Bankers, as well as their customers, must continually plow through various documents such as applications, financial reports, market analyses, offering letters, regulatory disclosures, and contractual agreements.\u00a0After decades of adopting digital technologies, some stubborn banking documents linger on paper within a customer binder, pitchbook, or transaction folder.<\/p>\n
What is the problem with paper in banking?\u00a0Among other nuisances, papers take time to move from one department to another, across disperse locations, and forth and back from the customer.<\/p>\n
Why would then any paper bring value to digital banking?\u00a0It seems quite the opposite.\u00a0Banks that automate sequential, paper-oriented workflows \u201cas is\u201d might improve efficiency somehow.\u00a0However, such \u201cdigital\u201d systems would remain mired in the burden of legacy.\u00a0Convoluted and manual business processes do not benefit the customer.<\/p>\n
What many \u201cdigital\u201d advocates seem to miss is the need to transform banking processes by rethinking business scenarios.\u00a0Minding the actual value to the customer inspires creative thinking.\u00a0And diverse minds can collectively envision better business models or process breakthroughs.<\/p>\n
Facing disruption by Fintechs and adjacent industries, banks struggle to think outside the (banking) box.\u00a0True innovators should put the digital customer first and worry less, at least for a few moments, about banking regulations and the thousand reasons on why legacy processes should stay like so.\u00a0This is a prerequisite to digital transformation.<\/p>\n
Here is precisely where a pen and a blank pad may come handy.\u00a0To let the creative juices flow freely.\u00a0To stop storming the brain with constraints.\u00a0And brainstorm instead about open skies, with cloud capabilities, artificial intelligence, augmented reality, and a plethora of novel digital technologies.<\/p>\n
The ingenuity and the power of teams yield worthy ideas.\u00a0So, the pen will fill the pad with cohesive digital banking design criteria.\u00a0New designs will pop up full of customer value and free of artificial constraints.\u00a0Indeed, bright leadership ideas often crop up as simple sketches on a piece of paper.<\/p>\n
Great ideas may also flow in digital form: Annotated with electronic ink, co-authored, and shared electronically.\u00a0Team members from remote locations may join the conversation seamlessly through videoconferencing and shared documents.\u00a0Insightful systems with advanced analytics may also pitch in and coin thought provoking suggestions that are drawn from internal and external sources.\u00a0As banks open their minds to such ingenious pen and pad, creative digital transformation will flourish.<\/p>\n
Read more on the Microsoft Banking\u00a0& Capital Markets <\/a>and Insurance<\/a> blogs.<\/p>\n","protected":false},"excerpt":{"rendered":" What is the problem with paper in banking?\u00a0What value would paper bring to digital banking?\u00a0<\/p>\n","protected":false},"author":86,"featured_media":10223,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"_classifai_error":"","footnotes":""},"categories":[4253,1523],"post_tag":[],"content-type":[1492],"coauthors":[1796],"class_list":["post-2291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-financial-services","content-type-news-and-announcements"],"yoast_head":"\n