Four Steps to Ease Your Digital Banking Conversion: Part One

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Editor's Note: Digital conversions can be daunting, but by implementing these four strategies, financial institutions can ease the pain points and ensure success. 

It’s no secret that today’s consumers expect more convenience and speed than ever before from all service providers, including their banks and credit unions.  Consumers have become accustomed to instantly and easily accessing transportation, booking a room in another country, renting a car or ordering groceries to be delivered to their front door, all in a matter of clicks on their preferred smart device.

Innovative companies such as Venmo, Lyft, Uber and Airbnb have raised the bar for all industries, including banking. The digital experience must be enhanced, or banks and credit unions risk losing their clients to other financial institutions that will give them what they want.  In fact, an online survey facilitated by Harris Poll on behalf of D3 Banking Technology found that 32 percent of those who have used digital banking in the past 12 months would be willing to leave their current banking relationship for one with a better digital experience.

However, many financial institutions lack the budget and resources necessary to build the superior digital experience consumers expect. The best option in this scenario is often to select a digital banking partner with the platform, services and architecture required to create a seamless digital experience. It’s important for financial institutions to select a partner that can grow with their institutions and help them keep up with changes such as technology innovation and evolving business demands in real time.

However, conducting thorough due diligence and selecting the right partner is just the first step banks and credit unions that wish to remain competitive must take. This process can seem daunting.  To help decrease the complexity, there are four strategies financial institutions can leverage that will smooth out the process. 

Build a diverse team of intergenerational leaders

Though older generations provide valuable expertise that can’t be overlooked or ignored, younger generations must also be given the opportunity to provide input and direction, especially during projects involving the digital experience.

Millennials (Gen Y) and Gen Z have spent their formative years with smart and connected devices constantly in their hands. As a result, these groups are uniquely qualified to provide valuable insight into what type of digital experience will attract others of their generation.  Including younger generations on the digital conversion team, alongside more senior and experienced staff, can strengthen the overall process and boost employee morale.

Assign a digital delegate

Digital must have its own dedicated senior-level advocate with the power to make strategic and budgetary decisions.  Too often, digital initiatives fall under the umbrella of the CTO's or CIO’s responsibilities. While these individuals must be part of the digital banking selection and implementation process, they already have too many competing priorities, such as IT and security, to keep pace with the dynamic nature of digital banking. 

This is why many banks and credit unions have a selected executive responsible for the institution’s digital future.  This person typically oversees the evaluation of customers’ or members’ digital experiences, interpreting trends in the evolving digital landscape and provides insight on what direction the bank or credit union should take to compete in the digital future.

Check back next week for Part Two of this blog series where we’ll cover the final two strategies for making sure your digital conversion is a success: facilitate a one-team mentality and leverage early adopters.