Last week we explained that there are several ways a bank can tackle digital transformation. According to a white paper from PwC, the first strategy entails only updating your customer facing tech – be it sprucing up your website or launching a nifty app. This proves a viable tactic for banks with limited time, and equally restrictive budgets.
At least for a while.
You can read more about this path to digital transformation here.
This week, we’re looking at the second tactic banks can use when looking to start their digitalisation journey – wrap and digitise.
This approach sees a bank upgrading different components and adding to them as their needs evolve and their market develops.
Read the ins and outs of this digital transformation path below:
- Wrap and digitise sees banks gradually replacing legacy infrastructure with digital tools; integrating middle and back offices.
- Getting this right means forming an internal digital transformation group or bringing in external partners.
- This strategy improves customer experience because the infrastructure running mobile apps and your company website is improved.
- Customers can access all of their account information via a single platform, making transactions simpler and faster.
- Employee job roles will evolve as some manual tasks are no longer required.
- This approach is typically quite a lengthy process because the bank is making individual improvements, which means it’ll be a long wait before all bank processes are improved.
This strategy is suited to banks that don’t want to dive head first into digitalisation because they can test the waters as they go. It is also ideal from business executives who have a more conservative style and want to try things out before they overhaul entire systems.
In our final instalment in this series we’ll be showcasing a “digitally native” approach to transformation. Be sure to check out our blog next week to find out more. If you’re interested in all things telecoms, business strategy and digital, our monthly newsletter is the resource you need. Subscribe below.