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3 Ways Banking Leaders Contribute to the Digital Transformation

Banks have been slow to adopt technology and embrace change. However, they are now beginning to realize the importance of innovation and transformation. In order to succeed in their digital transformation, banks need to understand how their customers use their products and services, what their customer expectations are, and what changes they want to make.

Leaders play a crucial role in bringing about the change. Here are the 3 things they should start with.

Leadership Framework (Source : Stephen Duns)

 1) Change the mindset of employees

Since employees are the ones who are responsible for the end-to-end delivery of a product or service to customers, it is important to change their mindset. It is critical to understand their pain points and their perspectives so that they can be empowered. So, make sure the employees feel that their voice is heard, and if necessary, create the culture that promotes open dialogue. Employees are often the ones who are closest to the customers; therefore, it is important to make them feel that their voice is heard. To have an open culture and make your employees empowered, there are a few things you can do. First, hire the right people with the right mindset and skill set. Next, create a work environment where employees feel comfortable and challenged. Also, create an environment where it is safe to express their thoughts and ideas.

 2) Adopt agile development practices

The banking industry has always been slow to onboard new technologies. However, the industry is now going through a massive transformation owing to the increasing use of digital services. Therefore, technology leaders are being pushed to adopt modern development practices such as agile software development. Frequent and shorter release cycles: Banks generally have long release cycles of 6–12 months. However, in the digital world, you need shorter release cycles of 1–2 weeks/months. So, instead of waiting for the end of the project, you can release small pieces of it and make the customers happy. Customer-centric approach: Banks should design their products and services keeping the customers’ needs and expectations in mind. A customer-centric approach will allow you to understand the pain points of your customers and provide them with a seamless experience.

 3) Develop the right technology

Banks have to choose the right technology stack for their digital transformation efforts. For instance, when it comes to building an online banking platform, you can choose from cloud/hybrid, on-premises, or a combination of these options. With the digital transformation, you will see more and more customers turning to mobile banking services. Therefore, it is critical to invest in mobile banking. Make sure your website has a responsive design, and it is compatible with all kinds of devices, including smartphones and tablets. Similarly, customer service is a critical area to invest in. Make sure your customer service executives are equipped with the right tools and technologies to provide the best experience to your customers. The customer experience is critical, and banks are doing well on this front. However, they need to continue to innovate, and make sure that the technology they use is up to the mark.

 Conclusion

Banking is a highly regulated industry, and it can be difficult for banks to implement new technologies. However, if banks want to stay relevant in the long term, they need to embrace digital transformation. A digital transformation will help banks digitize their operations, improve their customer experience, and stay relevant in the long term. To achieve this, banks need to adopt change management practices, adopt agile development practices, and develop the right

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Digital Leadership
3 Ways Banking Leaders Contribute to the Digital Transformation

Banks have been slow to adopt technology and embrace change. However, they are now beginning to realize the importance of innovation and transformation. In order to succeed in their digital transformation, banks need to understand how their customers use their products and services, what their customer expectations are, and what changes they want to make.

Leaders play a crucial role in bringing about the change. Here are the 3 things they should start with.

Leadership Framework (Source : Stephen Duns)

 1) Change the mindset of employees

Since employees are the ones who are responsible for the end-to-end delivery of a product or service to customers, it is important to change their mindset. It is critical to understand their pain points and their perspectives so that they can be empowered. So, make sure the employees feel that their voice is heard, and if necessary, create the culture that promotes open dialogue. Employees are often the ones who are closest to the customers; therefore, it is important to make them feel that their voice is heard. To have an open culture and make your employees empowered, there are a few things you can do. First, hire the right people with the right mindset and skill set. Next, create a work environment where employees feel comfortable and challenged. Also, create an environment where it is safe to express their thoughts and ideas.

 2) Adopt agile development practices

The banking industry has always been slow to onboard new technologies. However, the industry is now going through a massive transformation owing to the increasing use of digital services. Therefore, technology leaders are being pushed to adopt modern development practices such as agile software development. Frequent and shorter release cycles: Banks generally have long release cycles of 6–12 months. However, in the digital world, you need shorter release cycles of 1–2 weeks/months. So, instead of waiting for the end of the project, you can release small pieces of it and make the customers happy. Customer-centric approach: Banks should design their products and services keeping the customers’ needs and expectations in mind. A customer-centric approach will allow you to understand the pain points of your customers and provide them with a seamless experience.

 3) Develop the right technology

Banks have to choose the right technology stack for their digital transformation efforts. For instance, when it comes to building an online banking platform, you can choose from cloud/hybrid, on-premises, or a combination of these options. With the digital transformation, you will see more and more customers turning to mobile banking services. Therefore, it is critical to invest in mobile banking. Make sure your website has a responsive design, and it is compatible with all kinds of devices, including smartphones and tablets. Similarly, customer service is a critical area to invest in. Make sure your customer service executives are equipped with the right tools and technologies to provide the best experience to your customers. The customer experience is critical, and banks are doing well on this front. However, they need to continue to innovate, and make sure that the technology they use is up to the mark.

 Conclusion

Banking is a highly regulated industry, and it can be difficult for banks to implement new technologies. However, if banks want to stay relevant in the long term, they need to embrace digital transformation. A digital transformation will help banks digitize their operations, improve their customer experience, and stay relevant in the long term. To achieve this, banks need to adopt change management practices, adopt agile development practices, and develop the right

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