This time in our history has shown us how critical digitization, integration, and speed can be. With so many unknowns, it may not seem like the right time for a business refresh, but a crisis is actually the perfect time to drive change, especially if the new normal looks very different.
In previous decades, retail banking locations were considered the first experience customers had with the brand. Additionally, many bank executives viewed their in-person locations as a way to connect with customers and build trust. Today, physical branches are closing in droves, not only because of the COVID-19 crisis, but also because consumers were already well-versed in using digital banking to maintain their always-connected, mobile lifestyles.
As banking CIOs look for the right technologies to drive change and sustain their businesses even after the pandemic, the most important areas to focus on right now are the opportunities to create new services to enhance overall brand value in the digital age.
Speed up everything
The outcome of the pandemic has been a shock to everyone. However, the key for banking CIOs is to become even more customer-centric in terms of innovation. Here are some good questions to ask: How will this digital strategy improve the customer experience post-pandemic? How have customer expectations changed? How are mandates and quarantines affecting the banking experience?
Not to mention, the world has been through a massive remote work experiment that could forever change the future of work from here on out. CIO priorities are shifting accordingly, and technologies that improve the digital banking experience are at the forefront.
In addition, massive unemployment needs to be addressed. Consumers who will find new jobs in the near future will also be looking for banking brands that can meet their diverse needs. Therefore, it is crucial to offer reliable digital options with easy sign-up processes. This is the key to acquiring new customers even after the crisis is over.
A new digital mandate
Invariably, CIOs need to take initiatives to make banking services more responsive and keep up with the evolution of commonly used digital services. Whether it is the front office or the back office, the entire landscape needs to be digitized.
Agility can be enhanced by microservices and automation. Consumer demand for mobile services has skyrocketed, especially in a time when social distancing has become a common practice. CIOs must provide tools to deliver relevant experiences to customers.
Additionally, CIOs are about to have a much bigger philippine telegram role in terms of proposing ideas to test and implement. Thus, creating a clear strategy with relevant benefits is essential. A good starting point would be to imagine the perfect customer experience, and figure out how to facilitate that experience in the digital world.
Energize and update existing systems
There’s no doubt that resources for a complete technology overhaul can be limited. For banking CIOs, success depends on effectively managing the integration of existing systems with smart technologies. And then, with digital transformation, there’s ensuring that cybersecurity is a priority. When the stakes are high, bad press from a data breach can be the final blow for smaller organizations. If resources are available, existing systems should be updated.
How do you stay on track? The only way to do this is to accelerate your digital strategy and use data-driven models to ensure user-friendly services. It also requires implementing new operational efficiency measures such as intelligent automation.
Going digital was on the minds of many banking IT leaders even before COVID-19. Despite all the prosperity they’ve experienced in recent years, some banks were hesitant to make all their services digital-ready. Seemingly overnight, everything changed. Any service that can move online, must move online. Banks that fall behind on these types of initiatives will not only lose customers, but also their business.
