Technology is only one piece of true digital transformation in banking

Few banks or credit unions would disagree with the importance of digital transformation. But the overhyped term too often translates only into a handful of mobile banking applications. Missing is a fundamental shift away from thinking like traditional banking institutions and more like non-bank, digital competitors.

Digital transformation is one of those buzzwords tossed around pretty freely these days. But when you go beyond the hype, what does digital transformation truly mean for banks and credit unions?

  • It includes — but is certainly not limited to — technology.
  • It needs to be part of a comprehensive cultural shift within the financial institution.
  • It demands that banks and credit unions stop thinking like traditional institutions.

No question, the latest and greatest digital tools are competitive must-haves. Retail and small business customers expect convenient, highly personalized online banking that rivals their other online experiences with entertainment, media and shopping. That means being able to use their smartphone, laptop or other device to handle money management needs that go well beyond checking their account balances or depositing checks to bill payment, peer-to-peer payment, card management, opening or aggregating accounts, managing rewards, and financial wellness support and guidance.

 

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