No one can argue that digital is the new normal. From social media to buying Valentine’s Day presents on Amazon, people don’t want any service that isn’t digitally capable. Financial institutions have recognized these trends and spent most of the last decade scrambling to ensure they are transitioning toward digital servicing.
Yet, the digital transformation strategies are missing the forest for the trees. By narrowly watching the technology and solving technical challenges, the key piece of the puzzle is often being overlooked — namely, the digital culture.
You may roll your eyes. We all know what culture is. The word has been a part of the finance sector’s vernacular for many years now. BCG research defines it as the compilation of “the values and characteristic set of behaviors that define how things get done in an organization.” Banking providers know it as embracing a mindset that protects employee and company values.
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