DECEMBER - 20219From Analogue to Digitalfrom other industries in order to get more views and ideas. The result: launching a new payment app, "MobilePay" that achieved massive adoption within our customer base and made it to rank#1 in the Apple App Store; surpassing even Facebook. But it is essential to look at the entire organisation to fix the basics and really get ahead.Your executive team needs to prioritise customer needs and drive digitalisation projects accordingly. Analogue businesses focus on their internal priorities while digital businesses focus on their customers. Customers make or break your business, so everything you do should revolve around your customers. For example: chatbots have been hyped during the last couple of years, but I think one should be careful to offer customers the sub-human experience that they provide. From my personal experience, I have felt unfulfilled and rather annoyed when I have encountered chatbots. So why would anybody want them? Most companies deploy chatbots to reduce their cost, but in reality, they don't save a lot of money and even worse, the customers don't want them. It's essential to start with knowing what your customers want and need and accordingly adjust your organisation's priorities. Then use the technology that is most appropriate to provide them with the best value addition and solve their real life problems.One third of CIOs rate cultural and behavioural challenges as the most significant challenge to meet digital priorities ahead of issues such as lack of talent or problems with legacy infrastructure. At Danske Bank, we realised that we needed to look at both our internal organisation and culture to achieve our ambitions and have everybody work together. Analogue businesses are often organised in silos while digital businesses are cross-functional. Our target KPIs were all replaced with one overarching KPI across the company "Customer Satisfaction". The teams were organised according to customer journeys and we secured strong ownership for the customer experience and agile cross-functional teams that could develop digital solutions at pace.In banking, one of the biggest inhibitors to deliver is having a very risk-averse culture. Analogue businesses are highly risk averse, while digital businesses try things out and fail faster if the product or solution isn't viable. I am continuously working on taking our culture from a "risk-averse" to a more "risk management" culture, and we are starting to see the results. Our teams are more empowered to make decisions and they are developing MVPs at pace while trying them out with our customers. So to conclude,if your digital and innovation capabilities are an integral part of your organisation, and your colleagues are doing great things for their customers, using technology whenever appropriate, then you are probably on the right trajectory. BCToday, banks have evolved with plastic cards, the internet and mobile applications, etc. but many are still relying on analogue business models and old-fashioned mainframes
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