Digital banking transformation: Where should you start?
Many organizations are overwhelmed by the scope of change required to become a 'digital bank'. Instead of being stuck in neutral, here are some ideas that can be implemented relatively easily, increasing revenue, decreasing costs and improving the customer experience.
Bank and credit union executives are getting bombarded daily with messages warning of the demise of the banking industry as we know it if major actions aren’t taken immediately. From replacing legacy operations systems to implementing artificial intelligence solutions, there are more priorities than any organization can handle at once. As a result, many organizations end up doing nothing or focusing on initiatives that don’t move the revenue, cost containment, customer experience or market value needle.
The question, “Where should we start?” has never been more important, because there are mounting pressures from the consumer, the government, new competition and shareholders to do something meaningful … TODAY. While there could be significant debate around which priorities are the most important for any specific bank or credit union, below are some ‘low hanging fruit’ ideas that should be considered. Most are relatively easy to implement, providing a foundation for broader strategies going forward.
Improve Your Mobile Banking Experience
Consumers are increasingly selecting bank and credit union providers based on digital banking functionality. It is no longer enough to just provide account balances and a list of recent transactions on a smartphone. Consumers want advanced functionalities that not every financial institution provides today. Some of the ‘must have’ capabilities include:
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