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Digital Banking Implementation: The Key to Success
In the world of digital banking, successful implementation is just the beginning.
In the fast-evolving landscape of digital banking, achieving successful implementation marks only the initial phase of a transformative journey. This phase is akin to unlocking the door to a world of opportunities, but the true potential lies in what happens next. Bank Workshops, guided by their expertise in digitalization, play a pivotal role in assisting financial institutions as they venture into the realm of digital banking.
The adoption of digital banking solutions is not merely a checkbox on a to-do list; it’s a strategic shift that necessitates a thorough understanding of digitalization’s broader vision and its alignment with an organization’s objectives. This is where the significance of a well-thought-out implementation plan and comprehensive training becomes apparent.
In this article, we’ll delve into the essential components that constitute a successful digital banking implementation strategy, shedding light on the crucial role of training, customer-centricity, and continuous learning in ensuring that the transition to digital banking is both seamless and rewarding.
Training and Adoption Strategies for Digital Banking Solutions
What preparation and training is provided to ensure that digital banking solutions are successfully adopted?
One click and a new mobile banking application is installed on your phone, a few clicks to learn how to use it, and you’re up and running. Wouldn’t it be nice to do the same for your business? Quickly and efficiently, without unnecessary formalities, but according to the highest security standards, national or internal regulations. It is an enticing vision.
The reality of the digital transformation process is more complex. Selecting a suitable solution that meets stringent criteria can take weeks, if not months. But selection is only the beginning; implementing new technologies requires a thorough understanding of how they align with the business digitalization vision. This is when both parties should assess their needs and ensure a clear and complete understanding of the digitalization scope, concepts, and digitalization process flow before proceeding. To this end, ongoing collaboration between the client and the digitalization implementation team is essential for validating requirements.
The Changing Landscape of Customer-Centric Banking
When you look at the bigger picture, it’s clear that the phrase ‘follow the customer‘ is being redefined. These days, companies are handing over more and more control and authority to their customers. Thanks to innovative options such as design thinking, simplified processes, and user-friendly technology, customers are now able to carry out tasks that in the past were only carried out by professionals. This shift towards putting decision-making power in the hands of consumers has extended to the financial industry. Technology companies are stepping up to create software that meets individual financial needs. With new processes, leading-edge technologies, and innovative applications, these companies are making history in the financial world.
Fintech Solutions: Reshaping the Banking Landscape
Organizations around the world are challenged by the rapidly changing behavior of their customers. The good old days of our imagination never really existed. What worked in the physical world may not work in the digital world. Change is faster and more frequent today, even in financial institutions. Operational procedures that worked in other channels may not work in digital solutions. Rather than resist these changes, it’s better to embrace digitalization. This is where the digitalization implementation team comes in, analyzing sample business scenarios for possible changes. Even small changes can have a significant impact in unexpected areas – just like the digitalization butterfly effect.
When developing a digitalization implementation plan, it’s important to prioritize digitalization training and onboarding of service personnel. An effective digitalization training plan will ensure the success of the overall product digitalization implementation. The end-user aspect also allows for feedback and corrections before the product is experienced by the customer. Knowing what knowledge, processes, and digitalization implementation methods are required will help make the process smoother. Understanding the end customer’s digital banking values, digitalization benefits, and potential challenges will help us achieve our goals. A good digitalization implementation team on the supplier side can identify areas of digital connectivity and relationships that new users may not be aware of. They can also track requirements in relation to the main objective and address reported needs to remove obstacles. It’s impossible to get to grips with a new solution and its nuances immediately. So the digitalization implementation period is crucial. Finally, after the last go-to-market, we can have a celebration of our digitalization success.
Continuous Learning and Optimization in Digital Banking
From the end customer’s point of view, the handling of each connection is very simple. One click, and I’m digitally connected to a specialist. The situation is different for a specialist, who not only has to know the product, the procedures, the indicators, how to achieve the goals, and all this while using several dozen different applications, between which they must move fluently.
Addressing Key Questions in Digital Channel Implementation
Every click and digital interaction with the customer generates data that feeds subsequent applications and allows you to build a 360° view of the customer. The applications used by specialists have evolved. In recent years, they have become faster, more efficient, and easier to use. Thanks to solutions such as API technology, applications “talk” to each other, thus eliminating the need for specialists to duplicate activities in different applications. More and more applications are turning to automation solutions and comprehensive data analysis to provide the specialist with the information he or she needs. Today, quick answers and simple applications are expected, especially those that support working from home. Digitalization training offered by suppliers is not only for technical aspects of the application, but also the acquisition of digital knowledge. During the training, questions and doubts can be addressed, an additional perspective can be provided or the experience of the trainers can be used. It is no exaggeration to say that such workshops reduce the risk of false expectations and ideas about the solution. As a person implementing a chat support channel, you may ask yourself: – how many digital interactions can a specialist handle – should there be a blend with phone traffic – or is it possible to chat and talk at the same time? These are just a few of the questions I faced when implementing digital channels. After several years of managing a team supporting chat/video channels, I know that each business has its own specifics. For sales scenarios and product advice (mortgages, investments), the 1:1 variant in the video channel works best. On the other hand, a specialist in the chat channel can handle 3 or 4 simultaneous virtual interactions for service issues or simple credit sales. It all depends on the balance between efficiency and quality. Cascading digital knowledge and maintaining its level is a guarantee of successful project implementations. Usually, training is prepared for the first group of software users. After this initial experience, the next training almost always has a different focus. The change is based on feedback from the trainees. Users have different experiences, habits, or skills. A one-off training session at the end of the implementation leaves you unsatisfied. The challenge is that if someone is hired after training, they may have questions that were not asked. Therefore, part of a successful digitalization implementation is not only training as part of the onboarding process, but also as part of the continuous improvement. There are many ways to do this, including cyclical training, webinars, or training for trainers. The aim is to ensure that new employees understand the product. Digitalization training is the moment of transition from the design phase to change on the customer side. Well-prepared training is based on a mental shift with the users. Where we anticipate digitalization pain points and questions that need to be addressed.
Post-Implementation Monitoring: Ensuring Effective Solution Utilization
Once the project has been implemented, the team members have moved on to other projects, leaving a supervisor to ensure that the solution is being used effectively. The supervisor works closely with the organization to ensure that the solution is meeting expectations and looks for ways to improve its impact. Resistance to change can occur even with careful planning and testing, so it’s important to continually assess adoption and identify areas for improvement. The supervisor works with the support team to track and evaluate the results of any changes made, regardless of how ongoing support is provided.
At LiveBank24, we value partnership. We know that every customer has different needs, different applications, different organizations, and different ways of working. We focus on understanding the business requirements and adapting the technology and module components to meet our customers’ needs. If you’re intrigued by our approach to projects, please feel free to get in touch with us by clicking on Contact on our website or by sending an email to: contact@livebank24.com.
