Four Steps to Ease Your Digital Banking Conversion: Part Two

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Editor's note: By developing a one-team mentality and leveraging early adopters, banks and credit unions can ensure a seamless digital conversion.

If banks and credit unions fail to provide the modern, intuitive digital experience consumers today expect, customers and members have proven that they are willing to switch to another institution that can better meet their digital needs. Increasingly, banks and credit unions are partnering with emerging digital banking providers to enhance their digital offerings. While necessary, the process of converting from old, disparate legacy online and mobile banking offerings to a new digital offering is a significant undertaking.

In Part One of this blog series, we discussed the first two strategies banks and credit unions can leverage to ease their digital banking conversions: building a diverse team of intergenerational leaders and assigning a digital delegate. In this posting, we offer two additional strategies that, when combined with the suggestions shared last week, will help ensure a financial institution’s digital conversion is a success.

Securing complete institution buy-in

While a dedicated project team is mandatory to the success of any initiative, broad support across the organization implementing the project is equally as vital.  Nowhere is this truer than with initiatives that reach across the entire organization, as digital conversions do. For a digital conversion to be successful, everyone at the bank or credit union, from executives to tellers, must support and be involved in the initiative. 

To create and maintain this level of participation, banks and credit unions must send consistent and frequent communications about the status of the project, create incentives for active participation and host celebratory events at major milestones. Efforts such as these are critical for sustaining interest as well as morale during what can be a lengthy project.

This ‘one-team’ philosophy shouldn’t just be present within the bank or credit union; the institution’s digital banking partner should also share this mindset. When selecting a digital banking partner, banks and credit unions should make it a priority to identify and select a technology provider that aligns with and supports the institution’s growth goals and strategy. The vendor should see themselves as part of the overall team and provide transparency and open communication about challenges and progress throughout the project.

Leveraging early adopters                                                            

Almost all technology companies, small and large, find value in categorizing their customers into groups based on technology adoption patterns, like early adopters, fast followers and laggards. Banks and credit unions can also benefit from such categorizations in the digital conversion process. By identifying tech-savvy employees and loyal customers or members to act as early adopters and test the new digital platform, banks and credit unions can incorporate this feedback and have the opportunity to fix any bugs before rolling out the technology to the larger user base.

Many institutions also leverage a phased rollout approach during the conversion of their digital channels.  Using this approach, banks and credit unions have the opportunity to limit the impact of any issues that may arise before they affect all end users.  In addition, a phased rollout decreases the chances of a problem rippling across the user base at once, which makes it very difficult to respond to requests for assistance in a timely fashion. 

Though financial institutions have a long list of priorities to juggle, they can no longer afford to leave digital transformation on the back burner. To remain relevant, financial institutions must invest in a modern digital platform that can deliver a superior experience. The digital conversion process can be complex, but by selecting a strong digital banking partner and following these four strategies, financial institutions will be well positioned to efficiently complete a successful conversion.