Digital Strategy for Banks

As an early adopter of digital, the financial services industry has introduced some of the first truly digital products, experiences, and organizations to the market. Despite broad acknowledgment on the benefits of "becoming digital,” there is a significant capability gap between the leading digital banks and a large swath of the mid-market.

In fact, 6 in 10 bank customers don’t plan to return to branches once the pandemic recedes. How will you accelerate your digital banking strategy to maintain your advantage?

The good news is that the digital solutions once out of reach for all but the largest institutions are becoming less risky, less expensive, and more widely accessible. But success isn’t automatic – it still takes the right focus and steps to win in an increasingly digital market. That’s where we come in. 

We recognize that digital transformation in the financial industry is not just about technology and processes but also mindset and organizational culture. That’s why we’ve built our multidisciplinary team with a unique blend of expertise: financial services acumen, IT strategy, customer experience, technology architecture, and organizational design. 

In our research of financial institutions that achieve at least 10% year-over-year growth, we found six specific attributes of digital maturity that are most closely tied to financial gains:

• Digital vision
• Customer experience
• IT foundation
• Digital delivery
• Core operations
• Data management and analytics

We designed our undeniably different approach to digital banking strategies around these areas – targeting practical and feasible improvements in digital maturity that support your bank’s business needs. Better yet, we can typically deliver that insight in six to eight weeks, depending on scope and complexity. That means your bank can get on the road to results, faster. 

Results You Can Expect 

• Offering a digital self-service model resulted in a 75% increase in digital adoption enterprise-wide
• Digitizing and automating customer onboarding increased speed to revenue by 20%
• Critically assessing digital platforms for efficiency value created 18% in additional capacity
• Greater revenue growth   
• A scalable and extensible technology foundation
• Improved analytics and reporting capabilities

What We Offer

Assess your bank’s current digital maturity

With market conditions and competitive landscape changing so rapidly, where do you really stand and where you need to improve? We use a proven digital maturity assessment and industry benchmarks to analyze 20 dimensions of your digital ecosystem, relative to business needs, across the 6 key attributes described above – providing an independent perspective of your bank’s current digital maturity. 

The assessment draws on our cross-industry digital experience – considering not only what banks do well in the digital space, but also what digital leaders across all sectors do that differentiates their customer experience. 

The output – including preliminary areas of opportunity, as well as practical “quick wins” in each area which we view as “microtransformations” – is designed to prepare your financial institution for changes in strategy, customer focus, culture, processes, products and services, and technology. 

Define the desired future state of your digital banking strategy

We’ll conduct workshops with executive leadership to collaboratively determine their future state for technology, customer experience, IT operations, and data governance. Then we perform a gap analysis, identify a list of actions to mitigate those gaps, and then formulate a high-level overview of a future state digital banking strategy that aligns with the vision. 

Develop your digital initiatives and road map

We understand how to plan for the future, even when the landscape is changing practically by the day. Our team will partner with your team to:

• Prioritize your best digital initiatives according to value potential and feasibility
• Develop a phased roadmap with dependencies, milestones, and budgetary estimates
• Develop a high-level ROI analysis 

Then, we’ll work with you to organize all of this into a three-year road map of activities designed to increase the digital maturity of your technology architecture and organizational capabilities to improve your digital customer experience.