By Anthony Nakandalage, Digital Product Strategist, Fiserv
Building Societies are built on relationships. As the way members live their lives has evolved, so too have those relationships. Today, digital interactions are playing an increasingly important role in financial services, and one of the best ways for Building Societies to adapt to this change is by fostering a digital mindset within their own institution.
Here are five key principles to consider to create a comprehensive digital mindset.
1. Look in the Mirror
Building a digital mindset begins with an honest assessment of your organisation’s digital assets and competencies. Objectively assess your digital strengths and weaknesses, including internal capabilities, staff, processes, technology and leadership.
Look also at your members and the markets you serve and assess what they want and need.
Understanding your digital maturity level as well as the wants and needs of members will inform your vision for the future and shape your digital strategy.
2. Develop a Digital Strategy
While the right digital strategy will vary based on your organisation’s members and goals, it is important to take a comprehensive approach that considers member engagement at every touchpoint, whether online, mobile, through a call centre or in the branch.
Each touchpoint should complement the other, making it easy for consumers to move from channel to channel no matter where they are or how they choose to interact.
Change can be challenging, and many financial institutions turn to a partner to help kick-start their digital transformation, offering an outside voice through strategy sessions and other discussions. These sessions can help turn vision into executable strategy.
3. Execute the Strategy
Successful strategy execution depends on multiple factors: innovative solutions, across-the-board training, productive partnerships, and the right people, processes and technology.
The idea that digital is all-encompassing has to permeate the organisation, particularly among member-facing staff. Members want an integrated experience no matter where they are or how they choose to interact.
Are your staff trained to meet those expectations? Do you have a digital advocate in the branch who can explain digital services to members who are on the fence and encourage them to give the services a try?
Digital advocates strengthen relationships and can help your organisation rise to the challenge posed by nontraditional, digital providers. Capitalise on your place in the community and meld it with digital prowess.
Executing a strategy also means offering the right solutions and services. Are you responding to what members want with capabilities such as touch ID, remote capture and deposit, and digital account opening?
4. Optimise for Different Members
Different members want to interact in different ways, and digital channels can facilitate a tailored yet cost effective member experience. Capabilities can be offered to members based on their financial needs and digital preferences.
One effective way to tailor experiences is by creating personas that reflect member segments. While it may be tempting to segment members based on age, that is not always an effective way to create digital personas. In fact, many older members embrace the convenience of digital interactions, and other factors such as the income or assets of a member, or the complexity of their financial life, are often better predictors of digital financial services usage.
5. Maintain and Enhance Relationships
Digital experiences provide an excellent opportunity to nurture relationships, and data can help shape an understanding of the member and provide insights help to create value in many ways.
For example, if your marketing department has access to data, they can determine how to best target offers to members. And the marketing department can expand its reach by leveraging targeted social media messaging that offers new ways to engage with members.
The Digital Mindset Imperative
A strong digital mindset opens the door to deeper engagement with members and a more cost-effective business model. The key is to stay focused on the member experience through all touchpoints and make sure your services are intuitive, inspired and innovative.