All financial institutions are adopting new and improved digital services to meet consumer expectations. The evolution of digital is being driven by innovative financial technology companies (fintechs) and the largest financial institutions focused on leveraging technology to offer financial services to new and existing customers. Community banks and credit unions are able to keep pace with digital offerings through partnerships with traditional industry technology vendors as well as the fintechs but often struggle with adoption.
Do you sometimes hear from your customers, “I saw this on TV and would like to do that,” about a service that you have offered for years? As you think about digital you have to consider the non-technical side of a successful rollout of your digital strategy. The “easy” part of digital is buying the capability from your vendors but we cannot have a “build it and the people will come” approach. We are working with clients around the country to include the internal support needed to drive adoption and promote the digital channel.
Success starts with your employees and engaging consumers outside of email, web banners, social media and links on your homepage. All consumer-facing staff should be aware of the digital products and services that you offer. Training on the services along with instruction on how to recognize opportunities to educate customers about your digital products is key. We are seeing success with formal programs that incent employees to become certified digital product ambassadors. Incentive programs can include recognition or financial rewards tied to performance and build enthusiasm for promoting digital services when customers are in branch or interacting with the call center.
For new customers and members incorporating digital services demonstrations in the onboarding process is also an effective way to increase adoption. Many banks and credit unions now offer wi-fi in branch locations to allow employees and customers with their own devices to connect to, enroll in and demonstrate digital services. Technology areas with kiosks and tablets are incorporated into the branch design by many financial institutions.
We can deploy technology and provide tools and connectivity in branches to enable usage but we must promote employee training and engagement to support the digital strategy. There is no substitute for having employees that are informed and are confident in promoting the digital products and services to customers.
Financial institutions face challenges to prioritize resources to support safe and efficient digital channels, while rapidly evolving technology and increased competition offers choices for banking services. RSM helps financial institutions develop a comprehensive digital strategy encompassing technology, products, peer analysis, and support. Click here to download the Digital Banking Rapid Assessment overview or to learn more about how RSM can assist you contact RSM’s management consulting professionals at 800.274.3978 or email us.