Research shows that fewer than 30% of digital transformations are successful—which means that 70% fail outright or get kicked down the road, maybe to resurface in another form.
With consumer behaviors from 2020 strongly demonstrating that customers are embracing digital channels, banks must maintain an aggressive pace of innovation to deliver meaningful digital offerings. But are they positioned to press the accelerator with an aim toward competitive advantage?
In a recent American Bankers Association podcast, I took a deep dive into the opportunities for disruptive innovation in digital transformation. Shelly Loftin, the ABA’s senior vice president for retail, lending and payments, sparked some great discussion with questions ranging from what contributed to today’s digital ecosystem to what advice banks should follow for effective digital transformations.
Over the course of our 10-minute discussion, I offered some key takeaways:
Afterward, Shelly hosted a second, more in-depth webinar focused on “Maintaining Your Digital Transformation Momentum in 2021: How to Get It Right for Customers and Employees.” She facilitated a great conversation between John Findlay, founder of Launchfire, and myself on the importance of making this an enterprise initiative. That webinar provides tactics for establishing priorities to help bite-size your efforts and points out common roadblocks you may run into.
Both audio experiences offer insight into why a successful digital transformation has never been more critical for banks, as well as what and who it takes to do it well. (Spoiler alert: It’s never only your technology team.) Listen now to both the podcast and the expanded webinar. Then reach out to me to start a conversation about how we can help you take your bank’s digital journey to the next level.
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.
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An unexpected pot of money lands in your lap. Do you splurge on something exciting? Or spend the money in ways that will support your long-term goals?
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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.
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