Virtually every financial institution is engaging in some level of digital banking transformation, but success isn’t consistent across the industry. And in many instances, banks and credit unions have not seen the impact on revenues or costs that they anticipated. Many factors challenge digital transformation. Some of the most critical components to capturing value from the digital transformation process include: focusing on customer engagement as opposed to transaction efficiencies; the deployment of new technologies at speed and scale; and the development of existing human resources. Each component demands a departure from legacy thinking and the ability to reimagine existing business models from the inside out. The organization’s chief financial officer sits at the hub of these changes. Evolving from a more reactionary and transactional focus to a value generation and strategic engagement role places the entire finance operation of a bank or credit union center stage in the digital transformation process. Deploying traditional and non-traditional financial expertise within every division of the institution can guide the business model’s realignment and help allocate resources more effectively. “Companies that embrace transformation within the finance function are three to four times more effective at developing and executing their strategy,” states “The Strategic […]
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