What do you picture when you think of a traditional bank?
We have a large and well-developed banking and finance sector in Sweden! Historically, I picture piles of paperwork and bank clerks running back and forth. Nowadays, banks are more system and process-oriented.
If you imagine a modern, cutting-edge bank, what do you see?
The development is moving forward, and it’s happening fast! So much so that Sweden now has one of Europe’s leading banking sectors! There are both international players and niche banks, offering traditional services like lending and borrowing or seamless modern payment solutions—something we should be proud of! However, not everyone has fully achieved efficiency, customer-centric processes, and balancing both operational and employee needs alongside customer demands.
External demands
Running a bank or a company within financial services comes with high demands, all to ensure that we as consumers feel secure with our banks and that the money flowing through the financial system is legal and controlled. Constant new requirements lead to the need for continuous development!
This large responsibility leads, in simple terms, to a multitude of processes and controls, which are continuously carried out within the walls of the banks. Often, new processes are added as regulations and requirements evolve, both inside and outside Sweden. Banks frequently mix older systems with newer ones, creating a complex system landscape—how do they manage it all?
Flexible, secure, and innovative solutions are needed to ensure customer satisfaction and growth. At Sweet Systems, we are a proven partner and system provider to help banks meet these challenges!
The key processes
In the name of simplification, there are three important overarching processes within banks.
- Sales: How do we attract a new customer and ensure they stay with us? Is the customer using as many of our products as possible?
- Data, document, and portfolio management: How do we handle customer data, documents, and product portfolios? How many people do we need in our BackOffice or customer service team for this?
- Regulatory compliance, monitoring, and control: This process has become known as “Regulatory Tech.” How do we meet legal and regulatory requirements?
Of course, some readers in the industry might feel left out, as this is a simplification. There are those working with areas like premises, securities, or environmental issues. If this includes you, please keep reading—everything is connected! Setting aside exceptions, we’ll focus on solutions.
How can Sweet contribute to the first, second, and third processes? How can we simplify and improve onboarding and customer management, administration and data handling, and regulatory compliance & control?
How to become the modern, efficient, and well-liked bank?
We return to the idea of a flexible, secure, and innovative solution—ideally cloud-based!
- Enhance Your Onboarding Process: Make it seamless and offer high quality “from start to finish.” All data is collected in a structured manner, automatically verified, and you can even send a welcome email—completely automated!
- Increase Efficiency: Sign all agreements instantly, reduce errors, and ensure all data is placed exactly where you need it, no matter the system!
- Centralize and Visualize Information: Gather everything in one place, make decisions based on the right data, and feel confident that you’re meeting documentation requirements.
- Automated or Scheduled Compliance Checks: Perform checks according to current regulations, like annual KYC updates, effortlessly.
- Follow Trends: Receive suggestions on additional services or products that fit your customer’s profile.
- Take Your Operations to the Next Level: Easily integrate with your existing systems, and why not take the opportunity to accelerate your organization’s work with AI?
By implementing these strategies, your bank can become modern, efficient, and loved by customers.
We offer opportunities
At Sweet, we have extensive experience working within the banking and financial services sector, including procurement, system implementation, and deep knowledge of industry processes. We are eager to help you simplify and improve your bank, allowing you to focus on growing, managing, and controlling your operations!
Feel free to reach out to me, or any of my colleagues, to discuss how Sweet can help take your business to the next level!
