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Whether you are changing your business to disrupt or avoid being disrupted, slamming a bunch of SMACT (Social, Mobile, Analytics, Cloud and Internet of Things) on top of your enterprise will not make you a digital enterprise, despite what some industry consultants and experts say. You need to become “digital by design,” committed to digitally uniting your customers, the employees that support them, and the back office systems to create journeys that are low in customer effort and profitable.
I will be discussing how your bank can get there at the American Banker: Digital Banking 2016, conference, June 20-22 in New Orleans, with Jason Kammer, Vice President of Strategic Digital Initiatives at Fifth Third Bank, who will show the practical, in-the-trenches view of a digital transformation.
It’s easy to identify companies that are born disruptive—Apple, Amazon, AirBnB, Paypal, and Uber, for example. And it’s just as easy to recognize those that have failed to transform, like Blockbuster and Borders. MIT Sloan and Cap Gemini reports that digital enterprises are:
And the event horizon for the transformation is shortening all the time. During the past 50 years the lifespan of a company sitting on the Fortune 500 has decreased from 35 to 15 years. Companies have less time to assimilate to the level of change and the customer demands required to maintain leadership status. I believe that no industry is experiencing this pace of change faster than financial services.
Tremendous market forces are driving digital transformation. We now see every generation demanding that companies address our individual, specific needs, and engage with us how we want, when we want, and where we want.
Consumer willingness to interact via increasingly miniaturized digital technologies, such as machines through the Internet of Things (IoT) or wearables, has also produced a vast trove of data that enables greater customer insight. In turn, this translates into more effectively targeted offers and interactions. All of this nanosecond customer engagement and feedback, combined with constantly changing data and faster competitive responses by “born digital” businesses, means today’s companies must embrace dramatically accelerated rates of change. These forces make becoming a digital enterprise imperative.
Here are 10 business reasons for becoming “digital by design,” including role, process, and technology best practices to help you understand how your organization can make the transformation:
For more on evolving to an omnichannel and digital by design enterprise, download our eBook: The Banker’s Guide to a Seamless Omnichannel Customer Experience.
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