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.
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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.
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