Digital disruption is nothing new, yet some financial institutions remain unprepared for a future that necessitates a paperless accounts payable process. Right now, those without a best-in-class digital experience are losing critical market share to competitors. With fully-digitized, best-in-class competitors, it is important for financial institutions to understand how implementing digital transformation in banking is vital to the future success of your organization.

That being said, how can financial institutions gain the agility to survive in today’s competitive banking industry and steer clear of digital disruption?

The short answer is: Transformation.

Improving digital sales capabilities with a holistic digital transformation is what some say will be the most important task for FIs if they want to stay competitive moving forward.

Still questioning if making the shift is necessary for your financial institution?

Now is the time to start incorporating the processes and technology that were once solely up to fintech startups. This shift to a digital-first way of thinking will change the ways financial institutions serve the needs of their customers. Here are 8 reasons why:

  1. The customer journey has evolved as tech-savvy millennials move into decision-making roles, bringing higher expectations for a digital experience
  2. Omni-channel and omni-product solutions have gone from “nice to have” to “need to have”
  3. Data, and how you use it, will become even more important
  4. The tech stack is messier and more complicated than ever before
  5. Speed to market is crucial as customer expectations and technology preferences change rapidly
  6. Internal cultures need to shift to embrace changing markets
  7. The acquisition model has been reinvented, driving customers through digital channels
  8. Branches and digital are working together to give customers more personalized service

With digitization fundamentally impacting the banking industry across the board, failing to adopt digital transformation strategies puts your FI at risk of losing market share, customers, and profit.

Start your digital transformation now, and find out how it’s changing banking: 8 Ways Digital Transformation is Changing Banking

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Posted by Mary Elliott

As a featured SmartPayments contributor and marketing intern at a leading fintech organization, Mary Elliott brings a unique perspective with her diverse background in the technology, marketing, and non-profit industries. She is simultaneously pursuing a BS in advertising with a double minor in English and technical writing at Kent State University.