Have you felt a sense of urgency within the financial services realm? These days, the call for digital transformation isn’t a mere whisper; it’s a resounding roar.
The financial industry is experiencing a seismic shift towards harnessing technology to elevate customer experiences, streamline operations, and maintain a competitive edge. This shift transcends technology adoption; it necessitates a comprehensive digital business strategy capable of redefining the very essence of how financial institutions operate.
Altimetrik, a pioneering force in digital business solutions, has emerged as a useful tool in guiding financial entities through this transformative era. In a recent podcast of Collider Convo, Digital Business Transformation for Putnam’s Shareholders and Advisors, Altimetrik experts shared their unique approach, rich experiences, and remarkable successes. Their insights shed light on how they have helped clients like Putnam Investments reshape their digital landscape to drive sustainable improvements.
So, how did this trio of seasoned leaders tackle the monumental task of helping giants like Putnam?
On this occasion, hosts Rhyan Robinson and Jacob Smith welcomed Altimetrik’s team members Gautam Makani, Client Partner – ex-IBM; Jay Ramalangam, Engineering Leader – ex-Union Bank of Switzerland; and Pranav Muralidharan, Product manager – ex-Pfizer, to join this conversation.
Here are a few insights they shared:
First, Create a Synergistic Approach to Success
Altimetrik’s approach to digital transformation is distinguished by its core principle: collaboration. The team recognizes that effective digital business solutions hinge on more than technology; they necessitate a profound comprehension of a business’s specific challenges and aspirations. Their method involves forging deep partnerships with clients, empathizing with their pain points, and architecting custom-tailored solutions to address unique needs.
“One thing that I’ve noticed in fund management companies like Putnam is that they’re under pressure to provide greater breadth and depth of their offerings,” says Makani “Putnam has recently gotten into ESGs and ETFs, so they’ve had to increase their offerings, based on customer expectations and demands.”
However, creating these digital-first services isn’t always simple – there are also new financial services to consider.
“As you know, the world has gone crypto, so now there are different kinds of financial offerings out there that customers get to choose from,” says Makani. “Fund managers have to compete to get client business while facing increased competition to lower costs and margins.”
By understanding its customers’ core needs and concerns, Altimetrik can build a roadmap to success. In this case, the team emphasizes an exhaustive discovery phase. This phase involved meticulously scrutinizing Putnam’s existing landscape and unearthing latent opportunities for enhancement. This approach paved the way for creating a robust blueprint, delineating the journey toward transformation while remaining aligned with Putnam’s strategic objectives.
Then, Utilize Agile Methodology and Gradual Advancement
Altimetrik’s “bite-size” paradigm deconstructs intricate projects into manageable phases, ensuring quantifiable advancements at every juncture. This approach mitigates the perils linked to extensive transformations and facilitates consistent enhancement and adaptation.
Jay Ramalangam, one of Altimetrik’s digital transformation experts, underscores the indispensability of teams “running ahead” within the agile framework. These teams concentrate on forthcoming tasks, ensuring that user stories are adeptly transformed into tangible solutions. This proactive methodology resonates profoundly with financial institutions seeking a calibrated progression and guaranteed deliverables.
Prepare to Navigate the Complexities of Risk and Compliance
In this highly regulated sector, compliance and security are key. Altimetrik’s prowess manifests as they adeptly navigate the intricate realm of risk management and data security. They enforce robust authentication and authorization frameworks, seamlessly integrating third-party authentication sources to meet rigorous industry benchmarks.
Pranav Muralidharan, another accomplished Altimetrik expert, cautions about the criticality of safeguarding sensitive data, such as social security numbers. Their unwavering commitment to data integrity and identity protection epitomizes their dedication to delivering holistic digital business solutions.
“Since money plays a factor, it’s highly important to have security,” shares Muralidharan.
The Triumph
The partnership between Altimetrik and Putnam Investments underscored the notion that digital transformation transcends technology; it requires the symbiosis of technology with business objectives, ensuring compliance, security, and the delivery of incremental value.
The experts’ narratives of their expedition with Putnam offer a glimpse into the intricate tapestry of orchestrating a brilliant digital transformation. From comprehending the existing landscape to architecting comprehensive solutions, Altimetrik’s collaborative ethos and agile methodologies emerge as the quintessential drivers of success.
Looking Ahead at What’s Coming Next
As the financial sector continues its metamorphosis, Altimetrik’s expertise plays a defining role in shaping the digital destiny of financial institutions. Their dedication to delivering tangible, quantifiable results underscores their commitment to ushering clients into the digital era triumphantly.
But amidst the rush for transformation, a new set of trends emerges as the demands of financial customers continue to grow. Cryptocurrency’s siren song grows louder, pressuring already squeezed margins to shrink further, while the need to offer unparalleled service depth reaches a crescendo. The landscape is evolving, and Altimetrik stands poised to guide financial institutions through the maze, turning challenges into opportunities and redefining the industry’s future.
In a recent decade of unprecedented change, embracing digital transformation transcends being a mere option; it’s imperative. With Altimetrik as an inspirational guide, financial institutions can stride confidently into the digital age, armed with a bespoke strategy poised for victory.
Tune into the full podcast, or connect with Altimetrik to embark on your agile transformation journey.