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Digital Transformation

Are There Digital Strategy Lessons Financial Institutions Can Learn From Other Industries?

Young Couple Using Digital Tablet With Their Financial Advisor In The Office.

The answer is yes, of course there are.  I presented on this topic, along with my colleague Scott Albahary – Chief Strategist for Financial Services here at Perficient and Jim Marous – Co-Publisher of The Financial Brand, to approximately 500 financial services industry folks.

As the financial services industry continues to go through its digital transformation, executives are craving new strategies and tactics to help position them against their competitors. Especially since Digital levels the playing field across small, large and localized institutions they need to find ways to best connect with, service and grow their customer base.

There are always stories and lessons that are taught inside the FI space about best practices.  At Perficient, we like to take a bit of a different take and look across Industries to learn the art of the possible.  Based on the great response rate to our webinar, it seems like FI execs are craving outside Industry perspectives as well.


The Situation

We wanted to present around a challenge that is progressive and top of mind to many of the Financial Industry executives we talk to.  So what did we choose?  Well one of the biggest challenges right now is humanizing the digital experience.  This is a challenge that execs across industries are focused on but also one that financial is really struggling with.

Of course, Covid-19 has exposed digital weaknesses and accelerated digital transformation for all industries. The former being one that is less talking about outside company walls.  Companies like to focus on accelerating digital transformation to be the ‘leaders of Industry’.  It’s a bit sexier to spin it that way.  However, one of the main drivers is their weaknesses are exposed now more than ever with folks driven online with Covid-19 and expecting the same level of service they typically get at say their local bank.

That said, many lessons can be learned by looking across various industries for best practices around understanding the customer journey, engaging brand experiences, and Millennial and Gen Z customer acquisition and servicing.

Financial institutions that best leverage digital strategies and technologies in innovative ways will create new value for consumers and businesses.


The Approach

When Scott and I started to put together the presentation it was a challenge to try to hit on the hot trends in humanizing the digital experience while keeping it to an hour presentation.  The approach we took, and you’ll see in the presentation, are real-world examples of digital trends. First, we tee up the challenge and opportunity. Then we present an outside industry (automotive, retail, etc.) case study that Perficient worked with a client on, followed by ways the trend and case could be applied to the financial services space.

Some of the examples we presented include – virtual agents (chatbots, AI), connected bankers, conversational marketing and conversational banking.

The net is that many lessons can be learned by not only looking at competitors but also expanding your lens to best practices in other industries.

You can view the webinar on-demand by going to The Financial Brand site at this location. You can also learn more about how Perficient can help companies with their digital transformation on our site.


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Kevin Colletti, Director, Digital Strategy & Innovation

Kevin Colletti is Director of Digital Strategy at Perficient. He has extensive experience working with client senior management teams to develop innovative digital strategies driven by measurable results. Creating simplified digital solutions out of complex client problems is where he thrives the most.

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