Banks are often run the same way while "going digital" with a banking app and upgraded website.
Banks should formulate an expansive digital strategy that includes every department and every core function, uniting them all under a digital banner that focuses and supports the banking app and the website.
The Digital World
An institution's app and website are simply portals. In this sense, it's no different than a drive-up window or a branch counter. The fact that a mobile app is a digital access point leads many management teams to the mistaken notion that they have taken care of the digital aspect of the company.
But a digital app is no more a digital strategy than a drive-up window is an automotive strategy. A digital strategy is what goes on behind the scenes to power a mobile app and the website. A proper digital strategy involves aligning all of an institution's resources with its overall effort. A truly digital institution can't cling to analog processes, and those processes are pervasive at every level of business.
When a digital strategy isn't fully inclusive, an organization creates redundancies and conflicting operating processes. It's inefficient to have multiple departments running concurrently if they aren't talking to each other, sharing methods and data, and working together to define overarching goals.
For a strategy to be effective, all digital and organizational efforts need to be directed toward a shared vision and position the entire organization to thrive in a digital world.
Go Digital or go Home
Digital shouldn't be just another service banks offer. It's a complete reimagining of what a bank can and should be.
About: Mr. Rory Brown has focused on financial technology and investment management for 30+ years. Rory Brown Co-Founded one of the world’s first Virtual Banks and writes extensively about the industry.
We just sent you an email. Please click the link in the email to confirm your subscription!