Banks are joining the digital revolution. Whereas two years ago McKinsey noted that retail banks had digitized only 20 to 40 percent of their processes, since then more and more banks are realizing that they must digitalize to compete.
Digitalization may be a disruptive competitive force, but it is also one that helps banks to become significantly more competitive - and remain healthier for the long term - as rapid change obliterates their traditional business methods.
This is why Commerzbank AG is evolving its existing business models, designing innovative new models and optimizing legacy systems in its strategic partnership with Software AG.
The project will reduce costs in a range of the bank’s internal processes through careful deployment of work-flow tools and self-servicing capabilities for customers and staff, improved customer targeting via digital marketing and micro-segmentation, more dynamic, tailored pricing and product bundling, and the establishment of differentiated mobile and online offerings.
Digitalization introduces an entirely fresh way for Commerzbank to interact with its customers and take them on innovative “digital” journeys, promoting unique value propositions.
Importantly, digitalization is more than an IT upgrade or add-on; it’s a completely different way of thinking. Software AG understands this and introduced the Digital Business Platform to enable this Digital Transformation.
Commerzbank has been working with Software AG for several years, using almost all modules of the DBP, in particular the webMethods integration and API management tools, Terracotta In-Memory modules for storing data, as well as modules for streaming data analysis and decision making.
We are proud to support Commerzbank in its digital transformation journey, helping it to build a platform that will advance digitalization and contribute to a successful future in the dynamic financial sector.