It has been predicted that our fintech sector will be valued at $4.2 billion by 2020 – up from just under $250 million in 2015.
The expected October completion date for the New Payments Platform (NPP) is looming. The NPP, which will facilitate real time payments between financial institutions and customers’ accounts via a mobile device or online, represents a major milestone in Australian banking technology.
Our CEO, Bruce Nixon, spoke to Government News about why building expertise and loyalty in-house is critical to the project's success.
The adoption of new fintech services is being stifled by the the difficulty of integrating them with pre-existing apps and infrastructure.
Large, complex systems upgrades are notoriously difficult to implement. They are hard enough when the applications are reasonably new and well understood. But when you also have a high level of complexity due to silos, they provide a formidable challenge.
Our CEO, Bruce Nixon, spoke to Australian Banking & Finance Magazine about the disruption of Australia’s banking ecosystem.
"Escalating technology, changing customer expectations and disruptive new service delivery models, are opening the door for innovative, nimble fintech startups to revolutionise the market.
Fintechs are not bogged down with same legacy back-ends or the same operational complexity of the big banks. This nimbleness is a clear advantage in a market that is ready for disruption..."
Read the full article featured on AB+F.
We're introducing interactive monthly training courses to help existing clients, business analysts and consultants refresh their modelling skills and advance their capability.
Content Author 1
Content Author 1 (CA1) is an introductory course which covers the basics of process modelling, showing users how to create and publish business process diagrams and libraries.
Content Author 2
After completing CA1, users can move on to Content Author 2 (CA2) to learn how to enrich and extend model content with organisation charts, system process diagrams, glossary terms, external document references, regulations and business rules.
Content Manager is for those interested in managing from an Administrator level, issuing and managing permissions to view and edit content. It is available to those who have completed CA1 and CA2.
Content Author 1
- 21-22 Feb, Canberra
- 21-22 Mar, Sydney
Content Author 2
- 15-16 Mar, Canberra
- 26-27 Apr, Sydney
Don't miss out! View our training calendar for 2017 and register now as places are strictly limited.
How are you measuring the delivery of client expectations?
Are you aware how and why customer needs are changing or growing?
Would customers refer your services to others?
Customer-centric organisations are 60% more profitable. To deliver and sustain true customer value, we need to remove operational restraints and improve the back end to power frontline service delivery.
An effective operating model is foundational to customer-focused delivery. The question is, how do we develop one to help support a culture of service excellence?
Model the customer journey
Start with the customer experience. What does the customer journey look like? How can we support it as part of our day-to-day operations? How are we to deliver at each individual touch point?
Larger organisations often find it difficult to not only implement change but to also identify where to concentrate the change effort. To understand the customer journey, it is important to recognise the value a business must create to satisfy customer demand. Starting with Value Streams, map out the high-level value stages that help support both the business model and the customer journey. Once these are agreed and understood, review the Business Capabilities required to deliver each value stage. A gap analysis at this point will help focus investment and resource efforts into tactical operations.
Embed the customer journey in business operations
Model and embed the customer journey at the core of the business, aligning operations across channels and silos and measurable customer-centric outcomes. Establish clear metrics to help define success while incorporating data and behavioural analytics to develop highly-targeted and personalised offerings to attract business.
To boost productivity and strengthen uptake, implement intelligent and intuitive workflows to support the customer journey. Processes should be developed to meet different customer needs. These should be governed by an overarching and integrated business platform with centralised control, enabling an alignment of the right processes, people and technology to individual touch points to drive outcomes.
Driving consistent customer-centric delivery with visibility over performance, customer interactions can be monitored to ensure customers are being engaged regularly. Usage statistics and comments can be used to ensure customers are receiving an appropriate level of service. Staff can quickly identify issues, respond to feedback or escalate problems to managers if necessary.
DEVELOP A CULTURE OF SERVICE EXCELLENCE
Being the last hurdle, this is also the most challenging. Communicate the benefits of change from day 1, taking the entire organisation on the business transformation journey. Employ a holistic and collaborative approach with rapid transition and induction of staff to the new operating model. Build knowledge and skills and attract usage by demonstrating achievement and sharing success stories. Engage and empower employees through internal communications which highlight the benefits by role, and last but not least, incentivise high performers.
How can the BMS help?
The BMS provides a platform to power customer-centric service delivery. Connecting the business model, operating model, people, process, policy and technology, the BMS helps enhance the customer experience.
Supporting each touch point of the customer journey, the BMS offers a holistic and collaborative approach to consistent service delivery. Acting as the infrastructure supporting new service delivery models, it ensures that standards are met, best practices are implemented and that people are united by a services-first mindset.
Interested in seeing how you can leverage technology for customer-centric service delivery?
Our CEO, Bruce Nixon, spoke to iTWire about minimising data security risk from an operations perspective.
"According to the 2016 Ponemon Institute Cost of Data Breach study, the average cost of a data breach to a company is US$2.64 million.
Data security is not a simple, straightforward or static issue. How can business leaders effectively manage data security when concern is being driven by headlines of data breaches involving high profile companies like Dropbox, Yahoo and the Australian Red Cross?..."
Read the full article featured on iTWire.
Our CEO, Bruce Nixon, spoke to Government News about the dangers and opportunities presented by the complete transformation of the way welfare payments are processed in Australia.
"As the complete reimagining of the way welfare payments are processed in Australia enters its delivery phase, Government News looks at the risks and opportunities this quantum cultural and technological leap presents.
The Department of Human Services (DHS) will splash out more than $1 billion and spend seven-years rolling out what has been billed as a once-in-a-generation business transformation under the Welfare Payments Infrastructure Transformation (WPIT)..."
Read the full article featured on Government News.