For years, financial services experts emphasized the need for financial institutions (FIs) to adopt technology to keep pace with changing customer expectations and improve organizational efficiencies. Yet many FIs are slow to show progress when it comes to digital transformation.
The Covid-19 pandemic proved to be a catalyst event, forcing FIs to quickly reevaluate their ability to provide financial support and services through their existing systems. As people were forced to bank primarily online, the FIs already equipped to serve customers digitally, or those able to quickly adapt, fared better than those using antiquated, disparate systems. Many of the digital-forward FIs were able to maintain operations and even gain new customers despite the challenging environment.
To truly create a holistic digital experience that meets customer expectations, FIs must consider the following when forming a strategy for approaching digital transformation: people, process, and technology.