5 Resolutions For Digital Banking Success in 2019

5 Resolutions For Digital Banking Success in 2019

Article from: The Financial Brand

There is a lot of discussion about becoming a 'digital bank'. Unfortunately, there was much more talk than action in 2018. As we look forward to 2019, the importance of making both the back office and front-facing customer experience 'digital' has never been greater. Setting digital banking resolutions is a good place to start.

The beginning of a new year often means creating a New Year’s resolution. Starting fresh at the beginning of the year offers a clean slate, a new perspective and the opportunity to create a resolution that will potentially change bad habits or establish new behaviors that will make the prospects for the future better.

Although the original goal and thought behind setting their resolution is often good, the reality is that by mid-January about 50% of all these New Year Resolutions will have already been abandoned. Research shows that out of all the people who have made a resolution, only 8% will actually accomplish them. So how can we ensure we will keep our Digital Banking resolutions, and follow them through until completion?

Setting Digital Banking Resolutions

Most advisors will say that the success in achieving a goal is predicated on the beginning of the change process. If the process does not start well, it will not end well … usually resulting in abandonment of the resolution altogether. One key thing to remember is that the resolution process is not a sprint but a marathon. In fact, there are some small steps that can get you and your organization on the right track to keeping to your Digital Banking resolution.

  • Start small: Make digital banking resolutions that you can keep. For example, if your goal is to create a digital new account opening process, begin with changing the back office processes that may lead to excessive steps in new account opening.
  • Write it down: Similar to a personal resolution, it is important to write your resolutions down in a place where you and your team can remind yourself daily of your intentions.
  • Make it public: The more people in your organization who are aware of your resolution, the more likely you and your team will be to achieve the goal because public declarations equate to accountability.