What Does Digital Transformation Look Like for Financial Institutions?

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In our new post-pandemic era, digital transformation remains a focus for companies looking to expand convenient services to their customers. Financial institutions are an example of an industry that benefited from its implementation. COVID-19 accelerated the need for digital transformation in banking when brick-and-mortar banks had to shut their doors temporarily. As we continue into the new normal of post-pandemic living, digital transformation for financial institutions will evolve beyond online banking. Take a look at how large financial institutions are adapting to digital transformation.  

Artificial intelligence (AI) continues to be a growing trend in digital transformation across most industries. Financial institutions can use AI in the form of chatbots that deliver hyper-personalized experiences for customers. Chase’s virtual assistant and Bank of America’s Erica lead the way in banking AI chatbots. As AI continues to gain steam, it will evolve beyond chatbots, likely creating individualized banking experiences that are tailor-made for each customer. These bespoke experiences are exactly what customers are craving. 

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Digital banking was a great starting point for financial institutions looking to dip their toes into digital transformation, but the future will involve more universal applications. Think of it as an adaptation of existing banking apps, where, instead of just checking your accounts and paying bills from your phone, you will also be able to apply for a new loan. As our need for convenience grows, our current banking apps will become a one-stop shop for all your banking needs. 

 

Most financial institutions use a customer relationship manager (CRM) like Salesforce or HubSpot to maintain customer databases. While financial institutions have access to a large amount of data on their customers, how that data is managed and used will change. As digital transformation continues to evolve, the banking industry will move beyond the management and on to analysis of this data. Using more in-depth data analysis will allow financial institutions to create the customized experience customers are yearning for, especially from their banks. 

 

If your financial institution is ready to expand and deliver its personalized experience to your customers, reach out to the experts at PRIME. We’ve spent years honing our digital marketing for financial institutions. Check out the PRIME Guide for more information. 

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Gregg Alexander

Principal, Director of Digital Marketing


Gregg is an advisor, a strategic content marketer, and an analytics authority. He serves as the digital marketing director and the head of operations for PRIME, a marketing and design agency in Bozeman, Montana. He is a communication expert who uses inbound marketing, SEO, PPC, social media marketing, media placement, email marketing, and marketing automation to engage target markets for PRIME's clients.


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