Since the pandemic, banks, credit unions, and insurance companies have necessarily sped up digital transformation (DX). Facing a torrent of applicants for digital accounts, and with branches shut down or at reduced capacity, every financial institution (FI) must now have the means to onboard new customers via web or mobile and provide great apps for banking, payments, financial management and more.
DX has suddenly become urgent. Yet if responding to new market imperatives causes your organization to focus exclusively on building digital channels, products, and services, you’re setting your sights too narrowly.
Take this approach, and you could end up continuing to play digital catch-up, while disappointing both customer expectations and DX ROI targets. Worse, the narrow focus will constrict your ability to profit from today’s super-bloom of digital business growth opportunities—just the beginning of what’s ahead as new business models and dynamics, such as Open Banking, fully take root across markets.
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