Analysts at IDC predict that, by this time next year, two thirds of banks’ CEOs will have digital transformation at the core of their corporate strategies.
“They will use digital transformation to transition from old school strategies to new ways of thinking” said Marc De Castro from IDC during a live webinar hosted by American Banker and sponsored by Mitek and Avoka.
Decades working with thousands of financial institutions from all over the world have taught us that, regardless where your organization is at the digital transformation journey, delivering an exceptional user experience is imperative to grow your top line.
In fact, at Mitek we know a thing or two about delivering just the best-in-class user experience: our mobile capture technology, MiSnap, allows end users to complete the identity verification process required at enrolling time by simply snapping a picture of their ID of choice with their smartphone’s camera. In a matter of seconds, Mitek’s Mobile Verify will enable you to verify your customers are who they say they are and to validate that the ID presented is an original, government-issued, unaltered identity document. All without leaving the mobile channel nor going through cumbersome and time-consuming hurdles.
In our new on-demand webinar, Marc De Castro assesses the current trends impacting banks and credit unions, specifically around their investments in omni-channel technologies, and advises financial institutions to answer two initial questions before start planning their digital transformation:
- How do you engage with the customer?
- How the customer wants to engage with you?
Four Essential Steps to Get the Digital Transformation Right
Once you have a clearer picture of where you are and where you want to be with your digital offering, it’s time to roll up your sleeves and start taking the following steps:
- Understand industry trends and keep an eye on what your peers are doing – what’s happening in IT? What are your peers doing? What are the banks that you’re inspired by are doing? What can you learn from market’s new entrants? Financial institutions must take into consideration the high expectations that today’s consumers have for crossover online-offline products and services: according to published reports cited my McKinsey&Company, 48 percent of US consumers believe companies need to do a better job of integrating their online and offline experiences.
- Fasten your seat belts – Digital transformation is not easy: expect costs associated and pain points along the way, multiple stakeholders to make happy and ever demanding regulatory requirements to comply with.
- Developing a great customer experience is key to success – especially at a time when the reliance on digital channels does nothing but keep growing. Tackling your institution’s digital transformation presents a great opportunity to carefully orchestrate the consumer decision journey so you are able to always give your customer the best ‘what’s next’ answer.
- Be prepared to constantly review, refine, and adapt – be quick to identify potential blockers and even quicker to look for ways to solve them and to adapt to the rapidly changing technologies and customer’s expectations. The path is set by digital natives such as Amazon, eBay, and Google, which have managed to create frictionless online and offline experiences that allow them to integrate themselves into their customers’ daily lives through digital.
Ready to embrace the digital transformation? Our Digital Account Opening: How to Increase Your Top Line On-Demand Webinar offers expert advice on proven ways of optimizing the digital channels for acquisition.