Digital banking transformation requires cultural reboot
As financial institutions work to digitally transform their business, there is a need to go beyond simply buying new technology or deploying new solutions. To succeed, retail banking leaders must build a culture supportive of meeting consumers' rapidly increasing expectations.
Virtually all financial institutions in the world are focused on making their organization ‘more digital’. From overhauling back office operations to leveraging new technologies to increasing customer engagement, the requirement to understand and respond to the needs of the digital consumer has never been greater.
We’re not talking about small changes here. In most cases, what’s required is large-scale change that typically takes years to accomplish. It would include new technologies, strategies, processes, skill sets and a complete disruption of legacy organizational structures — moving from a product focus to a consumer focus.
This digital transformation cannot occur without the rethinking of the back-office processes banks and credit unions have had in place for decades, including a streamlining of operations and the integration of new data sets. But the most impactful transformation occurs with customer-facing engagement, including products, communication, customer-service tools and marketing strategies. In the end, it is all about creating contextual engagement across multiple channels.
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