Strategies for Success Banks must take a comprehensive approach to executing a successful digital transformation. It is important to examine the customer experience, allow data to be the driver, invest in the right technology and educate employees to leverage system capabilities to deliver best-in-class services. Customers should be at the center of the digital strategy. Knowing and understanding their needs is critical. It is also important to remember the generational gap. What works for some may not work for many. For example, offering a chatbot. While it is both cost-effective and efficient, the option to engage with a live person must always be available. A digital transformation doesn’t take out the human element completely … it simply makes a more seamless experience. Examine the customer experience. Banks must prioritize a user-friendly digital interface across all channels. This includes online and mobile banking, online account opening, loan applications and bill payments, to name a few. Let the data be the driver. A key component of digital transformation is the ability to gather better data and leverage it. Use this data for more personalized experiences, risk mitigation and marketing opportunities. In fact, 70% of customers emphasize the importance of personalized offers in banking.2 Take an in-depth look into all current systems. Do current vendor partners offer modern technology to support digital initiatives? If they do not meet requirements, it may be time to consider other vendors. Every digital transformation strategy should include partners who drive innovation and propel institutional growth. Invest in modern technology solutions that support future success. Embrace cloud computing, open APIs, artificial intelligence and robotic process automation. Finally, do not forget about the employees. Change is hard, there is no doubt about that. However, the team plays a critical role in the success of every technological initiative. Education and training are pivotal in giving employees the knowledge they need to leverage new systems effectively. They will be the biggest advocates when it comes to speaking with customers to convey the positive impact of the new digital solutions. Megan Cummins Strategic Consultant Engage fi Megan.Cummins@Engagefi.com With over 25 years of financial industry experience, Megan is passionate about helping her clients achieve sustainable growth. She advises financial institutions on all facets of strategic thinking and planning by interpreting data and financials to provide insights and actionable recommendations to help financial performance. Engage fi is an associate member of the Indiana Bankers Association. 7 Strategies for Success 1. Take a comprehensive approach. 2. Keep customers at the center. 3. Examine the customer experience. 4.Let data be the driver. 5. Evaluate vendor partnerships. 6. Today’s tech should support tomorrow’s success. 7. Support your employees. FOOTNOTES 1 https://cnb.cx/3AkCg4q 2 https://bit.ly/3X56CRi Conclusion By embracing innovation with modern technology and collaborative partnerships, your bank can navigate a digital transformation with confidence. Remember this transformation is a marathon, not a sprint. With the right technology and partners, every bank will continue to evolve, setting up for future growth and success. SEPTEMBER/OCTOBER 2024 17
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