five success factors, you can see by the example of the corporate credit process what you should bear in mind when realizing your digitalization project.
knowis is a specialized software vendor located in Regensburg, Germany. Founded in 2004, the mission is to develop highly flexible and agile solutions, particularly with regard to managing and automating complexity.