Digital transformation in the financial services industry is driving rapid change in the way financial institutions do business. Consumer expectations are growing. Managing money and investments through digital mediums is the new normal. But financial institutions face heavy regulations that can make it difficult to keep up with transformation. To stay competitive and digitally transform, financial organizations can prioritize these imperatives for a differentiated customer experience. 1.

Processes exist within organizations to help them carry out the tasks and activities necessary to keep the business running. But often, these processes don’t run as smoothly as they should. Inefficiencies creep in, certain activities take longer than necessary, or important steps are skipped altogether. How can you get at the root of the issues that are bogging down your processes to get them running more smoothly and efficiently? The old approach to process optimization is no longer enough.

Managing and reporting on compliance can challenge businesses in any industry. For financial institutions, the stakes are even higher as regulations rise, data management increases, and expectations for transparency grow. Financial firms are under pressure to deliver a great customer experience while managing costs, risk, and compliance and maintaining operational resilience. Know your customer (KYC) requirements have become increasingly important to manage.

In the post-COVID world, the federal government spends about three-fourths of its technology budget maintaining aging computer systems including platforms more than 50 years old and even some that use floppy disks, according to a recent Government Accountability Office report. But beyond updating decades-old technology, getting digital transformation right in government and elsewhere is about cultivating an organizational mindset that embraces change.

Customer focus is hugely important for the Appian product management team as we iterate on our solutions to keep pace with customer needs. Hearing directly from those who use the solutions every day is invaluable and offers our team insight into specific use cases and opportunities for optimization and enhancement.