The Digital Tools Boosting Productivity In Investment Banking
Using advanced analytics, investment banks can improve accuracy, security and efficiency with strategies from PSFK’s Digital Banking Playbook
In the fast-paced world of investment banking, staying ahead of the competition requires advanced analytics, a coordinated team and a superior client experience. For our Digital Banking Playbook in collaboration with Microsoft, PSFK Labs defined four areas for investment banks to focus on improving their services.
- Provide personalized experiences by transforming customer data into next-best actions, ensuring long-term client relationships
- Put the client at the heart of everything with a 360-degree view of their needs
- Offload preliminary research and modeling responsibilities to machine learning technologies to reduce computational times and make better use of staff time
- Build a mobile workforce by offering employees secure access to real-time information from any device
- Encourage inter-departmental collaboration via cloud-based workstream platforms, which share up-to-the-minute information to expedite document preparation, compliance review and regulatory approval
Advanced Risk Analytics
- Invest in cloud-based risk compute capacity to improve modeling accuracy and evaluate risk more efficiently
- Create omnipresent, simplified dashboards that help teams monitor risk exposure in real time and incorporate risk analytics as part of their everyday activities
- Migrate computational systems to the cloud to protect client, transaction and institutional data
- Analyze current internal data-sharing systems and determine which steps are most vulnerable to threats; compartmentalize these areas to create an infrastructure that responds more quickly without compromising the entire operation
- Reduce the compliance burden by analyzing internal and market data on an ongoing basis, in order to identify fraud patterns and offer enhanced security through real-time fraud analytics
The Digital Banking Playbook, presented in partnership with Microsoft, highlights how digital tools can augment a financial institution’s ability to optimize operations and reinvigorate the client experience. Download the free report here.