Digital Transformation Playbook: Scoring Big in Banking with Innovative Strategies

November 30, 2023

So, you've decided to invest in a FinTech fund, a move that's akin to recruiting a star quarterback for your football team. It's a great play, but it won't win the game by itself. You might be wondering, what's the next play? Where do we start, and can we do it without a team of innovative leaders as impressive as a ✨superstar football lineup✨ to lead the charge?

The idea of change and innovation can be as intimidating as facing a fierce rival on the field. Many stick with the old playbook, saying, "That's how we've always done it." This approach has unfortunately become the unofficial motto of many community banks across the country. However, just like in football, change is inevitable.

This became painfully clear during the COVID-19 pandemic when agile decision-making was required more than ever. Those willing to take risks and react swiftly were rewarded with significant victories, much like a team that strategizes around risks to score touchdown after touchdown (such as those who achieved significant PPP loan volumes). On the other hand, those who hesitated are still suffering the consequences–much like a team that loses games and struggles to keep their fans engaged because they make the same plays over and over again.

The time for your bank to make a game-changing move in digital transformation was yesterday. To those who embraced the challenge and learned to adapt, bravo. To those still struggling to make progress, we're here to be your offensive line.

Here are three simple plays your bank can execute to kick off your innovation journey:

Identify Your Champions - and Give Them a Voice Too

Just as in football, innovation and transformation should be a team effort. It impacts everyone at the bank and all your customers. You may have unsung heroes already making strides in innovation through automations, efficiencies, or suggesting new technologies. Hunt down these game-changers across all levels of your organization and give them a spot on the starting lineup, regardless of their title or tenure. Your innovation leaders don't need to be a single star player; instead, they can form a strong, united front within your organization, much like a winning football team.

Figure Out Where You Can Be Better and Embrace the Change

Just as every coach sees room for improvement, list your top innovation priorities for the upcoming year, 5 years, and 10 years. Visualize your ideal game plan and start turning it into a reality. Give your team the creative freedom to devise strategies for achieving your goals. With your champions on your side, let them score victories and make improvements, much like your star players on the field.

Start Small, Then Go Bigger, and Keep the Momentum Going

Not every football team starts with a superstar quarterback, and we understand that reality. The best place to start is wherever you can. Improve your online banking platform for your customers, much like perfecting your offensive strategies. Automate manual processes that have been slowing down your operations, freeing up more resources to serve your customers. If you're feeling bold, adopt an AI chatbot to communicate with your customers as seamlessly as a well-coordinated passing game. Once you get out of your comfort zone and explore new possibilities, you'll find endless innovation opportunities waiting to be discovered. Use the momentum of your initial plays to drive your bank toward modernization, much like a football team advancing down the field, one yard at a time.

Still unsure where to kick off your game-changing journey? The BankTech team is here to serve as an extension of your digital transformation team, filled with game-changing strategies and plays to help you achieve outstanding results on the digital gridiron.