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Digitization in the Banking Industry

Hello Again and Green Greetings!

In our last blog engagement, we explored the “Typical challenges experienced in the Banking industry”.  We touched briefly on digital banking trends and the way forward for the banking industry following the challenges experienced from a Green Office perspective.

Digitization is the new buzz word within the FinTech industry with automation, efficiency and customer experience as the main drivers.  Within the banking industry the partnership between strategy and technology create a perfect platform for digitization.  The majority of customers are techno savvy and demand more streamlined processes from their banking service provider.  Their time is valuable, and they challenge the banking industry to move towards digital platforms or face the risk of losing their business to more progressive banking service providers.

Green Office Digital Banking

The Green Office approach understands the digitisation end-goal, driving print to zero, entrenching and guiding the business towards a paperless Utopia.

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  • Digitisation starts with the basics, which is why the integration of data and processes is vital for positive disruptive change.
  • Decompositions provide the starting point to a successful digital journey.
  • Standardising processes across various portfolios and platforms, bridging processes and printing requirement is key.
  • Collaboration and change management will determine the success of digitization

The above prepares the organisation for a mindset change, from traditionally working in silos, relying on legacy systems, thus creating a euphoria of misinformation.

Green Office has conducted varying sets of decompositions within the banking industry.  The steps for decomposition are as follows:

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Pre-work with departmental heads to obtain buy-in on the value-add is paramount.  This should be done prior to follow the path of least resistance ensuring success for the digitisation process and decomposition.

  • Establish the need
  • Verify the high-volume users to engage with and discuss in pre-work meetings with heads of departments
  • Circulate a survey analysis to assist with data gathering
  • Provide feedback and findings/results for each stage of the process

Identify and Assess

  • Analyse data to identify high-print users
  • Investigate what documents are being printed
  • Establish source data to probe and which users will provide the best insights into the processes and limitations experienced
  • Analyse print data over period measured
  • Cross-reference trends with survey and User Interview Data
  • Identify/verify opportunities for print reduction and savings

User Interviews

  • Mapping the processes through the user interviews provides insights from users and data analytics for the findings.

Map and Advise Findings

  • Assess users versus the volumes printed
  • Assess the colour cost versus mono costs
  • Assess per user usage against volumes
  • Verify personal versus business documents
  • Assess device ratio per user and volume printed
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  • Identify savings that can be achieved through the findings and recommend software platforms that bridge the gap between the systems, user interface and ultimate customer experience.
  • Software and Applications are based on best fit for the workflow processes, providing the efficiency and savings required.

In conclusion, the success to going paperless and digitization is a mix of all the above.  The South African environment requires a hybrid approach, as we are unique.  As we move forward with technology, organizations similar to the banking industry still own legacy systems.  The mapping of processes and decompositions accelerates the chances of success for the objective required.

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