The Challenge of Digitization for the Banks of the Future
Will the branches still represent an important channel in a multi-channel relationship with the bank customer? Absolutely not.
This is what Somesh Khanna, McKinsey Director of New York, tells us in an interview dedicated to the evolution of the banking world.
Look at air transport, for example – ” Banks need to change everything right away, to challenge their relationship and therefore business models. This is what has been done in various sectors for some time now that have abandoned their status quo, unlike banks. For example in air transport. In recent years, in this sector, we have moved from a paper experience to a totally digital and fully automated experience. We all know how important this evolution was and how it changed our way of traveling and living “.
Investing in a personalized user experience – It’s important and you have to be relentless in capturing new customer needs. After all, emphasizes Somesh in the interview, 86% of customers stop doing business with a company due to poor service and not up to the evolving needs of “new” consumers. Digital innovation, and only that, can transform the user experience into something highly personalized.
The challenge of digitization for the banks of the future
” Some banks – continues Somesh – claim that they have not learned and acquired some of the skills that digital native companies have in their DNA, how to constantly improve the user experience of customers, point to customer-oriented products (see account opening, credit, etc – processes now “old” of 20 years), collect and exploit the enormous amount of data and internalize the failures in the experimentations “.
Digital innovation: a top priority – So what do the banks have to do? They must put digital transformation as their top priority.
Is it enough to insert the “digital functions” in the organizational charts? McKinsey in the article claims that this is important, but it is not the best way.
In reality, digital transformation does not depend on the roles or at least on the organigrams. On the contrary, it depends a lot on all the people involved in the organization. If the single resource is able to have a clear and shared reading on digital strategies, the whole organization benefits from it and creates a virtuous circle, real and capable of concretely pursuing the digital challenge.