Patrícia Domingos
Client Manager at askblue
DORA aims to strengthen the digital operational resilience of financial institutions, requiring banks, insurance companies, and other entities to withstand and recover from disruptions related to technological infrastructure. On the one hand, there is a need to simplify internal and external processes, with an impact on customers, to improve efficiency and the user experience; on the other hand, the global architecture must be redesigned. The final goal is to reduce costs in the medium to long term.
From a practical point of view, financial institutions can evaluate and redesign complex internal processes to reduce redundancies and improve workflow, implement simple-to-use interfaces and automation to help employees focus on higher-value tasks, improve job satisfaction and productivity, and simplify interactions with customers by reducing unnecessary steps and incorporating intuitive design into digital interfaces.
Let’s not forget: Simplifying the customer journey, from onboarding to transaction processing, can significantly improve satisfaction and loyalty.
As for the overall systems architecture, rethinking it can increase resilience and security, as well as reduce operating costs in the long term. Investing in modern, integrated solutions can lead to significant savings by optimizing resources. In this sense, there should also be training for employees – at all levels – on digital operational resilience. In essence, a proactive approach to risk management and open communication about potential threats and vulnerabilities should be promoted.
In this new digital age, which DORA can further leverage, the challenge will be to go further. Here, ladies and gentlemen decision-makers, are several good practices that can be incorporated within organizations:
- Choose the right areas and business models: Decide which areas and business models to focus on based on your unique strengths and capabilities. Evaluate market trends and customer needs to guide your strategic decisions.
- Team alignment: Start aligning organizational resources, especially technological talent, for future changes. Invest in the training and development of your team to ensure they are prepared to face the digital challenges of the future.
- Develop and test your digital business models: Start developing and testing your B2B and B2C digital product business models to capitalize on opportunities for innovation and growth. Explore new ways to create customer value and expand your digital market presence.
- Redefine your purpose: Reflect on your organization’s purpose, including environmental, social, and governance (ESG) impact, to build stronger bonds with your customers and talent. Demonstrate your commitment to ethical values and corporate responsibility to strengthen customer trust and loyalty.
By adopting a proactive and strategic approach, the financial system can comply with DORA requirements and position itself to thrive in an ever-evolving digital environment. It’s time to lead with vision and empathy, setting the stage for a more resilient and prosperous future.