For several years, the digital revolution has been gaining in popularity among consumers. Consumers have turned to technology solutions to help them fulfil their needs in a safe and convenient way. In some ways, smartphones have become the remote control consumers use to engage – at the bank, grocery store, restaurant – you name the task, and consumers can probably initiate or even complete it with their smartphone. But how have these changes in consumer behaviour altered the way you think about banking? With virtually every business exploring or pursuing digital transformation, how will banks pivot to acclimate to this “new normal”?
Digital banking drives customer loyalty
How can you get started or enhance your existing digital banking strategy? First, you should start by creating your vision, which will set the foundation for your program and provide a launching point for all future digital banking products or experiences that you implement. Whether you are looking to improve your existing digital experience, thinking about how to make your current web or mobile experience more accessible and human centric, or researching partners to build a digital banking experience from scratch, this blog offers best practices for creating a successful digital experience starting with how to build your vision for digital banking.
5 tips for building your digital banking vision
Consider your position in the market
Every company has its own unique personality. Your bank is no different. Think about the value proposition that you bring to your customers. How is it different from your competition? (Hint: Your back office operations are not a market differentiator!) Then consider how you’ll incorporate that throughout your experience via your digital design, with your personnel, and even in your marketing and advertising. Now is the time to strengthen your brand promise and be really explicit about who you are – and who you are not.
Throw away your customer personas, journeys, and algorithms
The personas that you knew have evolved. There is a shift in consumer behaviours that ultimately impact how they pay for items and make banking and financial decisions. What are you doing to ensure that your bank is supporting these changes? Financial institutions that want to create meaningful solutions for their customers should re-evaluate their customer personas and ensure every digital program or initiative is laser focused on their needs.
Deprioritise everything you can and then prioritise the rest
Businesses around the world are being tasked to do more with less. Leaders need to look at their list of wants and needs and decide what can be deprioritised so that they can focus on initiatives that will have the most impact.
Create your North Star
One approach that works particularly well in helping prepare for your success is to create a North Star. In order for your program to truly take flight, you need a guidepost for your goals. Having a North Star strategy ensures that everything you do ties back to those goals. In addition, the North Star enables you to measure and track your program via an operational dashboard and tangible KPIs.
Build your roadmap
Once you have set the foundation, created your North Star strategy, and aligned on your vision, you’ll need to craft your digital roadmap leveraging the knowledge you’ve gained. Think about the tactical, tangible steps you need to implement to achieve your vision. Do you need a mobile app to keep up with the demand for mobile banking? Or maybe you need to refresh your online portal to be more customer friendly? Whatever it is, start to build a roadmap to identify the steps, resources, and stakeholders you need to be successful.
Now you’ve built your vision – what’s next?
Remember, your brand has meaning and as you evolve by creating digital products and experiences, you’ll want to also expand your brand. This will be important as new neobanks and challenger banks disrupt the space and competition to retain customer loyalty becomes fierce.
Ready to get started with your digital banking strategy? Let’s talk.
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