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.
But will your bank be able to sustain its digital transformation momentum when comfortable, traditional channels become available again?
If you continue doing exactly what you’re doing today, the short answer is no. Banks can’t afford to lose the great strides they’ve made so far. That’s why we’re hosting our latest webinar, “Maintaining Your Digital Transformation Momentum in 2021: How to Get It Right for Customers and Employees.”
During the 45-minute session, hosted by the American Bankers Association’s Shelly Loftin, we’ll talk about the importance of making this an enterprise initiative (and include tips for doing so) and provide tactics for establishing priorities to help bite-size your efforts. We’ll also point out common roadblocks in digital transformation exercises – particularly those related to supporting frontline workers – to help bank leaders sidestep both strategic and executional barriers standing in their way.
The webinar is scheduled for Tuesday, January 26, 2021, at noon ET. Our panel will feature leading-edge insights from:
Rick Jaros, principal of Critical Initiative Delivery at Spinnaker and a proven veteran in deploying effective business strategies, digital integration and operational improvement at some of the nation’s biggest banksJohn Findlay, founder of Launchfire, a leading digital engagement agency established in 1999, and LemonadeLXP, its sister implementation platform
It’s never been more important for banks to get this right, particularly as they face growing profitability challenges in a low-interest-rate environment, expected increases in regulatory demands, and operational challenges associated with implementing enterprise transformation with a remote workforce – not to mention economic recovery in the wake of the pandemic.
This might not be an easy choice for banks, but the right processes and understanding of key issues will help you pursue the right strategy for your institution.
“Maintaining Your Digital Transformation Momentum in 2021: How to Get It Right for Customers and Employees” will begin at noon ET on Tuesday, January 26. To register for the free event, click here.
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
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?
Change Management, Capability Delivery, Critical Initiative Delivery 2 minute read
While banks have been attempting to migrate customers to digital channels for more than a decade, the COVID-19 pandemic has been the biggest (and most effective) driver for this consumer behavioral shift. But as banks ready themselves for a post-pandemic future, a recent Credit Karma/Qualtrics survey finds that even among staunch pre-pandemic, in-person bank customers, many plan to continue banking digitally.
Change Management, Capability Delivery, Digital Transformation 1 minute read
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