Digital Banking" may have different meanings for different people - it may refer to the presence or future of banking, we might be there or we wanna get there. I always love simplicity, for the purpose of this blog I used very simple definition for Digital
Banking that is "providing banking/financial services through self-service channels with very limited or no branch support". Internet and mobile banking services are the most crucial elements of Digital Banking but they should also be supported by Contact
Center - ATM - Kiosks - Alarm Reminder Services and Branches.
There are excellent books, articles and resources written over this subject - what I observed is missing an execution guide - about how to do it, quick and dirty one. For this reason this is a short, to do point and experience (rather than theory) based
blog. My motivation is to share with and learn from others, then use this knowledge as base to create some new tips and share again!
Innovation certainly required but it is not always about technology, rather it is about using something you already have but using it in different ways to create the change. Not every bank or financial institution has huge resources, digital transformation
supportive top managements or fully engaged digital mindset employees. So the idea is to provide useful tips, that could be used or executed easily in the current environment of your company - with or without some investments.
The tips are categorized in ten groups as:
- Customer Engagement (getting more clients on board and convincing them for using Digital Banking)
- Online Sales (create leads and sales for financial product and services, preparing user journeys and customer interactions)
- Automated Communication with Clients (Alerts and Reminders - such a proactive banking)
- Security: both client and bank side (preventive, monitoring and after incident)
- Reporting and KPIs (it is not possible to manage something that you can not measure, right?)
- Managing Branches (how they can support migration to digital banking and what kind of benefits they can enjoy)
- Customer Support (call centers can create miracles if used properly!)
- Complaint Management (the way we learn from our customers - sometime a little bit harsh)
- Project Management (digital is not a project, it is the way we do business but some companies still using waterfall - playing with waterfalls is always dangerous)
- Others (Social Media, ATMs, Kiosks, Other Stakeholders, Compliance - Legal Teams, Location Based Services, Big Data and Many others...)
As the promise is providing simple and easy to material, I will share short tips in the form of question & answer format. Your feedbacks and tips are more than welcome, too !
The First tip is on the way...