Innovation
Get out your roadmap! Finding the best way to balance digital and traditional banking
What does it take for an FI to be successful post-pandemic. Having a clear idea of where you were, where you are and where you're going can be the difference between success and failure. If an FI has a good plan and a strong road map chances are they will find the right balance and technology to move forward.
August 4, 2020 by Randy Neu
There has been a huge awakening for banks and credit unions that lacked digital and remote options to stay operational during COVID-19.
Those companies with poor online banking sites, inefficient mobile apps, difficult remote deposits, inability to accept loan applications and new accounts all suffered immediate paralysis. The same can be said for those with physical locations (branch & ITM kiosks) without remote technologies to keep ATM/ITM fleets up and running, drive-up lanes operational and remote video, keyless access control, and remote alarm systems.
That is not to say that nearly every bank and credit union out there was not dramatically impacted by the ongoing COVID-19 pandemic. But on the readiness scale, those FI's that have been more progressive and invested in technology, both digitally and remotely for physical locations, including branch and ITM kiosks, were able to pivot and adapt more quickly and efficiently than others. Essentially, the answer was the ability to provide a contactless experience or location.
We are finding for most institutions; the balance is a strategic blend of tailored solutions and customer experience. Digital provides efficiency, physical provides human connection. Remote technologies maintain safe, secure, functionality on both avenues.
What is the right percentage of the blend depending on your FI's strategy? There is no right or wrong answer, but what most are finding out now is that if there wasn't a roadmap to establish a clear strategy in the first place, that in itself was their awakening.
Building the right roadmap
There are several ways for FI's to build a strategic roadmap. Look into strategic workshops that can help re-assess your vision both digitally and technically. Plan out and literally map out where you want and need to be, hope to be and what it's going to take to get you where you want to be in the marketplace.
Based on the findings from these workshops or planning sessions, try determining what your executive readiness is. This is extremely valuable to help your leadership identify areas of strengths and weakness in multiple categories where an FI must invest in to compete in the new landscape.
Consider categories that your FI wants to be in such as digital platforms, cyber security, remote technologies, networking and automation. Who is your biggest competition? What are they doing right or wrong? What are ideas that your FI considered before? Are these ideas still possible now? As we all move toward the future, these are the questions and topics that go into making a successful roadmap strategy.
Unfortunately, some FI's may not make it. We've all seen branch closings and companies throwing in the proverbial towel after realizing how the pandemic has affected business. It could be the pandemic that caused the downfall, but it could also be that the FI wasn't adapting quickly enough or worse, didn't have a plan or strategy to begin with. Maybe they were waiting for "corporate" to send one down, but whatever the reason was, when whatever "normal" is returns, they may not be part of the landscape any longer.
But it is not too late to take a hard look in the mirror to see where your FI falls on the scale. Where are you now in the industry? Where are you going? Why do you want to get there? What do you need for your FI to be successful? Is it staff, technology, processes, platforms? Spend time considering all the aspects and then establish your road map.
Those that can create their roadmap and strategy by collaborating with the senior leadership team will be ready and more efficient on both the digital and physical front. This includes all operational aspects, safety, physical security, cybersecurity, automation, and managed services. These solutions apply to digital, traditional, or remote access regardless of where your digital/physical percentage ends up.
The point is don't wait. Create your roadmap and despite the pandemic, get back on the road to success.
About Randy Neu
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Cook Solutions Group
Simple | Secure | Service | Solutions. From ATM sales, support, and service to enterprise security solutions with Next Generation technology. Think CSG First. We Make it Happen!
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