Banks are a crucial pillar of the Latin American economy, providing essential financial services to the population and businesses, driving economic growth in the region. However, in the digital era, traditional banks face increasing competition from fintechs and digital banks that offer optimized and ultra-personalized products and services, rapidly gaining a significant market share.
Traditional banks have long sought to adapt to this new era through digital transformation, with over $650 billion invested annually in technology. However, innovation is slow due to their legacy systems, limiting possibilities and making it challenging to keep up with organizations born in the digital age.
With thousands of active software applications, each with different logics, diverse languages, and incompatible architectures, innovating for a traditional bank is a complex and risky task. According to a Forbes survey, 59% of surveyed banking leaders identify legacy infrastructure as the biggest obstacle, more problematic than ineffective data strategies, compliance challenges, or lack of digital expertise. To stay relevant, 67% of executives see an urgent need for transformation.
Often, in the quest for a safe and effective choice, banks opt for providers that mostly offer a wide range of generic solutions, suitable for most industries but not tailored to the financial sector’s specific needs or the complexity of legacy systems. Integrating a common CRM, for example, can take years, and in the end, essential functionalities may still be missing.
The Forbes survey also revealed that 63% of banking leaders consider extensive customer data repositories a significant competitive advantage. Banks collect data daily, whether integrating new customers or serving existing ones. Unfortunately, legacy banking systems were not designed to handle today’s data-intensive workflows. In other words, all the collected data, in separate systems, becomes useless if it cannot generate valuable insights.
In the face of this reality, N5 has emerged as the solution to all these challenges. The N5 Now suite is designed to coexist with legacy systems, drastically simplifying their complexity and enabling rapid innovation. In five minutes, for example, a bank can publish personalized offers, adjust sales incentives, develop complaint workflows, and integrate customer responses into machine learning. All of this usually requires dozens or hundreds of software and several days for those not using N5.
A single platform with five solutions: CRM (for customers), SPM (for employees), BPM (for products and services), OCM (for channels), and Datalake Alpha Now (for data), enabling simultaneous revenue increase, extending customer lifespan, mitigating risks, and reducing costs.
Now you know there is a real solution to so many challenges, how about discovering what we can do for you today? Schedule a chat with our experts now: https://n5now.com/schedule-demo/
