Abstract: The rapidly evolving financial services industry coupled with increasing consumer expectations has led private banks to a mandate for innovation at speed and scale. One service that particularly resonates with me is Proof of Concept as a Service – POCaaS, businesses can essentially run or experiment on cutting edge solutions before then committing to rolling out enterprise-wide. This enables not only the innovation process to be accelerated but also a substantial reduction in financial risks thereby gives an edge over competition in today’s rapidly evolving market.
Why POCaaS is critical for modern banking: For private banks, traditional methods are falling way short of keeping them ahead in this digital age. In the past, a type of product application that had extensive cycles for stages lasting several months or years presented risks in development and perhaps an effective suit at launch time. It allows banks to test out ideas at a proof of concept phase and build a strong decision-making fabric while not costing the earth in time, energy or money.
Absent POCaaS: Banks that hesitate to embrace POCaaS models risk being left behind by faster, more creative competitors. Now who wants to wait for 6 months, when there is a fintech and with tech-driven financial solutions also rapidly rising as an industry then it’s only putting traditional banks on the hook dragging them down unless they adopt these faster cycles. That stagnation in turn hasn’t merely meant lost market share; it’s also equated to irrelevance for tech-savvy consumers.
Advantages of using POCaaS that is strategic:-
Time to Market: POCaaS reduces the idea-to-deployment time, enabling banks with ability to quickly respond and adapt without a waiting period.
Cost Control: Validate and verify concepts early and often, to lower the risks of making expensive mistakes that would lead you into an unnecessary full-scale deployment.
Customer Insights: Prompt feedbacks directly from first early deployments that will allows chances of refining the offerings to match a desired customer requirement and expectation level.
Innovation Culture: POCaaS reinforces a culture of continuous innovation and agility, by making it easier to align bank operations with the demands of the digital age.
A strategic framework to deploy POCaaS
Also assign cross-functional groups of creatives and operators to each project, rather than using a large SWARM team at the outset.
Appropriate Requirements Gathering: The crystal clear definition of goals and requirements which should not deviate from business objectives.
Design Prototyping: To iterate over design, develop and critique quick creation of prototypes.
Full Validation – Review each prototype with stakeholders to ensure it meets business and user needs.
Seamless Deployment: Slowly layer winning proof of concepts onto enterprise systems to turn winners into market changing wide scale deployment.
Kind Regards,
Goker Ezberci
Comment
Striped bass yellowtail kingfish angler catfish angelfish longjaw mudsucker, codlet Ragfish Cherubfish. Ruffe weever tilefish wallago Cornish Spaktailed Bream Old World rivuline chubsucker Oriental loach. Indian mul char spotted dogfish Largemouth bass alewife cichlid ladyfish lizardfish