Unlock the Power of Your Bank’s Data
Overview
Banking organizations are at a pivotal moment, facing the challenge of adapting quickly to meet changing demands while planning for the future. Legacy systems and business models are no longer sufficient for making data-driven decisions due to the siloed nature of data across various systems such as trading, loans, deposits, and credit cards.
Business Benefits of Data Transformation
- Enhanced Customer Experience: Personalization is crucial for meeting rising customer expectations. According to PwC, 45% of global CEOs believe their organization will become economically non-viable in 10 years if they continue on their current path. Gen Zs and millennials expect meaningful, personalized interactions. Failure to meet these expectations can lead to decreased customer satisfaction and retention.
- Increased Efficiency and Agility: By leveraging digital technology and integrating data from various sources into a single cloud-based solution, banks can quickly assess financial impact and drive their business strategy. This helps in optimizing talent and reducing reliance on legacy systems.
- Regulatory Compliance: Banks need to adapt to regulatory changes and ensure compliance. Workday Accounting Center enables organizations to determine profitability and achieve financial insights, helping them make better decisions.
Key Data Insights
- Customer Personalization: Real-time insights can be drawn by analyzing previous engagement and buying history to present relevant offers and predict future purchases. This enhances customer satisfaction and retention.
- Talent Management: By adopting digital transformation, banks can attract new talent and reinvent the future of work through AI. This can boost productivity by 22% to 30% and increase revenue by 6%.
- Regulatory Compliance: Relying on legacy systems hinders banks' ability to adapt to regulatory changes. Workday solutions enable real-time data access and streamlined compliance processes.
Case Study: KeyBank
KeyBank partnered with Workday and PwC to achieve digital transformation. They reduced the number of cost centers from 15,000 to 1,500 by breaking down silos across the organization. Additionally, the always-on audit feature in Workday simplifies compliance requirements.
Conclusion
To unlock the full potential of your bank's data, consider integrating all operational data into a single cloud-based solution. This will enhance customer experiences, optimize talent management, and ensure regulatory compliance. Visit Workday’s website for more information.
Contact Information:
- Phone: +1-925-951-9000
- Toll-free: +1-877-WORKDAY (+1-877-967-5329)
- Fax: +1-925-951-9001
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