Digital Transformation Without Re-architecture

How is digital transformation typically defined in the financial services industry? Most articles say it’s a necessary shift to add digitalization to existing processes and systems to remain competitive. But what if those underlying processes and systems are antiquated, slow, disjointed or frankly, just broken?

Digital transformation, in reality, should be about making the experience of traversing your organization easier, more consistent and less fragmented so customers are happier.

Digital Transformation Should Optimize Customer Experience

Streaming companies and online shopping giants have set the bar high with their sleek, curated journeys and proactive recommendations that customers love. Now these CX-focused companies are jumping into financial services, too, embedding banking products conveniently into their own intuitive environments. As embedded finance takes off, it has the potential to further separate small business customers from their banks, making it even harder to own and retain those relationships.

This fierce competition for today’s banking customers should be an ear-deafening alarm to financial organizations to jump-start more meaningful digital transformation initiatives. And those initiatives must go beyond redesigning an elegant customer-facing interface or digitalizing the status quo if it’s going to be truly transformative at all. Banks will fall behind further if they are not customer-centric, not just on the engagement layer, but all the way through to the systems and back-office processes that power customer experience.

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