Digital transformation. You hear the term so often, but you still don’t know exactly what it means, or how to make it happen. You might assume your competitors have it all figured out. But think again. According to Forrester, 73 percent of organizations don’t have a working digital strategy. So that’s the good news – you aren’t too late to take full advantage of the enhanced customer experience, streamlined operations and new business models afforded by successful digital transformation.
The bad news is that it can feel overwhelming to stand on the precipice of what sounds like a huge undertaking – transformation. Where do you start? Which of your offerings and processes are you supposed to digitize? When will you be “transformed?” But don’t worry – if you take it step by step and work with the right partners, digital transformation is not only very beneficial, but very achievable.
First things first: What is digital transformation? At its core, digital transformation is the conversion of business operations, processes, competencies and models to leverage the opportunities provided by intelligent, tailored digital technologies.
How is digital transformation assessed? We’ve determined five key stages of progress toward digital transformation: physical, self-service, mobile web, mobile app and omnichannel.
The first stage of digital transformation is the physical stage. It might seem counterintuitive, but the first step in priming your organization for digital transformation is to ensure the customer experience at your branch, office or field locations is smooth, seamless and customer-driven. While the 2015 North America Consumer Digital Banking Survey found 81% of customers would not switch banks if their primary bank closed the local branch, that doesn’t mean you can ignore your brick and mortar existence. Instead, your branches should serve as physical conduits to your digital presence.
Are you ready to check for yourself? Answer these questions to assess your organization’s stage one progress toward digital transformation:
- Can branch staff quickly and easily onboard new customers without making them wait in line?
- Do you invest in banking kiosk technology so customers can quickly complete a self-service transaction at the bank?
- Are your branches inviting and memorable? Do they meet expectations of both technology-driven and relationship-oriented customers, and those in between?
If you answered yes, congratulations! You’ve achieved informational status and you’re ready to move on to the stage two assessment questions. If you answered no, or you’re not really sure, congratulations to you, too! You’re perfectly positioned to begin your digital transformation journey. Learn more about digitizing the customer experience in banking, or get some expert assistance in transforming to a predominantly digital customer experience.