Digital transformation trends: Speed is just the beginning

Digital Reinvention
01/06/2023 Article
profile picture of Jim Marous

Jim Marous

The Financial Brand

Owner and Publisher of Digital Banking Report, Co-Publisher of The Financial Brand

Digital banking transformation requires banks and credit unions to rethink previous ideas about being flexible and being able to pivot quickly. Speed is just the beginning. The value of digital banking transformation also requires banking organizations to scale for growth.

Digital transformation remains a high priority in the banking industry for several reasons. The primary one is that it can help banks to improve the efficiency and effectiveness of their operations. By streamlining processes and automating tasks, financial institutions can improve the ability to be future-ready and to be able to improve customer and member experiences. Additionally, digital banking transformation can help banks and credit unions to better compete in a rapidly changing financial ecosystem. In recent years, the banking industry has faced increasing competition from fintech companies and other non-traditional players, including big tech organizations. By embracing digital technologies and processes, financial institutions can improve their offerings and how they deliver their services.

Finally, digital banking transformation helps financial institutions reduce costs and increase profitability. By automating processes and leveraging modern technologies, including automation, bank institutions can reduce their reliance on manual labor and lower operating costs. This helps maintain healthy margins, redeploy human and monetary assets, and stay competitive in a challenging marketplace.

The questions become:

•  What stage are financial institutions in their digital banking transformation journey?

•  What are the digital banking transformation priorities for 2023?

•  What stands in the way of updating back offices for improved top-of-glass experiences?

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