5 signs you’re ready to launch your digital banking program
By: Matt Williamson, Mobiquity
The pandemic compressed a decade’s worth of consumer e-commerce adoption into three months in 2020. With new consumer preferences and behaviors likely to endure, financial institutions have been accelerating their digital banking programs. By now, you may have finished articulating (or updating) your digital banking vision. You’ve assessed and adjusted your business model — and determined how to extend or otherwise enhance your products and services. Now you’re ready to formally launch your digital banking program.
Or are you?
In working with banks and credit unions around the world, Mobiquity has identified five key signs that you’re ready to launch your mobile or online banking service. As you prepare to pull the trigger, evaluate your readiness in these areas.
- You’ve established a governance model.
You’ve created a governance model to provide structure as customers engage with you, deliver feedback on your digital banking program, and offer up their own ideas. You’ve designed the model to assess how any potential changes to the program align with your organization’s values and goals. The framework is also intended to prevent delays, confusion, and other issues as the program scales and evolves over time.
- You have a plan for balancing speed and innovation.
- Pressure to offer innovative digital solutions is at an all-time high. Even so, you recognize that rushing to market does not guarantee success. You know that a better goal is to meet customers’ expectations while giving them an unsurpassed digital experience.
- Innovation takes an investment of time and research. You aren’t releasing a solution simply to keep up with your competitors. You’ve dug deeper to get to the heart of what your customers want and need — and your program solves for those things in an effortless way.
- You’ve built a massive promotion plan.
- You have an all-encompassing plan to promote your digital banking program across your in-branch advertisements, as well as via your social media presence, your TV commercials, and your other marketing materials.
- Because your new offering will be digital, you’ve also considered ways to reach digitally savvy customers (think: YouTube ads, TikTok videos, and Instagram posts). And you’ve also thought through opportunities to advertise in non-digital channels — places like the gym, at the metro, and on university campuses.
- In short, you have a plan to be wherever your customers are.
- You know how you will collect (and act on) customer feedback.
You’ve thought through mechanisms for capturing, evaluating, and acting on customers’ feedback. For example, you may be creating customer surveys on your app or having your marketing team track social media for feedback. In addition, you’ve designed a process for making feedback actionable — and may be using Agile release cycles to ensure feedback is quickly translated into customer experience enhancements.
- You’re committed to ongoing improvement.
You know that innovation is an evolving process. It’s never “complete” (and that’s a good thing!). By embracing a top down digital culture you’ve committed to continually monitoring your program and the experience of your customers and employees. You’ve established clear quantitative metrics for tracking program progress, as well as identifying and pursuing opportunities for improvement.
Ready, set, innovate
If you’ve answered yes to each of these questions, you’re ready to go! If not, we hope this guide can help you adjust your plan and increase your chances of success.
Whether you’re starting from scratch or enhancing an existing program, consider downloading our playbook, “A Global Guide to Digital Banking: Your Playbook for Creating Digital Experiences Customers Love.” It walks you through key steps to creating a digital banking experience that engages and empowers customers.
Ready to get started with your digital banking strategy? Let’s talk.
Originally published at https://www.mobiquity.com.