The Dangers of a Blindfolded Approach: Mindful Digitalised Strategies and Investments in Retail Banking
Simply discovering the latest technological advancements isn’t sufficient. What strategies could be implemented to effectively incorporate and utilise these innovations within a lucrative framework?
- On: December 19, 2023
Essam Fawzy
Vice President – Program Delivery
What are the difficulties, wins, and lessons discovered during the digital transformation process?
To define the successful and effective digital transformation process, the business strategy should be aligned with the IT strategy, in association with the clear and precise study of BAU and dependent on a skilled team with a determined mindset; as a matter of fact, one dress cannot fit all sizes, and selection of the tech should meet the business and customer’s needs.
Reshaping the organisation structure and changing management through a digital transformation unit with full access and authority can also be a challenge. More difficulties are related to the adoption of customer experience and business model revolution—the balance between digitalisation strategy, security concerns and budget limitation.
Key success/winning factors are forming Agile squads, deploying new analytics, and testing innovative digital business models.
Lessons discovered during the transformation process:
- onboarding the right skills and mindset
- creating a culture of collaboration and agility
- embracing a customer-centric approach
- prioritising change management and employee engagement
How to keep your customer engaged by making digital more human?
Becoming digital does not mean starting with the technology to be used by customers; it means creating an engaging, memorable, successful digital user experience and interface with a human touch. It does not happen without a commitment to becoming more human-focused. Keeping the customer at the centre of technology-enabled digital experiences is the best way to lower risk, lower costs, and make wise strategy much more human.
The way towards more human digital, defined as techno-humanism, is not only characterised by an unusual level of intelligence but also by how we capitalise on that intelligence by developing technologies that amplify and complement our mental, physical, and social capacities. Digital utilisation should be led by human needs and business goals first—it’s not just the latest shiny piece of tech, thrown blindfolded at a dartboard of problems.
Which trending technologies do you believe to be worth investing in right now?
Nowadays, there are top trends in technologies that are driving the future of retail banking and are worth investing in.
Develop deeper insights to improve decision-making. Shift to NLP, ML, and AI to better understand customers’ needs, intent, and emotional state to deepen the brand connection.
Shift toward Advisory Services as a Force Behind Driving Relationships. Banks are trying to become customers partners and advisors to cement their relationships.
Thoughtful answers and insights are provided by Essam Fawsy, Vice President – Program Delivery at RAKBANK. We are honoured to welcome him as a speaker at our 7th Annual Retail Banking Technologies MENA Summit on 28 – 29 November 2023 in Dubai.
Join us as he reveals details on the topic “How Technology is Threatening the Traditional MENA Retail Banking Model”.
Short Speaker BIO:
Innovative, result-oriented and quality-driven Senior Manager with more than 20 years of proven track record managing innovative and large-scale digital transformation programs within banking, financial services and telecom domains.
Skilled in digital payment, mobile banking, FinTech and digital assets while managing several vendors and offshore/onsite cross-functional teams.
Experienced in business transformation and translation of business requirements into functional/technical specifications, primary focusing on highly regulated multinational organisations within the Gulf, EMEA and APAC regions.
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