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Implementing a philosophy of continuous improvement

Keeping up in today’s digital world

Digital transformation has become a necessity. But it isn't enough.

The need for change is being driven by factors outside of lenders' control: consumer expectations shaped by digital experiences in shopping or entertainment; margin-constricting market conditions; the entrance of non-traditional, digital-first competitors.

A partnership that supports digital banking transformation allows lenders to meet these challenges head-on by thoughtfully introducing continuous change and unlocking agility with best-in-class technology. Your path to success is here.

Digital change can't be a one-and-done activity; it is a practice enabled by taking the steps toward digital agility that will help you thrive. You can unlock this digital agility by partnering with a technology partner that helps you stay ahead of the curve and respond to disruption in a timely manner.

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We’ve pulled out key highlights from the ebook to help you navigate your continuous digital transformation on the go. Use the section headers below to dive deeper into the specific areas that interest you.

Get the ebook to learn more about implementing a philosophy of continuous improvement in order to support your customers for generations to come.

Digital banking transformation is a necessity

Digital change is happening all around us. As technology develops, this “profoundly changes the strategic context: altering the structure of competition, the conduct of business, and, ultimately, performance across industries” according to a McKinsey report.

For the lenders, this pervasive digital shift is an opportunity to drive internal change. Help find the buy-in you need to meet expectations and surpass the competition with  three drivers for digital change:

  • Market competition
  • Bottom line
  • Consumer experience

Market competition

There has very clearly been a significant market shift impacting financial services and the lending industry. Traditional banks are digitizing, digital disruptor banks are gaining market share, and non-financial companies are starting to offer financial services as well.

Everyone wants a piece, and a digital transformation strategy can put you ahead. But these efforts should continue on an ongoing basis.

Bottom line

Margin compression is an industry-wide concern, and banks need to innovate now more than ever to find cost savings.  Profit is tied to unpredictable market conditions, and the more agile you are, the better equipped you’ll be to tackle these changes.

Digital change allows for automation which helps maximize the return of resource allocation by:

  • Replacing manual tasks and allow employees better use of their time
  • Reducing human error, and in turn, costs
  • Reducing operating costs on the whole

The new and improved technology that comes with digital transformation can save you time and money.

Consumer experience

With same-day shipping and one-tap solutions, customers now have increased expectations that have evolved the definition of a good customer experience. Consumers favor and reward the organizations working to provide the benefits they need: simplicity and ease of use, personalized experiences, and seamless processes.

Continual improvement allows organizations to show customers that their desires are understood as they evolve.

Move beyond digital transformation: The platform approach

To maximize the impact digital change has on your customers, take a complete platform approach. This strategy allows for improved customer experience, long-term customer support, and an increase in online customer acquisition by enabling agility within your organization.

The benefits of a platform approach versus point solutions

Traditional point solutions only address a specific need for an individual product line. By implementing a Digital Lending Platform, your strategy supports long-term flexibility and agility for your organization.

Cover all of your bases with a platform approach

How the platform approach impacts the customer journey

The robust features of a unified Digital Lending Platform empower your organization to delight customers throughout their experience.

Be there for the whole customer journey with a platform approach

Keep customer experiences consistent with a platform approach

Platforms enable banks to have consistent consumer experiences across all product lines. The top three benefits include:

  • Acquisition: the proven conversion benefits you see in one product can be replicated across your portfolio
  • Customer experience: customers will feel like they are interacting with one company, not multiple products
  • Share of wallet: because previously siloed product verticals now talk to one another, you can understand customers’ needs holistically and market to them appropriately

 

An illustration of a hand supporting growth

Making the seamless shift to digital

The push for digital transformation often requires radical upheaval of systems, processes, and people. This dramatic and disruptive overhaul can be counterproductive and send the wrong messages about the value of an organization’s current processes.

Your pathway to a future of digital agility doesn’t require a “rip and replace” mentality. Our platform approach is collaborative and seamlessly integrates new technology into existing systems. The new technology works to complement and enhance working systems to improve the experience. The starting point is a better employee and customer experience.

By moving away from a one-off approach to digital transformation and applying continuous improvement, you’ll be able to:

  • Unlock increased agility for your organization
  • Partner up instead of disrupting current processes
  • Introduce change thoughtfully and inclusively
  • Transform in innovative, seamless, and unifying ways
  • Enable teams with technology and tools that deliver the best consumer experience
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