CIOApplications
static-image
  • Home
  • Applications
      • Bioinformatics
      • Business Continuity
      • Business Intelligence
      • Chatbot
      • Collaboration
      • Custom Software Development
      • CRM
      • Enterprise Reporting Software
      • GRC
      • Human Resource
      • Indoor Positioning
      • InsurTech
      • Intellectual Property
      • IT Operations Management
      • IT Service Management
      • Low Code Platform
      • Maintenance Management
      • Managed IT Services
      • MarTech
      • Master Data Management
      • Mobile Application
      • Order Management
      • Parking Management
      • Procurement Tech
      • Publishing Software
      • Remote Monitoring
      • RFID
      • Sales Tech
      • SAS
      • Software Testing
      • Task Management
      • Unified Communications
      • Workflow
      • Workplace Management
  • Verticals
      • BioTechnology
      • Construction
      • Contact Center
      • Education
      • Fintech
      • Food and Beverages
      • Government
      • Healthcare
      • Legal
      • Logistics
      • Manufacturing
      • Travel and Hospitality
      • Utilities
  • Technologies
      • Agile
      • API
      • Artificial Intelligence
      • Blockchain
      • CAD/CAM
      • Cloud
      • Cyber Security
      • Data Analytics
      • Data Center
      • Digital Transformation
      • Graphics
      • IoT
      • Machine Learning
      • Machine Vision and Imaging
      • Predictive Analytics
      • Robotic Process Automation
      • Simulation
      • Smart Labelling
  • Eco System
      • Adobe
      • Amazon
      • Esri
      • Google
      • IBM
      • Infor
      • Kubernetes Partner
      • NetSuite
      • Oracle
      • PTC Partners
      • Qlik Partner
      • Salesforce
      • ServiceNow
      • SiteCore
      • VMware
  • Vendors
  • News
  • Newsletter
  • Whitepaper
  • conferences
  • About Us
  • Specials

  • Menu
      • Business Continuity
      • Chatbot
      • Cloud
      • Collaboration
      • Contact Center
      • Esri
      • Human Resource
      • InsurTech
      • IT Service Management
      • Machine Learning
      • Manufacturing
      • Master Data Management
      • Procurement Tech
      • Robotic Process Automation
      • Salesforce
      • ServiceNow
      • Software Testing
  • Contact Center
  • Collaboration
  • Chatbot
  • Esri
  • Human Resource
  • InsurTech
  • Machine Learning
Specials
  • Specials

  • Business Continuity
  • Chatbot
  • Cloud
  • Collaboration
  • Contact Center
  • Esri
  • Human Resource
  • InsurTech
  • IT Service Management
  • Machine Learning
  • Manufacturing
  • Master Data Management
  • Procurement Tech
  • Robotic Process Automation
  • Salesforce
  • ServiceNow
  • Software Testing
×
#

CIO Applications Weekly Brief

Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications

Subscribe

loading
  • Home
  • Banking
Editor's Pick (1 - 4 of 8)
left
Reshaping the Banking Experience

Reshaping the Banking Experience
Sangy Vatsa, EVP & CIO, Comerica Bank

Connected Car Revolution through Cloud

Connected Car Revolution through Cloud
Raman Mehta, CIO, Visteon Corporation

Transformative Retail Banking

Transformative Retail Banking
Sangy Vatsa, EVP & CIO, Comerica Bank [NYSE: CMA]

A Report from the Front: Transforming IT to Enable Business Strategy

A Report from the Front: Transforming IT to Enable Business Strategy
Eileen Baines, SVP & CIO, CoBank

Universal Digital Identity-How to Get it Right?

Universal Digital Identity-How to Get it Right?
Dr. Michael Gorriz, Group CIO, Standard Chartered Bank

Innovation & Governance Through Business Alliances

Innovation & Governance Through Business Alliances
Larissa Tosch, CIO, Glatfelter Insurance Group

Enhancing Banking Performance through Technology Updation

Enhancing Banking Performance through Technology Updation
Gary Kern, CIO, MutualBank

Pushing the Needle of Innovation in Banking

Pushing the Needle of Innovation in Banking
Jojo Seva, CIO, NEFCU

right

Thank you for Subscribing to CIO Applications Weekly Brief

Digital Transformation for Banking Success

By CIO Applications| Tuesday, April 30, 2019
Tweet

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.

Check out: Top Retail Banking Solution Companies

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.

tag

Financial

Customer Experience

Weekly Brief

loading
ON THE DECK

Top Vendors

Field Service 2021

Top Vendors

Previous Next
Tweets by CIOApplications

Read Also

Five Benefits of Implementing Parking Management Technologies

Five Benefits of Implementing Parking Management Technologies

Protective Intelligence Software Innovator Ontic Reports 177 Percent Annual Revenue Growth

Protective Intelligence Software Innovator Ontic Reports 177 Percent Annual Revenue Growth

Savvas Learning Company Partners with WestEd to Develop Advanced Math Screener and Diagnostic Assessments

Savvas Learning Company Partners with WestEd to Develop Advanced Math Screener and Diagnostic Assessments

Simple Helix Buys Data Center and Internet Connectivity Business Unit from NRTC Managed Services

Simple Helix Buys Data Center and Internet Connectivity Business Unit from NRTC Managed Services

Fyllo Acquires DataOwl, Expanding its Cloud-Based Platform

Fyllo Acquires DataOwl, Expanding its Cloud-Based Platform

MetricStream Boosts Growth in Asia Pacific with Hiring of Managing Director of APAC, Based in Singapore

MetricStream Boosts Growth in Asia Pacific with Hiring of Managing Director of APAC, Based in Singapore

Loading...

I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

Copyright © 2021 CIOApplications. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy Policy |  Sitemap  |  Subscribe |  About Us

follow on linkedin follow on twitter follow on rss
This content is copyright protected close

However, if you would like to share the information in this article, you may use the link below:

https://www.cioapplications.com/news/digital-transformation-for-banking-success-nid-3915.html