Are you confident that your bank’s digital channels are meeting the needs of your customers? Or do you feel like you have room for growth?
Either way, our new 12-question Digital Transformation Maturity Assessment asks you straightforward questions to pinpoint where your bank is on its digital journey – and gives you the tools and resources you’ll need to keep moving forward.
Given the iterative nature of this transformation, as you strive to meet the changing needs of consumers, even banks in a strong position must keep advancing to ensure they don’t lose ground – a common pitfall. The question at this point is whether you have the infrastructure needed to extend the momentum you’ve built into the coming years.
This assessment is grounded in your knowledge of how engaged your customers are in your digital channels, as well as how rooted they still remain in your traditional branch and telephone channels. For example, what percentage of your customers is digitally active each month? How many of them handle transactions through online or mobile tools?
We also help you analyze your bank’s culture and mindset concerning digital channels, since those elements can enable your continued progress or stop you right in your tracks. This includes recognizing how well your front-line agents are prepared to drive migration to digital channels – which, as you know, is a win-win, with greater cost efficiency for your bank and increased speed and accuracy for your customers.
The assessment also drives you to consider who is setting your bank’s digital investment priority and the status of your data infrastructure, which underpins any digital transformation. This is the perfect moment to remind you that you never want a stand-alone digital strategy; your success depends on integrating digital engagement across your enterprise strategy.
Once you answer the questions – and if you struggle to answer any of them, that’s an early sign you’ve got some ground to make up against your competitors – we’ll deliver a score to help you assess your current state on your digital journey. More importantly, we’ll serve up the practical resources your bank needs to move from that point to where you want to be.
In the past year, across the industry, banks saw greater digital use among customers as the pandemic promoted safer-at-home practices – but you can’t be complacent and expect that progress to continue once people can return to their once-preferred assisted channels. You need to be poised with the right experience to maintain and even grow those higher engagement numbers. As your digital transformation continues to advance, you’ll need to reset your goals to leverage new technology, products and services from the capabilities you unlock with each step forward.
In just 5 minutes, you’ll have a better understanding where you are in this critical journey. Click the image to take the Digital Transformation Maturity Assessment now – and use the findings and related tools to determine your next critical steps.
The Big Picture For years, financial institutions have been prodding their customers to take care of more of their banking tasks online. After all, digital experiences offer customers with the ease of handling routine tasks such as depositing checks and transferring money between accounts whenever and wherever they want. For banks, creating end-to-end digital channels offered the potential to generate savings, but only if customers went online and consequently retired their branch and telephone usage patterns. Then came the coronavirus pandemic – which created the perfect opportunity for banks to broaden their digital transformation. And customers have never been more ready to bank online.
Customer Channels & Operations Management, Business Strategy, Change Management 2 minute read
Many of the nation’s top-tier banks are inching along the adoption curve and redefining themselves as fintechs. With many drawing the spotlight as market darlings, fintechs – led more often by tech whizzes than bankers – are revolutionizing banking through targeted applications of rapidly emerging technologies. In bare bones terms, the fintech mission is to find better ways to do business, whether it’s through a consumer-facing capability or a back-end process. Success lies in carving out a niche by providing sharply focused solutions, usually to a pain point (or two) that regularly frustrates consumers. Fintechs’ size and sophistication range from mom-and-pop virtual startups to subsidiaries of major technology companies, including IBM, which is top ranked for using artificial intelligence in banking. While smaller tech companies with sexy solutions tend to get a lot of the buzz, you can’t have blinders on to the broader fintech ecosystem when your organization is trying to fill in the blanks around what it needs from a capabilities standpoint. Only those banks in, say, the top 10 in assets have the in-house technological horsepower and deep financial pockets to envision and develop these savvy offerings themselves. They might carve out a group of digital talent and establish a think tank, where they leverage design thinking and other smart tools to dream up and build internal apps. On the flip side, some banks are opting to act as venture capital firms, injecting cash into smaller fintechs that, in turn, develop unique capabilities that align with the customer experience banks want to provide. Fintechs embrace agile methodology and the newest technology, often built on more flexible back-end platforms that allow them to execute on new ideas quickly, ship code rapidly and get to market sooner. They cycle through test, learn and adapt in the time it takes a conventional bank to convene a meeting. But all that rapid innovation doesn’t mean they don’t have staying power – this market segment is projected to nearly triple, reaching just under $310 billion by 2022. That means fintechs are doing something right – starting with not trying to be all things to all players. That means banks need to take the right lessons away from the evolution that’s taking place around them.
Customer Channels & Operations Management, Business Strategy, Change Management 5 minute read
As we near the one-year mark of pandemic living, a big takeaway is the consumer lean-in on digital channels that saw them pushing through psychological barriers that felt insurmountable pre-COVID-19. From seeing a doctor to restocking the refrigerator, across generational lines, there’s increasing comfort in the few keystrokes necessary to handle the day’s tasks online.
Customer Channels & Operations Management, Change Management, Capability Delivery 1 minute read
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