It’s no secret that the banking industry is undergoing a digital transformation. As customers get increasingly more comfortable with the latest technologies being embedded into their personal lives and interactions, they’re demanding the same innovative services and user-friendly interfaces from their banks and financial institutions.

Consequently, those same banks and financial institutions are pressured into adopting new processes and offering more sophisticated services in order to remain competitive, retain existing customers and attract new ones.

But How Do You Get Started?

Unfortunately, once the decision is made to move forward with digital transformation, organizations can quickly get mired in the ‘where do we start?’ stage. Fortunately, Bottomline Technologies can help. With the experience of helping over 500 banks and financial institutions meet their digital transformation goals and implement end-to-end online account opening solutions, Bottomline has put together a guide to help organizations take the next steps towards streamlined digitization:

  1. Establish a Task Force – assembling a cross-functional task force is critical to defining the needs of the organization and getting decisions made quickly and efficiently.
  2. Conduct a Situation Analysis – understanding the processes you currently have in place (whether digital or not) is the first goal of the task force. It’s important to keep in mind both the outward-facing customer experience and the inward-facing proof points (ROI, process improvements, etc.). Sample questions include:
    • What existing systems and/or platforms will need to be integrated into the new platform?
    • What are the limitations of our existing platform?
    • What KPIs do we need to track?
  3. Set Goals – once you’ve done the analysis into your current processes, you’re better positioned to identify where you want to go and what you need to get there.
  4. Define Requirements – it’s important to scope out what you’ll need from a business and technology standpoint in order to meet those goals.
  5. Select the Right Technology Partner – once you’ve completed the first 4 steps you’ll have a detailed roadmap in place to start your journey towards transformation. Finding a technology partner with a deep understanding of your needs and the experience to back that up is crucial to a well-executed digital transformation.

Access the Complete Guide

To get the full benefit of Bottomline’s Online Account Opening and Onboarding Buyers’ Guide and access checklists to help you on your journey, download the guide here.

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Posted by Germaine Lang

Germaine Lang is the Managing Editor of SmartPayments with a strong creative and technical writing background across many industries. She also works to engage customers and relate their experiences with vendor products and services, positioning them as innovative thought leaders.