Industry Insights: The Final Step in a Successful Digital Transformation

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“The Financial Brand,” a digital publication and industry leader focused on providing thoughtful insights on marketing and strategy issues affecting retail banks and credit unions recently published an article titled, “Digital Transformation Demands a Culture of Innovation.” We are highlighting this article because it examines a critical side of digital transformation strategy that isn’t often discussed: the importance of adopting a culture of innovation for a successful digital transformation.

Despite “digital transformation” being a huge buzz word around the financial services industry for many years, many financial institutions don’t yet understand all the facets of a successful digital transformation. “The Digital Banking Report” recently sampled a select group of innovative leaders in both banking and in the fintech space and all agree that “innovation must have a cultural and leadership unpinning for digital transformation efforts to succeed,” – and we could not agree more.

We recently discussed in our new e-book, “Supply Chain Management 101 for Financial Institutions” the importance of the cultural adoption of a data informed mindset for a financial institution to reap the full benefits of their data. We discuss four best practices, that if followed, provide a roadmap to a successful adoption of change. These four best practices can be applied to any strategic initiative including adopting a culture of innovation.

4 Best Practices for a Successful Adoption of Change

  1. Culture adoption begins with leadership setting an example first and creating a strong foundation for change.
  2. Strive for continuous learning and embrace collaboration among your team.
  3. Decide on and work toward a common goal.
  4. Show that strategic business decisions are data and evidence based.

No matter what you are trying to accomplish within your bank or credit union, cultural adoption of change starts at the top. When your leadership sets the example, the organization will follow suit and you will see increased employee satisfaction, customer experiences and revenue while remaining competitive in your marketplace. Click here to read the full article from “The Financial Brand” and be sure to check out our e-book, “Supply Chain Management 101 for Financial Institutions,” by clicking the link below.

Click Here to Download the E-Book