Article published for the Finantsuudised.ee (May 2 – 2019)
The number of small banks in Europe that embarked on the path of digitalization has surpassed 3000 (as per the European Banking Federation), and they have all reached different stages. When it comes to digital service, large companies and FinTech institutions dictate trends and the development direction. As consequence, up to 28% of business at risk by next years. (PWC, 2017).
Until now, the most critical barrier to gain more market for these new creative and agile FinTech companies has been to develop a good reputation. To stand out they need to offer lower rates and more attractive conditions at the same time making significant investments into marketing. Their main weapon? The low operational cost built based on their digital DNA. At this point, you can assume that your company has a well-known brand, but is it ready to implement new services and products for your customers with your current technological platform? In soon, Fintech will overcome the market barrier, where will your company be at that time?
The main challenge is keeping up with technology. Due to resource limitations or unclear strategies, firms often find themselves stuck in a problem. The dilemma between investing in transformation or staying within the old framework gives managers massive headaches.
Knowing the enormous payoff of a well-performed digital transformation, some organizations execs attempt to digitalize on their own. However, most business consultants will advise against that because of all the damage an unsuccessful execution brings along. Digital transformation is not a DIY project!
On the other hand, simply throwing money at the problem by buying an expensive, famous solution can only make things worse. It’s important to approach digital transformation with a clear head and an established digitalization strategy, while keeping your clients’ needs in focus.
Funded in 2017, LifeUp is there to fill the gaps in knowledge and tech capabilities, and guide the SME through the process. This company not only provides the technological solution for their clients, but also helps them analyze their needs and find the best approach to digital transformation. They created something called Digital Service Management, or simply – DSM platform. The uniqueness of this platform lies in its adaptability, in contrast to the other, ready-made solutions. Their service is tailored to suit medium and small companies in the financial industry. LifeUp’s solutions can help banks, insurance enterprises, investment funds, accountancy companies, and other similar kinds of businesses run smoothly and seamlessly.
“We want to be the starting point of digital transformation for small and medium companies of the financial industry in Europe.” – CEO of LifeUp OÜ, Andres Gavriljuk
The experts at LifeUp assert that many small and medium companies from the financial service need a nudge that’ll boost their operational efficiency. As typical results of LifeUp’s clients, companies reduced the time they spend processing one client up to 90%, increased the productivity of their teams up to 50% and improved the quality of their operations up to 80%.
Technology is constantly evolving. Business should too.
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