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A community bank’s digital transformation: Process, people and branding — implementing a purposeful digital banking strategy that puts people first
When faced with expanding digital service offerings, community banks tend to fall into one of three categories: do nothing, do only what their core processor allows for or do what helps bolster the bank’s client experience. Unfortunately, the third option is used by the fewest banks. Client needs are what should drive technological upgrades. That requires clearly identifying client expectations and objectives, as well as utilising an agile, fast-fail workflow approach. From there, banks must ensure people within the organisation are positioned to embrace each new digital offering, allowing findings to funnel and inform the brand’s ideal customer journey. This paper analyses how community banks’ digital offerings can compete with those of both big banks and FinTechs. The paper describes how banks must define clear objectives based on meeting customer needs. It recommends using a client-centric approach with digital transformation.
The full article is available to institutions that have subscribed to the journal
Josh Botnen is the Chief Data and Analytics Officer at First Interstate Bank. He has been with First Interstate since January of 2014 and was previously the Director of Digital Strategy and Client Experience. Mr. Botnen has over 20 years of experience in data, analytics, product management, and client experience spanning numerous industries. He is a certified scrum product owner, holds a product management certification from Pragmatic Marketing, and is a named inventor on four U.S. patents. Mr. Botnen is a graduate of St. Olaf College and the University of Montana.