Digitally Enabled Banks

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

With so many solutions and perspectives obscuring the path forward, West Monroe can provide clarity by assessing banks’ digital maturity and defining a step-by-step path to becoming a truly digitally enabled institution.

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
• Lending cycle time has been reduced by 50%

What We Offer

Creating a digital strategy and roadmap

The first step of any transformation project is a clear strategy. We partner with banks to assess six categories and 20 different areas of a bank’s digital ecosystem, evaluating each area against specific maturity criteria and the ability to meet business needs. This assessment sets the digital agenda. We then partner with banks to define the optimal future operating environment, perform a gap analysis between current and target states, and develop a prioritized roadmap and digital strategy to help them tangibly achieve their digital ambitions. We arm our clients with a strategy grounded in the challenges and opportunities distinct to their business. All to demystify cost, benefits, and key milestone guideposts along their path to becoming a digitally enabled bank.

Building a digitally enabled bank

Any bank seeking to become “digital” must start with a defined set of foundational capabilities. Layering digital products and solutions on top of a monolithic infrastructure will only yield incremental improvement at best. West Monroe works with banks to build foundational elements required to capture business results of becoming a digitally enabled bank. We work with banks to move toward a more modern infrastructure complete with a reference architecture that supports enhanced data connectivity and automated operations that allow for integration of flexible Fintech applications.

Starting your digital journey

Our approach to digital is practical and multidisciplinary, rooted in a deep understanding of the challenges specific to mid-market banking. Our approach (1) defines the path forward to modernizing a bank’s architecture; (2) engages your customers and employees in a new digital operating model, including creating a digital org structure, and (3) demonstrates investment gains and expands digital engagement across the bank.