{"id":661,"date":"2020-10-13T07:57:23","date_gmt":"2020-10-13T07:57:23","guid":{"rendered":"https:\/\/www.foreksdigital.com\/insights\/?p=661"},"modified":"2024-07-02T13:04:34","modified_gmt":"2024-07-02T13:04:34","slug":"ultimate-kit-digital-transformation-financial-services","status":"publish","type":"post","link":"https:\/\/www.forinvest.com\/insights\/2020\/10\/13\/ultimate-kit-digital-transformation-financial-services\/","title":{"rendered":"Ultimate Kit to a Successful Digital Transformation in Financial Services"},"content":{"rendered":"\n

The digital transformation in financial services (or banking industries ) has been the talk of many years now. Therefore, almost everyone is familiar with why it is very important and its advantages like increased return on investment (ROI) and lower costs, and how traditional banks are being disrupted by challenger banks<\/a> more and more each day as they fail to adopt digitalization.<\/p>\n\n\n\n

As many financial institutions have come to accept the urgency of getting involved in this transformation, wrongful investments and procedures to do so can cause more harm than good.<\/p>\n\n\n\n

To avoid sending thousands of dollars worth of investments down the drain, we have prepared the ultimate kit for a successful digital transformation in financial services that will help you navigate your digitalization progress.<\/p>\n\n\n\n

1. Adopt the Culture <\/h2>\n\n\n\n

One of the most important points to keep in mind while starting your digital transformation is to accept it as a journey, rather than a few steps to complete. Digitalization is a whole process that requires constant innovation, improvements and consistency. Therefore, letting go of the past work culture and adopting a new workforce is crucial to achieving success. But, how?<\/p>\n\n\n\n

Let Go of Buildings <\/h3>\n\n\n\n

The structure and the locations of physical banks are no longer a matter of importance for customers. As the COVID-19 pandemic has shown us, remote working, as contrary to the belief, is a very effective and productive way to keep your workflow progress seamlessly. And with the new generation of employees that are taking over the workforce, the 9 to 5 understanding is long gone. Therefore, invest more in mobilization rather than physical locations.<\/p>\n\n\n\n

One of the other blessings of remote working or mobilization in financial institutions is that talent can be deployed from anywhere around the world. Use this to your advantage and deploy talent<\/strong>.<\/p>\n\n\n\n

Cultivate the Shift <\/h3>\n\n\n\n

New employees may easily adapt to your new workforce; however, existing employees may need more to be able to adapt to the change. The cultivation should start from the top, setting an example of why and how the employees should leave the status quo behind and engage in the new process. <\/p>\n\n\n\n

In other words, focus on moving employee behaviors and assumptions from a run-the-bank way of thinking to change-the-bank modes. Agility is a key factor to help drive this.<\/p>\n\n\n\n

Value Employee Experiment <\/h3>\n\n\n\n

Customer experience (CX), as we will cover later in the article, is very important. But so is the employee experiment. Digital transformation is not only about revolutionary technology, but also about changing the way companies work. It\u2019s a mindset shift that hinges not only on digital capabilities but on the adoption of those digital capabilities by the end-users\u2014employees and customers\u2014and business enablement.<\/p>\n\n\n\n

2. Mobile, Mobile, Mobile<\/h2>\n\n\n\n

Mobilization works hand in hand with digitalization. And as traditional banking is leaving its chair to mobile banking, we cannot stress its importance enough.<\/p>\n\n\n\n

Mobile Banking <\/h3>\n\n\n\n

Mobile banking is already very common and even the most traditional banks have launched their apps to play a role among other mobile-only banks. However, a poorly functioning mobile banking app may be worse than not having one. <\/p>\n\n\n\n

When it comes to mobile banking, the most important factors are:<\/p>\n\n\n\n