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Activate the digitization of small banks

09-22-2020 04:11 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: ALSEGO

The future of banking is digital. While the major players in the retail segment have fully grasped this challenge, the smaller players are often struggling to get on board. This is because implementing the latest technologies to meet new customer expectations requires both resources and skills. For a small organization, the challenge is therefore difficult to grasp, and even more so in a context where margins have never been under such pressure. “In Luxembourg, a survey conducted by KPMG among private bankers revealed that 94% of banks had a website," comments Marc Van Oost, founder of ALSEGO. “This implies that 6% do not have one. Many more are not able to offer banking services through a digital interface.”

Investments required

For ALSEGO, which develops and markets digital solutions dedicated to banks, acquiring the capacity to digitize certain processes from a digital interface made available to clients is a major challenge. All the more so since many have fallen behind in terms of digital transformation. “These banks distinguish themselves on the market by their 'boutique' character, by offering a highly personalized service," continues Marc Van Oost. “The added value of these small banks is often linked to the attention given to each customer. This characteristic, that is highly appreciated by their customers, has not encouraged them to invest proactively in digital solutions, which could interfere in the person-to-person relationship. However, considering the pressure on margins , the global pandemic and economic outlook, but also the new expectations expressed by customers, these banks must now make these investments and catch up without delay." Compared to the competition that has gradually carried out its digital transformation, the effort will have to be more intense.

A more virtual customer relationship

To facilitate the digital transformation of banks, ALSEGO has developed a solution to virtualize a bank branch. "From our complete solution, clients of a financial institution can be offered the possibility to perform numerous operations themselves. They can consult the status of their accounts or the performance of their investment portfolio, make transfers, consult and request documents. They can communicate directly with their account manager in a completely secure manner," explains Marc Van Oost. “The solution is very complete and is offered as white-label. This means that the bank can configure its own design and adapt it to its processes. Deployed to many banks, it meets the main challenges of digitizing the front office of any bank; retail, corporate or private. Integrated directly into the back office, it provides access to significant efficiency gains. This solution has been designed to meet all the needs of banks, so that they don't have to develop all the functionalities themselves," continues Marc Van Oost. “It saves time but also money in the implementation of a transformation project.”

A more accessible tool

However, the implementation of this solution represents a budget, which the smaller actors have difficulty in mobilizing. This is why ALSEGO, wishing to meet their challenges, decided to offer a lighter version of its web-banking interface, less expensive, meeting the main requirements. "We started with our flagship solution and extracted the essential functions: a secure messaging system, a tool for consolidating the portfolio of invested assets, a money transfer solution with automation and multiple signature possibilities, and a document management function," explains Marc Van Oost. Unlike the complete solution, the "Essentials" version will not be able to integrate STP with the core banking system. "The bank will not have full control over the solution. The bank will not be able to carry out transactions in real time, but will have to be grouped together to be processed at regular intervals," explains the founder of ALSEGO. “This constraint will also suit private bankers who wish to keep an eye on the transactions carried out by clients in order to be able to better advise them before a transaction is processed. The private banker, in this way, can continue to share added value with the client and continue to offer expertise in analysis and advice.”

Getting on the digitalization train

With this more accessible version, ALSEGO offers private bankers a more effective way to streamline their investments. The proposed formula is advantageous and allows small organizations to engage more easily in a digital transformation process, starting by proposing effective front-end solutions in line with the new expectations of their customers. “In addition, the offer is accompanied by a long-term support service, allowing institutions without an IT department to maintain and develop their products and services in view of the possibilities offered by the solution," continues Marc Van Oost. “Our objective is to enable a faster and more efficient transformation, in order to offer them new perspectives in an increasingly digital world.”

ALSEGO
2 Rue Jean Engling, L-1466, Luxembourg, Grand Duchy of Luxembourg
Email: info@alsego.com
Phone: 00352 20 33 31 80
Press contact: Michael Fisher

Founded in 2009, ALSEGO is a software editor with a track record of delivering robust, secure and modern packaged solutions to the financial sector. Over a decade of developing and editing banking software, compliance applications and other banking industry products have culminated in our White-Label online banking platform and secure professional solutions. Our products are adept at tackling the pitfalls of digital banking projects.

We offer a variety of FinTech solutions catering to the changing regulatory environment of the financial industry. Alongside our clients, we want to reach business objectives and to exceed expectations. Increasing end-to-end customer satisfaction while keeping a focus on cost efficiency and pragmatism.

Our solutions are used across the globe. Banks, credit unions and other financial institutions face digital transformation challenges. To that end, we bring innovation to make your business more agile, more competitive and more performant.

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