Why traditional banks should automate to compete with fintechs and neobanks

How banks can become process and operational excellence leaders by taking a multi-lever approach

Vinod Srinivasa, senior manager and partner – operational excellence at one of America’s leading multinational banks, shared his expertise in driving digital transformation across multiple industries and financial institutions. Speaking at PEX Live: OPEX Financial Services 2022, Srinivasa said large organizations need to be prepared to be leaders “in a VUCA world” – that is, a world of Vision, Understanding, Clarity and Agility.

An advocate of hyperautomation, Srinivasa said the organizations – especially in the financial services industry – needed to take an approach to digital transformation that not only adopts new business models and technologies, but “builds a customer-centric approach, [and] has the right products and services at the right time”.

He added that for traditional banks, the need to automate has become critical because of competition in recent years from fintechs and neobanks, which came to market as digitalized companies. For traditional banks, Srinivasa said that areas where it was especially important to invest in technology included service platforms and customer support functions.

Register for free to PEX Live: OPEX Financial Services 2023, taking place this July, and join a host of leading names as they discuss the latest operational challenges and change management innovations within the financial services industry.