Moving Forward with Digital Implementations and the CX Opportunities that Come With It.
The transformation to digital technologies is unique for every financial institution. Considering organization size, corporate objectives, current products, and available resources, each transformation has different needs to achieve precise deliverables, meet evolving compliance standards, and ensure fickle legacy systems are managed properly. And given the relative youth of influencing technologies, its no wonder banks, especially small to mid-sized institutions, have found themselves at a standstill with jumping on the digital band wagon. But this deferral to move forward with digital updates is beginning to accumulate, creating further overhead to catch up and mounting pressure to do so.
It’s clear bank executives, digital banking leaders, and product managers recognize the value of implementing new or updated digital technologies, and the lost opportunities and revenue of utilizing outdated technologies. It’s also evident the majority of these teams already know what is needed, and why. So the question is, how does it get done and if not now, when?
With a team of former bankers as the foundation and composition of The RWC Group, we collaborate with digital banking teams on a mutual understanding of target objectives, compliance requirements, and institutional expectations to deliver the “how.” Our unique focus on systems conversions, upgrades, and installations has landed us in the driver’s seat to countless scenarios from which we use those insights to counsel clients and curate experienced teams to bring digital implementations to fruition. RWC product and process teams complete technical responsibilities ranging from vendor assessment, documentation, risk analysis and fraud monitoring, testing, and quality assurance, to production and delivery of training procedures, change management, new products marketing, and customer experience initiatives. We strive to make digital transformations possible for organizations of any size and impart confidence to clients weighed down with uncertainties, limited resources, or short timelines.
On The Horizon
A 2019 Celent study reported that increasing digital utilization and improving customer experience (CX) are two leading branch operating priorities. The wide scope of digital banking and influence on both retail and wholesale products has steadily infiltrated the entirety of bank operations which has created a field of opportunities to accomplish those goals. For retail, banks are pursuing branch transformations to either offer customers a modernized in-person experience or reduce operational inefficiencies with systems upgrades. The operational advantages and customer preferences to use enhanced digital technologies are evident but challenges with slow user adoption and employee buy-in are unexpectantly noticeable.
On the wholesale side, online banking conversions have gained momentum among treasury management product lines to effectively improve operational efficiency and offer commercial customers the additional functionality and improved experience they expect. But despite the modernized amenities, banks have aired frustration on the lack of full utilization of the enhanced digital capabilities.
So Where Is The Disconnect?
Understandably, banks prioritize technical logistics, regulatory requirements, and conservative budgeting when developing a successful digital transformation strategy, but the customer-facing implications of the transition gets lost in the end goal of implementing the improved CX features. The missing components are a strong change management plan and a well-designed customer migration experience that engages users and demonstrates the bank’s commitment to serving customers better. Employees, at all levels of an organization, must be equipped with a clear understanding of the project’s mission and thorough training of new operations, procedures, and responsibilities to ensure customers are receiving a consistent brand experience. A cohesive team with confident, well-trained employees is hugely impactful to the lasting success of digital transformations and the impression made on customers.
The new standard for customer migration experiences needs to meet the modern customer’s rising CX expectations. It’s time to ditch passive, low-touch interactions with customers and use digital transformations as an opportunity to attract and retain customers, build brand loyalty, and get to know customers better. Our legacy of delivering technical, compliance, and managerial expertise for digital transformation projects has given us a window into what customers need on the frontlines while implementations are completed behind the scenes. Developing the appropriate methods of multi-level communication efforts and proactive customer engagement makes customers open to adopt change and enthusiastic about utilizing digital enhancements.
If Not Now, When?
Digital banking advancements are pushing onward creating more opportunities for financial institutions to expand productivity, reduce operational inefficiencies, and increase revenue. Market standards are changing and customer expectations are on the rise, so bank’s dependence on outdated digital operations are at risk of deteriorating customer experiences, deflating employee morale, and losing customers to institutions that are better equipped to serve modern customers. At The RWC Group, we support clients with strategic, technical, and implementation expertise so organizations can remain competitive and move forward with impactful digital transformations. We work side by side with clients and vendors to develop a curated framework for digital transformations, and then complete the intended work to deliver those results. Our agile business model allows us to join teams during any phase of a digital transformation or work together from inception to completion.
The RWC Group’s 5 Key Phases of Digital Implementation Success:
1. Assessment: Evaluation of the organization’s current vendors and existing platforms, internal resources, management practices, corporate objectives, and brand standards.
a. Vendor Assessment: Audit of existing vendors and platforms to uncover gaps in product utilization, define requirements, explore new products and/or vendors and complete testing and QA before incorporating complete product scope into conversion planning.
b. Risk Assessment: Examine current and future product risk, process risk, and fraud monitoring and management strategies.
2. Planning: Establish a conversion framework comprised of customer segmentation, CX strategies, migration scheduling, change management procedures, internal and customer training, and new product marketing.
3. Change Management: Determine change management goals and approach, define new roles, produce training materials and user manuals, and conduct training to employees and customers.
4. Implementation: Deploy RWC implementation teams to assume technical responsibilities, deliver customer support and customer training, document operations, and provide project management reinforcement.
5. Continued Support: Track post-implementation usage and product performance, measure customer satisfaction, monitor and manage fraud, and support additional customer needs.
a. Recovery: Appoint specific RWC teams to repair non-affiliated conversions which may include customer satisfaction recovery, technical resolutions, product management realignment, and workforce retraining.
SUMMARY
It’s time for financial institutions to take the leap with digital banking transformations or risk losing customers, missing revenue opportunities, or falling too far behind to catch up. Partnering with The RWC Group alleviates the uncertainties and challenges financial institutions face when pursing system upgrades, conversions, or installations. Our expert teams ensure a seamless execution of client initiatives by thoughtfully developing a project framework in line with corporate objectives and putting that plan into action, or jumping in mid-project to move initiatives across the finish line. We have the real world experience you need, when you need it.