How financial institutions can not just keep up with Joneses but outpace them
Blog: The Data Center
78% of Americans prefer to use digital tools to engage with financial institutions, according to an Ipsos-Forbes Advisor U.S. Weekly Consumer Confidence Survey from March. The need for financial services organizations to respond quickly to change is no longer a benefit but a requirement to remain competitive and attract and retain customers. According to Jim Perry, banks have “[significant] customer attrition and churn because consumers realized during the [COVID-19] pandemic that they actually have more choices than they were aware of.”
In a recent webinar, Jim Perry, Senior Strategist at Market Insights, Inc. and recently named one of the 20 leaders in modern banking, talked with Jeff Ward, Decisions Director of Innovation, Financial Services, about Growing Your Banking Customer Base: Faster and Smarter Loan Origination.
Is making this change crucial?
How crucial is the ability to respond to change immediately? Jim says a lot of his clients missed opportunities by not having technological ability to answer change quickly: “Clients decided they couldn’t participate in the PPP program because they didn’t have the staff to process all the paperwork. They didn’t have the time, energy or effort to be able to do that. [Other banks]…had all hands on deck, every employee was at a computer doing all that data entry and realizing [the cost and opportunity gap] so we’ve got to find ways to automate these systems so that we can be more efficient.”
How to approach digital transformation
How are they approaching this need for digital transformation? “True transformational leaders in the banking industry understand that our capacity for change will expand as the organization leans into change,” according to Jim. Successful institutions, their people, and platforms must adapt to a culture of change.
To create a culture fertile for the changing market, functional and subject matter experts are being empowered to handle digital initiatives outside of traditional IT departments. One reason, according to Jim, is to increase buy-in. “Because one thing that will shut digital transformation down is [not having] a culture that supports it.”
Embracing the change with a no-code automation platform
No-code automation platforms for digital transformation efforts, such as the Decisions solution, are uniquely equipped to help financial institutions get ahead of the competition by empowering people who know what to do, get it done, and change their world.
As Jeff Ward shares during the webinar, Decisions is a platform “that resides between the business and IT, giving each the ability to navigate the complexities of change in real time. We are believers in the collective power of people and the ability to change their environment, their IT environment, their tech stack, and empower businesses to do more with less.”
Decisions customers are unlocking growth, accelerating profitability, and enhancing their brands in the financial services industry. Through the use of no-code tools, they’re able to modernize their legacy systems more quickly to respond to market volatility and change their world. To see how Decisions can help you, contact email@example.com today.
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