Continued Thoughts on Digital Banking
I sincerely hope that you’ve been enjoying Mike Gordon’s recent posts on the changing landscape of banking in the digital world. (If you missed them, please bookmark this post and click this link to read them before continuing any further.) Mike has done a great job of outlining many of the macro-level changes afoot among the banking industry leaders, the innovators and the smaller local lenders as they respond to customer demands and competitive pressures in a time of rapid acceleration of mobile computing and personalization of services available in finance. Mike deftly explores how the responses may vary by institutional types along with his insights as to why the digital approach most often aligns with the customer population that typically defines their respective markets.
I recently ran across an excellent thought piece from Alex Johnson and Darryl Knopp of FICO, based on a session they presented (virtually, of course) at an American Banker’s Digital Banking 2020 conference in December and was struck by how well it complemented Mike’s posts at a more tactical and granular level. The executive summary of their session, entitled “The 11 Commandments of Digital Banking”, can be accessed here (Download Executive Summary). I think that you will agree that Alex and Darryl’s “commandments” are well reasoned and thought provoking in the way that they articulate the customer experience requisites of our times, well punctuated with humor and the obligatory TikTok reference our pop culture demands. Coupled with Mike Gordon’s overviews of the current landscape, these pieces give us a lot to think about how well we are doing with regard to transforming our own businesses to better serve our customers and keep up with the times.
Please drop in a comment to let us know how your own digital transformation is going. We would love to hear from you.