In my last post, I discussed the aspects of exemplary customer experience. In this post, I will highlight digital transformation and how to establish it.
The first step in a digital transformation is the creation of a cohesive vision for customer experience. This cross-disciplinary plan should describe the view of the company from the customer’s vantage point. Across all channels and points of engagement. In order to create this vision, a firm must understand who its customers are, what they need, and what they expect.
Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.
Secondly, there must be buy-in across all organizational departments that will be affected by the transformation. IT must have a seat at the table. But unless empowered to manage across functional lines, the initiative is often not driven by technology.
While technology is the enabler, the broad, cross-organizational nature of customer experience (CX) requires coordinated transformational change throughout. Some firms will opt for a dedicated task team, PMO, or steering/operating committee to coordinate activities and ensure the timing of key milestones are synchronized across disciplines. It is often prudent to introduce external subject matter experts. They bring a fresh perspective, knowledge of the competitive landscape, and experience in the technologies required to realize the vision.
The vision is not a one-time, static event. Companies should strive for a continuous, repeatable process, pushing the envelope to create the ultimate customer experience. The actions of competitors, advances in technology, changes in social media platforms, and customer expectations will necessitate an ongoing commitment to stay relevant.
To learn more about why financial services firms must focus on digital transformation to compete, you can click here or submit the form below to download our complete guide.