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Digital Transformation for Banking Success
Digital transformation leads to changes in how the business operates and delivers values to its customers. Banks running on the digital core are provided with a streamlined process, engaging customer experience, and reduced costs. Going digital has also affected the baking workforce with automation resulting in layoffs and staff reductions. But becoming digital banks requires more than just embracing technology.
Becoming digital is an overreaching process that includes employee activities and behaviors. The way employees interact with customers, and the organizational structure in many cases determines other employees. Organizational structures must change to accommodate digital transformation to build a culture that supports organization while enabling the company’s objectives.
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Organizational culture represents a shared set of values and behaviors that determines how decisions are made, and strategies are implemented. All the team including management in a financial institution must support this culture. A sound culture guides employees to act per the set guidelines supporting the goals and strategies. Ignoring culture as part of digital transformation will put the entire change process at risk. Digital learning is more customers centric where employees make decisions on behalf of customers. It also supports creativity and innovation again on behalf of the customer.
Several components are required to present in a digital culture. It should be supported by an appetite to learn where employees are encouraged to embrace change while being aware of the risk. Beyond using data and analytics to review performance a financial institution should leverage real-time insights to drive decision making on a customer basis. A digital culture should focus on the customer journey where ideas come from outside the organization. Furthermore, transparency is vital in digital culture. Each inside the organization must feel safe share ideas and interact.
A tremendous technological shift in line with good culture can only drive the overall success of the financial firm if otherwise there is a high chance that digital transformation efforts will fail.