I’ve been working in the technology scene for more than 10 years now, making strategic decisions and observing how innovative solutions can completely transform the way a business operates. This is true for companies across all industries, and banking is no exception to the rule.
It is good to bear in mind that the Covid-19 pandemic has also played its part in accelerating the implementation of digital processes. Now more than ever, in the banking world, all types of operations need to be performed in a few online steps. In other words, clients need to access all their financial information online and receive support from customer service assistants without having to move from their homes.
As the Deloitte 2021 Banking and Capital Markets Outlook puts it, “The crisis has also served as a litmus test for banks’ digital infrastructure. While institutions that made strategic investments in technology came out stronger, laggards may still be able to leapfrog competitors if they take swift action to accelerate tech modernization.”
My take is that it is never too late for companies to jump on the digital bandwagon and obtain a significant edge over their competitors. If they commit seriously to this transformation from the inside out, starting from the very core of the company’s culture, and partner with an experienced technology ally, the outlook will always be a positive one.
Just to name a few of the advantages of electronic banking platforms (or e-banking), we can start by mentioning that they save time, avoid unnecessary visits to physical branches, and facilitate financial decisions based on real-time and updated information.
Let’s dive deeper into the benefits of e-banking:
• It's productive: E-banking allows companies to improve their productivity by automating bill payments, employee payments and much more. Also, minimizing physical visits to the bank can save many hours that can be dedicated to other initiatives.
• It reduces errors: The automation of payments, wires, and every other banking transaction reduces errors and makes sure that these actions can be scheduled in time. Additionally, it avoids mistakes caused by a lack of information or poor handwriting that might complicate the process.
• It's convenient: E-banking platforms are available 24 hours a day and can be accessed through any device that holds a connection to the internet. A the same time, they offer an unlimited number of actions that can be done online without actually having to visit a physical institution.
• It's secure: Banks that have developed e-banking platforms rest assured that they’re providing a safe and secure system for transactions. They use high-tech encryption devices to guarantee the most strict privacy protocols.
Embracing Digital Possibilities
So, as one of the top service industries, bank institutions have a critical need to stay in line with the ever-changing digital transformation process. I have seen firsthand how technology can be their greatest ally to help retain and support their clients, offering an elevated customer experience.
To begin this journey, I suggest making sure all executives and decision-makers at your company agree on the importance of this transformation. Without a joint commitment and support, these changes will be very difficult to implement. Understand the importance of fast decision-making, letting go of old ways and challenging traditional concepts that were always taken for granted.
This also leads to another crucial aspect: aligning your company's culture with a digital-first mindset. This starts with small changes in everyone's daily practices and internal processes and may take some time, but when employees start understanding the benefits attached to these digital forces, they will be the first ones to embody this transformation.
More importantly, I think that consulting with technology professionals is also a must. They will help you have a deep understanding of your institution's current possibilities and put together a personalized digital strategy plan. In other words, you need to work with specialized talent that has deep-rooted knowledge in leading enterprise transformation and making change that has an impact.
Surround yourself with experts, and they will be the ones who will ease innovation into your business structure. They are always in the know of the latest technologies and methodologies and understand how to work with groundbreaking technologies like automation, the Internet of Things, artificial intelligence and cloud computing.
Besides, software engineers and tech leads are well versed in the latest cybersecurity protocols to ensure your digital changes are implemented with a thorough focus on maintaining top-notch safety practices to protect all your business stakeholders.
Some Final Words
When it comes to e-banking, it is essential to understand that all technological implementation should be carried out together with a trusted partner with many years of experience in the industry. The key here is to work with the most innovative technologies, certified and skilled professionals and agile methodologies and to set clear communication and feedback policies from the get-go.
It doesn’t matter if your banking organization is on the digital acceleration or transformation path. A companywide commitment to implementing effective and powerful tech solutions will help drive growth, boost business performance and move your focus to other critical areas your company has to attend to. Covid-19 has paved the way for change — it’s time to make it happen.
This article originally appeared on Forbes.
