On the Money with Digital: Is your perception of digital flawed? (P2)
Last time, we saw the type of advantages that can be achieved if financial services can go beyond the commonly-held notions of digital.
Moving from the physical to the digital to deliver current services at a fraction of existing costs is good. But embracing new and emerging technologies that were previously unheard of to orchestrate, unify and enhance experience across the value chain is even better.
The real power of digital becomes apparent when we apply it to design, engineering and infrastructure. What we end up with is operating models and processes that are agile, smarter, optimized and experience centric.
Easier said than done
Admittedly, this is easier said than done. There are business challenges to contend with. An Australian bank that discovered the prohibitive cost of digital and which could not create engaging content for customers, did the simple thing: it used us to re-platform its online customer-facing assets, automate marketing content for targeted campaigns and shift publishing to content authors along with the integration of social channels, interactive tools and real time content delivery across digital touch points.
The transformation has been extraordinary. Operating costs have gone down by 40%, time to market has gone down by 60%, dependency on call centers has been reduced by 30% and CSAT has shot through the roof.
Moving to digital is not always simple. Organizations are being forced to rip and replace entire structures in the process. There is operational and financial uncertainty that is involved. In addition, organizations must bring digital thinking, management and leadership to helm these programs. And, often, digital skills and capabilities may not exist within the organization.
A positive outcome can only be reached if businesses ignore all pre-conceived notions of what comprises digital, allowing themselves to evolve fast and fail cheap. Nothing can be more important than this in an ever evolving digital world that is throwing curved balls at the industry with metronomic regularity.