Digital transformation is like a tightrope that must be traversed quickly. Customers today are adopting digital behavior faster than any company can keep pace with and, as a result, banks must speed up their rate of change and remain focused on the desired outcomes to ensure a successful digital transformation.
Banks must take the 'outside-in' view with a new look on setting priorities. From the customer's perspective, being 'digital' means banks must be able to deliver services any way, anywhere, anytime. Banks need to deliver seamless service in their branches, ATMs, online, and on their mobile apps – with quality and consistency.
While the strategy or vision sets the destination for digital transformation, banks also need to evaluate how they manage the process of change. Common challenges and areas of focus include:
- Prioritizing business imperatives
- Defining success criteria
- Evaluating and transforming the IT culture, and engaging leadership
As the digital transformation is bring forced from outside the bank, it is time for banks to make outside forces their allies and enablers as well.