How to make your financial institution digital-first in 2020
Transforming a traditional bank or credit union into an innovative digital competitor requires shifts in thinking and planning practices. Approving major budget allocations to fund rapid digital updates plays a key role. But the most important point is knowing where the institution should be heading and how it is going to get there — and then staying on course.
One financial institution bankrolled a road trip for its entire leadership team to visit fintech startups over the course of a week. The company took this bold step to immerse all decisionmakers in the digital mindset, according to Mark Vipond, General Manager of Digital Banking at NCR/D3, which worked with the institution. That way, he said, the institution’s senior leaders could better work together to turn the company into a digital-first financial powerhouse.
Not every bank or credit union setting out to be a “digital first” financial institution can afford such an excursion. But an essential all must have is a commitment to making significant changes to the way they operate and serve consumers and businesses.
Both Vipond and Doug Brown, SVP and General Manager at NCR, have seen organizations that devote themselves to change and others that don’t seem to get the point of going digital. The two executives spoke during a webinar hosted by The Financial Brand.
A common obstacle to going digital that they addressed entails getting stuck in old ways.
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