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7/13/2023

10 Steps to Planning a Successful Digital Transformation

Deliver an exceptional accountholder experience by leveraging digital technology to revolutionize your systems and processes.
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Rapid technological change can create uncertainty about the future, making many financial institutions hesitant to begin their digital transformation and invest in new technology.

Technology can no longer be used as a quick fix for departments when they need it. You need digital transformation – at scale – across your financial institution to succeed.

It’s important to fully understand your audience – both internally and externally – to ensure you’re appropriately defining your digital transformation journey. These 10 essential steps can help ensure a smooth path from beginning to end and serve as a roadmap to your end goals of integrated workflows, top-notch accountholder experiences, and efficient data usage.

Step 1: Conduct an honest evaluation of current systems and processes. Do your current systems cost too much or are they diminishing service delivery?

Step 2: Establish open lines of communication. Employees who will be directly impacted should be involved throughout the entire planning and implementation process.

Step 3: Begin with the end in mind. Visualize the results you expect and the benefits they’ll bring to your organization. Let these insights be your north star.

Step 4: Do the numbers. Understand the new system’s financial commitment and its potential return on investment.

Step 5: Break the new process down. Evaluate the strengths and weaknesses of your process. Where can improvements be made?

Step 6. Vendor selection and management. Use the team approach to evaluate vendor strengths and weaknesses.

Step 7: Establish a firm timeline. Timelines are critical to set expectations for everyone in your organization, from board members to employees to accountholders.

Step 8: Training champions. Employees impacted by new systems should be properly and thoroughly trained.

Step 9: Go live. Internal and external communication will be critical as you deploy your new solutions and processes.

Step 10: Post-implementation reviews and evolving technology. Don’t consider your new system set in stone. With the speed of technology today, you can always find ways to enhance your systems and processes and make both more valuable to users.

Embracing digital technology in an era defined by rapid technological advancements is not just a choice … it’s a necessity to thrive.

While the journey may seem daunting, with a clear roadmap and a commitment to understanding the needs of your accountholders, you can navigate the transition effectively while delivering exceptional value to your accountholders.

Download the complete guide to begin mapping your journey.  

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