Feature phone in a smart phone world – the challenges to insight

Posted on: August 10, 2023

Most of us can still remember setting off on a journey to a new destination and we might equip ourselves with a map, a note pad, a travel guide, our camera, a translation book and a Nokia 7110.

When we were away there was some magic in the isolation with no knowledge as to what was falling into our in-tray and the remoteness enforced by expensive roaming charges and no messaging service home, or to friends, beyond a text or two.

Undoubtedly Smartphones have transformed our lives by integrating multiple functions into a portable device. They provide access to vast knowledge, streamline daily tasks, transform productivity and provide us with tremendous insight instantly.

Despite the stress that can sometimes be the corollary of being permanently connected very, very few people would wish to revert to unconnected data, reporting and communication systems.

Surprisingly in the world of financial services many organisations continue to live with disintegrated data due to financial reporting, risk monitoring, business planning and regulatory reporting functions being uncoupled and unintegrated.

Many banks & building societies rely upon feature phone systems in a smart phone world.

Combining financial risk, regulatory, and reporting systems brings many benefits, they enhance efficiency by ensuring one single source of truth, streamlining processes and reducing duplication of effort. And they also improve data accuracy and consistency, ensuring reliable reporting and regulatory compliance.

Integration enables better risk identification and mitigation, promoting proactive decision-making. It provides a holistic view of the organisation’s business landscape, facilitating effective business strategies and providing tremendous business insight upon which to take decisions.

The combination of these systems promotes a more robust and comprehensive approach to risk management, regulatory compliance, and financial reporting, ultimately enhancing the organisations resilience and performance.

The enhanced transparency and accountability, enables stakeholders to make informed decisions.

If you feel it is time for your organisation to move from the feature phone, and all its associated supporting cast of systems, to a smart phone, do contact us at Whistlebrook.

Whistlebrook is the only software vendor in the UK market that provides a loosely coupled but tightly integrated suite of reporting, risk, financial, forecasting and accounting software products for banks & building societies.