As technology continues to revolutionize the financial industry, it’s becoming increasingly important for financial institutions to embrace all aspects of digital innovation. According to a recent report by McKinsey, banks and credit unions that invest in digital technologies and services can expect to see a 40% increase in revenue growth compared to their peers.
However, with the rapidly changing technological landscape, many financial institutions are struggling to keep up with the pace of innovation and need guidance from experienced digital consulting and innovation teams.
A digital consulting/strategy team should take a holistic look at a financial institution’s current offerings and metrics to inform future decisions and help develop and implement effective digital strategies that drive growth and enhance customer experience. They can also provide guidance on emerging technologies and industry trends to help the institution stay ahead of the competition. A good consulting partner will help develop, enhance, or refine your digital banking strategies to achieve your goals. Some ways our team at FTSI can accelerate digital innovation at your financial institution include:
Digital Assessment | The first step to accelerating digital innovation is to assess and align your digital strategy with the latest industry trends and best practices. Digital consulting experts can help identify your unique digital strengths and weaknesses and develop an actionable plan for digital modernization.
Marketing and Branding | Building or refreshing your brand is essential for attracting and retaining customers in a digital world. A digital strategy team can help you develop or revamp a strong and consistent brand message that resonates with and attracts your target audience.
App Development and Design | A custom, feature-rich, and user-friendly mobile app is essential for providing unique, seamless digital experiences to your customers. An experienced app development team can help you bring your idea to life through design and development of a custom mobile app that meets your unique needs and enhances your customer experience.
Open API Strategy | Developing a plan for digital modernization requires a strong API strategy to keep things organized on the backend. Experts in the financial institution API space can help you design and implement an effective API strategy that enables seamless integration with third-party platforms and enhances your digital capabilities, while setting you up for future success and autonomy with reusable connections.
CUSO Consulting | Building and managing your own Credit Union Service Organization (CUSO) can be a complex and challenging process. It’s important to work with a team of experts that can provide guidance and support on how to build and manage your own CUSO and leverage its capabilities to accelerate digital innovation.
Becoming a digital-first financial institution requires a significant shift in mindset and culture. Financial institutions need to be willing to embrace digital technologies and adapt their business models to meet the evolving needs of their customers. This includes providing easy-to-use digital interfaces, offering mobile banking solutions, and integrating innovative technologies like artificial intelligence and machine learning into their operations.
One of the most important aspects and a major driving factor of digital banking is the consumer experience. Financial institutions need to focus on providing a seamless and convenient experience to their customers across all digital channels. This includes optimizing websites, providing mobile banking apps, online appointment management, digital customer service, chatbots, and other AI-based solutions to improve customer service both internally and externally.
Implementing custom solutions is another key area where digital consulting can help financial institutions stay ahead of the curve. Financial institutions should take time to identify their own unique challenges and design custom solutions to address them. This includes developing custom software solutions, integrating third-party platforms, and creating custom digital marketing campaigns. Take a hard look at your consumers – what do they need most from you?
Finally, it’s important for financial institutions to work with knowledgeable consulting resources like FTSI to ensure the success of their digital initiatives. FTSI’s innovative digital consulting team specializes in helping financial institutions leverage the latest digital technologies to improve their operations and enhance customer experience. With a deep understanding of the financial industry, FTSI’s team can help financial institutions design and implement effective digital strategies that drive tangible results.
Digital consulting is essential for financial institutions that want to accelerate digital innovation and stay competitive in an increasingly changing digital landscape. By assessing and aligning your digital strategy, building or refreshing your brand, developing feature-rich experiences, optimizing the consumer experience, implementing custom solutions, and working with knowledgeable consulting resources like FTSI, financial institutions can unlock new opportunities and position themselves for long-term success.
Article originally appeared on the FTSI website. FTSI is a proud business partner of the California and Nevada Credit Union Leagues.