What does true digital transformation in banking look like? In this Mobiquity Minute video, VP of Financial Services, Matt Williamson, addresses common misconceptions and uncovers the truth about achieving real transformation.
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The Mobiquity Minute video series was created to provide tips, insights, and expert perspectives on all things digital. True to its name, in just about a minute, watchers will learn about a variety of digital topics – from mobile apps to conversational AI, digital transformation, customer and employee engagement, AI/ML, and everything in between. Check back often for new videos regularly. Want to keep watching? Scroll down for more interesting insights.
Some of the common mistakes that can occur when looking at how to transform yourself digitally is you apply the wrong lens at the wrong time. So traditional return investment criteria are things like can I reduce internal headcount? Am I optimizing operationally how this is going to work? When actually what you need to be looking at is what's the best outcome for my customers.
Is it the fact that, actually, they can just achieve things very quickly without having to visit a branch or speak to a teller over a call center or contact center.
Is it a case of actually they can just make general queries and have them resolve quite quickly without the requirement to speak with someone or trigger a heavy process. So that the pitfalls tend to be that you overestimate the complexity in servicing your customers needs, you know, make sure you understand what it is they really want to achieve and what they're looking for from you and address it that way.
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