By Emily Twillman, CSPI
There is no shame in changing course when aiming for success. — Robert Herjavec
We’ve surpassed another milestone; surviving a full year from the COVID-19 global pandemic that forced a government shut down last March. That doesn’t surprise many, as community bankers have always been known for rallying through the storm and upholding their communities. 2020 has proven once again that community bankers will continue their efforts to do whatever it takes to get the job done.
From working endless hours filing PPP loans to their nimble pivot adapting digital banking transformation, community bankers went above and beyond to ensure their customers’ needs were exceeded. While digital banking transformation has been in hot pursuit over the past decade, it became the priority as bank lobbies started shutting down.
Digital banking transformation is a broad term that encapsulates both digital technology advancements and the ability to track data and analytics to formulate a more accurate depiction of growth opportunities. In a survey completed by Harland Clarke, 74% of financial institutions surveyed experienced more than 10% growth in digital banking adoption.
While it would be easy to remain complacent, community bankers need to do what they do best: prioritize their customers’ needs, grow customer relations, analyze risks and potential growth opportunities, and take action. As digital banking remains at the forefront, financial institutions need to continually evaluate and evolve this channel.
We firmly believe community bankers will continue to drive technological change. While the days of implementing digital transformation every 3-5 years when a contract expires are likely behind us, it’s more important than ever to select a vendor that’s agile and keeps up with industry trends.
Banks need to continuously evaluate processes, seeking to improve the customer experience to remain competitive. As financial institutions prepare for transformation, below are a few suggested areas to incorporate into your digital strategy:
Identify Key Goals & Initiatives
Brainstorm goals and write them down. Are you seeking to improve your operational efficiencies, transform your customer experience, identify competitive advantages, or grow your bottom line with a new business strategy?
Although it’s crucial to be mindful of the customer experience and evaluating new trends, don’t overlook opportunities to create internal efficiencies as you’re building your roadmap. Identifying your objectives will help achieve your mission.
From working endless hours filing PPP loans to their nimble pivot adapting digital banking transformation, community bankers went above and beyond to ensure their customers’ needs were exceeded. While digital banking transformation has been in hot pursuit over the past decade, it became the priority as bank lobbies started shutting down.
Assemble Key Employees & Hold Accountable
It’s important to select the right employees to provide input and share their vision. Include personnel from all levels that will be involved in implementing the new process or service. Identify roles and assign responsibilities to hold each member accountable. Giving employees a voice will help them invest in the banks’ vision and strategy.
Identify & Assess Potential New Processes, Software Applications or Vendors
Evaluate how new technology, software applications or processes will impact your customer and your bottom line. Ensure implementing a new software application is within your budget and will fulfill the majority of your requirements.
Take your time on vendor due diligence. Confirm they understand your goals and timeline, have a similar mission and values that align with your FI and offer excellent customer service. We also recommend requesting a demo, asking for current customer references, and inquiring on the implementation and training process to know the expectations set forth for your team.
Data security should also be top of mind to ensure your customer data will be protected. And finally, ask about their roadmap and what enhancements they’re planning to implement. Ensure they are forward-looking and will meet future demands.
Strategize Implementation & Customer Communication
Devising an implementation strategy is integral to the success of launching your new vision. Identify key players and delegate their roles accordingly. Assess the project scope to ensure daily duties are met and time is allocated to meet deadlines while simultaneously executing your new strategy.
If your new solution is customer-facing, ensure customers are notified in advance and are aware of the upcoming changes. Communication is key to a seamless transition. This will help customers prepare for the transition and more willingly embrace change. During go-live, ensure customers know who they can contact for assistance and access training materials for quick reference via print or video.
Evaluate Your Process, Software Application or Vendor
Measure your success by identifying vital areas of improvement (or decline). Survey or personally reach out to your team members and customers for feedback. Evaluate your results and determine the next steps. Always be forward-thinking on further enhancing the customer experience or identifying problematic areas seeking a more efficient process. There’s always room for improvement; stay ahead of the competition.
While the banking landscape continues transforming to keep up with industry demands, community bankers have upheld their mission and remained focused on building personal relationships and anticipating their customer’s needs. Enhancing the customer experience, offering new products, and drawing the customer closer will help grow the bottom line and accelerate growth.
About CSPI:
As a valued software and service provider leading the FinTech industry for 33 years, CSPI continues to focus on the needs of today’s progressive community banks and credit unions to meet the growing demands of account holders by providing core solutions, digital banking, document management and item processing.
We are core-agnostic and support API-first technology to create real-time integration for our Aurora Advantage Digital Banking product suite. Our dedicated team strives to enhance the user experience, deliver innovative solutions, significantly increase productivity, and provide exceptional service that exceeds your expectations. We believe if our customer succeeds, we succeed.
