Digital Banking Transformation

Essentials to a successful upgradeThe growth of internet-based digital financial services called fintechs that specialize in various traditional bank services and solutions are the latest client engagements that are sending traditional banks into a frenzy of going digital in hopes of halting an imminent switching in customer base loyalties. But there is more to adopting digital features overnight just to look and feel digital. A traditional bank cannot be digital in an instant. Serious considerations must be taken into account as careful planning and strategic implementations are imperative in digitalizing an organization entailing substantial costs in set-up, maintenance, and personnel, among others, not to mention a challenging change in organizational mindset and culture.Different priorities and objectives motivate banks to initiate technological transformation. While some may focus on customer experience, reduction of costs, and frictions, others may look at streamlining operations and becoming more agile, or still, others target an increase in profitability. Even if traditional models built through the years have entrenched and siloed banking mentality making digital upgrades a complex case to implement, these objectives will see these transformations through without trampling on proven company values and traditions.No matter the shape and size of a financial organization in matters of structure, culture, objective, customer niche, and digital maturity, categorical factors needed inclusion across differences in treading the digital space:Leadership and Organizational CultureBefore anything else gets started, it is essential that the mindset of the organization from the top down has been firmly set and geared towards digital transformation. This includes company values and leadership behaviors in cadence to impending changes, improvements, or elimination to prevent unnecessary friction due to misunderstandings and miscommunication. Resistance may occur but enlightening the whole workforce, management, and leadership to move forward together willingly on the proposition is a great first step to a successful…