Series wrap up: Redefining digital transformation | Blog | Blend

Series wrap up: Redefining digital transformation

Note — this is the final section of our content series: Redefining digital transformation.

Catch up on the whole series in our digital transformation content hub.

As we culminate our content series, we hope you feel empowered to begin taking action in a way that best serves the needs of your business. The final piece of the puzzle is an ebook, in which you’ll find the answers to your most pressing questions about digital transformation. Over the course of the series, we’ve thoroughly examined the impact you can expect when enacting a new type of digital banking transformation in your organization, and our ebook expands upon this.

How do we define digital transformation?

The kind of digital banking transformation we believe in is deliberate and well-planned. It is an empowering journey a team embarks on together, and it transforms an organization in innovative and unifying ways.

It means enhancing your technology in order to develop seamless processes that allow your team to deliver best-in-class service to your customers. We caution against a rip-and-replace approach and instead discuss the benefits of adopting a Digital Lending Platform, which works in tandem with your existing system.

Why is digital banking transformation necessary?

We’ve identified three key drivers that are pushing the industry to adopt new digital functionality:

The rise of digitally native market competition

The industry is experiencing a groundswell of competitive growth, seen primarily in three forms: digital disruptors, traditional banks digitizing, and non-financial tech companies.

How can a digital transformation strategy help you maintain your competitive edge?

Ever-present bottom-line pressures

Margin compression is straining lenders of all kinds. Revenue sources shift drastically in alignment with market uncertainties.

When does an investment into digital change pay off?

Consumer experience

Customers are more demanding ever. Lending expectations are being shaped by industries defined by a devotion to the customer experience.

What can you do to keep pace?

Dive into the ebook to learn more

Why choose a Digital Lending Platform to execute your transformation?

We’ve studied the consumer experience and the evolution of consumer demands. A Digital Lending Platform enables a seamless application experience, reducing friction in the acquisition stage. Although a platform focuses on the acquisition stage, its value extends to many other steps in the customer journey.

Point solutions offer a disjointed, incomplete experience for your team and your customers. Look to a Digital Lending Platform for a consistent experience across products and channels. As opposed to addressing a particular need for an individual product line, a platform offers a holistic solution.

What’s next?

Once you finish the ebook, you will have cultivated a strong understanding of digital transformation and how it can be applied to your organization to strengthen your processes and deliver a seamless customer experience. Use the framework and customer examples provided in chapter two to craft your undeniable case for digital change. Once you have gathered internal support, begin planning and executing your transformation with Blend’s Digital Lending Platform.