Engaging Employees to Boost Digital Banking Transformation

Many financial institutions are investing heavily in new technology and processes to help their digital banking transition objectives. Analysis in the Digital Banking Report found that banks and credit unions have increased their investments in digital transformation over the past four years.

Fremont, CA: Digital banking transition is far more than just allowing the consumer to access goods and services on digital platforms. Properly performed, it includes the digitization of business processes, applications, data and business models. The aim of digital banking transformation is to enhance customer service and employee efficiency in an increasingly digital world.

As banks and credit unions assess their digital banking sophistication, they look for ways to enhance the sales process, reinvent product offerings, use data and analytics to personalize the consumer experience, and increase digital interaction while hoping to increase the productivity that will have a positive effect on the bottom line of the company. But as companies hurry to become 'more digital' for the consumer, many may neglect the role of the employee in the transition phase.

Whether it's the scope of digital banking transition, the need to deploy new technologies or the possible reorganization of legacy business units, these developments have had an impact on individuals, processes and technology that has been around for a while. This makes it tough for leaders to accept change – and even harder for workers.

Investing in your workers

Many financial institutions are investing heavily in new technology and processes to help their digital banking transition objectives. Analysis in the Digital Banking Report found that banks and credit unions have increased their investments in digital transformation over the past four years.

There is no question that these investments are warranted, given the flight of customers to digital technologies and the game-changing technology that can enable the enhancement of digital customer experience. Unfortunately, with such an emphasis on data, analytics, technology and systems, most companies neglect the need to invest in workers to ensure that they optimise the benefit of the latest technologies being implemented.

Beyond open communication about how workers can be part of the digital banking transformation process, it is important to invest in training people to ensure the success of digital banking transformation efforts. If you don't, it's like buying a new car, but not filling a gas tank.

Employee satisfaction drives positive customer experience

Research has shown that there is a clear connection between disgruntled workers and disappointed customers. Therefore, the opposite has to be true, right? More significantly, well-trained workers can be a valuable asset in getting customers to appreciate and use all of the new resources at their disposal.

Bearing in mind that enhancing customer service is a top priority for financial institutions surveyed in the Digital Banking Study, it is clear that employees of a financial institution must have a favorable working atmosphere to provide the customer with a positive experience.