‘Organizational resilience’ is a factor in remaining successful during difficult times. Resilience is built by having a clear strategy and focus on the customer, along with delivering results on digital transformation efforts. The best cost-cutting strategies are the efficiencies created by investments in upgrading delivery systems. Establishing partnerships with financial technology companies will also be important to remain competitive.
Co-creation can help companies to create the products/services customers need and want. It doesn’t matter if management is happy with the current product set – the customers’ perspectives are what are important. Understanding customer journeys, observing actual behavior, and testing alternative approaches are all ways to develop more impactful products and services.
Adoption of real-time payments is likely to happen quickly, particularly as the Federal Reserve’s FedNow system becomes widely available in 2023. Roughly 15% of financial institutions already offer RTP, with many more planning for its adoption. But there is a concern that ‘faster payments’ will also mean ‘faster fraud’.
Having a Chief Diversity Officer makes an important statement about a company’s commitment to DEI. Surveys also indicate that greater diversity leads to enhanced financial performance. Creating the position is not enough – to be successful the CDO must have a clearly-defined mission and active support from the highest levels of the company. There must also be a willingness to make the internal cultural changes necessary to support the DEI initiative.
Is it time to ‘bite the bullet’ on core system modernization? Or will an incremental strategy better serve your needs? This article argues for an incremental strategy that will generate positive ROIs on smaller projects, while at the same time helping to set the stage for a future migration to a cloud-based system.
