Is what got your bank or credit union to where you are today helping you become future-ready or holding you back? In other words, are legacy processes and thinking getting in the way of digital banking transformation? Business as usual is not a good recipe for success. Many financial institutions have people throughout the organization thinking and acting as they have for decades, but banking is in a period of disruptive change, so the results of their efforts are not as strong as in the past. While legacy technology often gets all the attention, legacy thinking is often preventing organizations from realizing the full benefits of modern technology and hinders the ability to adapt to changing market conditions. This stifles innovation and impacts an organization’s ability to make informed decisions quickly and at scale. To respond, banks and credit unions must support a shift in culture, mindsets and processes, including investments in training to ensure that employees will support business transformation without holding on to legacy thinking and processes. Digital Banking Transformation Requires Experience and an Open Mind Legacy thinking comes from experience, so it isn’t entirely bad. “Overcoming legacy thinking doesn’t mandate erasing every strategy, idea or leadership […]
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