The biggest challenge for banks is the lack of knowledge inside the bank and understanding the prerequisites for digital transformation.
Digitalization requires ‘buy-in’ from the Board and C-Level management. The biggest headache is the existing core infrastructure and, in some circumstances, the personnel who are doing a great job managing the legacy infrastructure.
Many banks make the mistake of deferring to the vendor that has gallantly supported them for many years, who proposes an expensive lipstick upgrade to old architectures.
The most significant step for a bank is agreeing at the board level and C-Level that it’s time for a change, then establishing an independent digital unit focused on alternatives to existing refurbishment plans. The bank must talk about a great UX, an eWallet, Bill Payment, Rewards, and stickiness.
The personalization of the bank’s customer experience resides in the palm of the consumer and the App experience.