Digital transformation necessary for growth

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I am perplexed by the long ques that I observed recently at several ATM’s. This observation made me wonder about the banking institution’s digital transformation strategies that are designed to make its service offering easy, fast, and affordable.

Despite the observed, I then thought about how or what to do to improve the customer experience. The observed is an opportunity not to be missed by South African financial services firms in its digital transformation efforts in enabling an effortless banking model.

There is a greater need to digitize the financial services offerings, especially when considering the impacts of the Coronavirus. Imagining the easy adoption of this new digital banking offering client by the bank customers has profound benefits for both the customer and the financial services firm, especially since digital banking will be a new normal as we advance.

To achieved associates digital banking, the scope of the financial services companies Digital offerings need to be widened and be inclusive. It is important to note that the use of digital offerings is no longer going to be only for the sophisticated clientele but rather for everyone who needs the service.

The move to digital has a potential cost saving by multiple banks on various costs, and these saving can be used to benefit the marginalized. Still, it can give its clientele flexibility in its dealings on the upside, resulting in increased adoption by new customers.

Bolstering the banks digital activities will influence customers to perform more of digital or automated banking.

I would think it will be good if we can foster digital offering or services to all bank clients. As much as it is my view, we need also to understand that the bank customers are also facing different types of risks.

Therefore, it is important that as we go through this digital transformation journey, we put all the necessary or key mitigants to minimize the clients or customers uptake risks.

Noting the above, what are the key things to consider in this journey.

Firstly, the question remains: Are the banks willing to invest more of their digital infrastructure in communities where many of its current or potential customers require this service.

Let us imagine what will be the immediate spinoffs if they can change or adopt this approach, what it would do to the lives of many South Africans who would require this service. This will help its customers with flexible offering or services at their doorstep without spending a lot of their own resources to acquire the required necessary service.

Let it be that the digital offering is the norm, and all are empowered to participate in this new way of doing things.

Empowerment is necessary so that all of us can embrace this change.

By Nyaniso Qwesha