Retail Banking Technology and Consulting
Technological innovations are making remote and digital financial services more and more possible. As a result, retail banks must invest in the proper digital strategies to remain competitive. CPQi’s retail banking technology and consulting provides customized solutions that boosts profitability and improves customer relations.
What is Retail Banking Consulting and Technology?
Retail banking focuses on the average financial consumer, making it one of the biggest – and most competitive – industries within finance.
As the financial industry continues to transform digitally, retail banks must learn to adapt to an increasingly innovative world.
Retail banking technology refers to the many services, platforms, and applications that are coming to dominate the financial space. These innovations enable institutions to optimize the entirety of their processes, from customer satisfaction to meeting regulatory compliance.
Challenges Facing the Retail Banking Industry
The retail banking industry is undergoing a technological revolution. This has resulted in several key challenges that must be overcome for banks to push forward into the future.
Three key challenges facing the retail banking industry include:
- Increased Competition: The retail banking industry is experiencing high levels of competition as banks around the world work to attract the same pool of customers. While in-person services used to be a good way for banks to stand out, now it depends on how well they adapt to changing regulations and technology.
- Siloed Departments: Traditional banking business models have kept departments separate and focused on independent goals from one another. With customers now searching for more innovative services, retail banks need to embrace collaboration and inter-departmental communication.
- Customer Personalization: Customers are searching for banking providers who understand their unique and individual needs. Adopting a customer-centric approach is more important than ever for retail banks.
How CPQi’s Retail Banking Technology Can Help
CPQi offers a wide range of technological capabilities that empower retail banks in this digital age.
Our expert teams are highly experienced in both technology and finance, allowing them to understand the nuance of banking while carrying out digital solutions.
No matter where your financial institution is at in its digital transformation, CPQi can help. Our services optimize your front, middle, and back offices, ensuring your team has the tools and resources they need.
Digital Transformation
Completing a digital transformation is a massive project for retail banks to take on, especially if they are starting from scratch.
CPQi recognizes the hurdles and challenges such a transformation can have. Our teams work diligently to provide transformative services that keep your current clients in mind. We work with your legacy systems to prevent your systems from going down at any stage of the process.
Once we establish the right platform for your bank, we will move into developing software and applications designed to optimize the experiences of both your team and customers.
Retail Banking Consulting Services
Every retail bank is at a different stage in its technological journey. At CPQi, we understand that each institution is unique with its own set of needs and goals.
Before beginning any new project, our consulting teams will analyze what systems and applications your bank already has in place. Once we have a clear understanding of your existing technology, we work with you to develop a strategy according to your specific goals and budget.
Plus, our consultants and support teams are available to you throughout the entire process to ensure your digital needs are met.
Managed Services
Introducing new technology can be a massive adjustment for retail banks, especially if you are at the very beginning of your journey. Moreover, maintaining and managing this technology is a big task to take on for your already busy staff.
At CPQi, we offer fully managed services to ensure your platforms are operating properly and your development lifecycles are optimized.
Managing a platform can be overwhelming, but with the help of our expert teams, your institution will never need to worry about the efficiency of your systems. Instead, more of your staff’s time can be dedicated to creating an excellent customer experience.
Platform Implementations and Cloud Migrations
The banking platform you choose can have a major impact on your business. That’s why CPQi have partnered with many of the top platforms – to give you a plethora of options to choose between.
Our platform partners include:
- Calypso
- Salesforce
- Murex
- Findur
- ServiceNow
- Finastra
- Temenos
- Moody’s CreditLens
- Azure
- AWS
Most of these platforms operate via cloud computing. Luckily, CPQi’s teams are not only experts in reliable platform implementations but in cloud migrations as well.
Migrating to the cloud comes with many advantages, including significantly increased scalability and secure centralized storage of data.
Predictive Technology
Today’s financial markets change at lightning speed. For retail banks who need to provide customers with detailed advisory models, this rate of change can be a massive challenge.
At CPQi, we leverage AI technology to create highly accurate predictive models. Our flexible AI enables your institution to gain valuable insights on past, present, and future trends. Plus, this predictive technology also helps boost your early engagement with customers.
Gaining access to specific business and industry insights is critically important for retail banks looking to establish a more competitive edge. With CPQi’s AI and machine learning, your institution can manage data and identify risk indicators with greater ease thanks to personalized and granular models.
Regulatory Compliance
Keeping up with regulatory changes is a near-impossible task without the right digital strategy.
Our teams at CPQi are financial experts that have a deep understanding of the nuances of compliance. We leverage our technologies to help automate many of these essential processes so that your systems update automatically and accurately.
The regulatory compliance services offered by CPQi cover all bases. From full consultations to ongoing regulatory implementations and categorizations, we have the expertise and resources to keep your institution in good standing.
DevOps for Retail Banking
The success of digital banking services often relies on the speed of delivery of software and applications. Retail banking customers are increasingly tech-savvy, making the expectation of fast deliveries an even more prominent priority.
CPQi utilizes the DevOps methodology for software development. Through this method, development and operations teams are united to break down departmental barriers and drastically decrease development lifecycles.
DevOps reduces downtime by over 5x, while simultaneously decreasing recovery time by an average of more than 96x. At CPQi, we ensure our teams are working within the same timezone thanks to our many offices spread out across the Americas.
CPQi’s retail banking technology offers the following benefits:
- Boosted Efficiency: One of the first things we examine is the efficiency of your institution and how our technology can improve it. Using artificial intelligence and machine learning, our teams can automate many of your essential processes to boost your overall efficiency. Plus, automation also helps to lower operational expenses.
- Improved Client Satisfaction: At CPQi, we believe that success starts with putting the customer first. Our development teams work diligently to create custom software and applications made with the specific needs of your customers in mind.
- Strict Adherence to Regulatory Change: Digital banking brings with it a whole set of regulatory challenges. We leverage our technologies to help create systems that update automatically, ensuring your institution can easily maintain proper compliance.
Book Your Consultation
CPQi offers all the services and solutions retail banks need to remain competitive in the technological era. To learn more about our retail banking technology and custom solutions, contact our team today to book your first consultation.