JUNE - 201919TechRulesCXO INSIGHTSMobile device usage has risen to prominence over the past ten years across many industries; retail, healthcare, banking, and more, to make seemingly mundane tasks now considered the mobile moments that win and retain customers. In banking, mobile transaction volume surpassed branch transaction volume nationally in 2015 and hasn't looked back. It is safe to say that society is in love with mobile interactions to the point a mobile device is our trusty digital partner. Knowing this, even just anecdotally, warrants a business plan focused on exceeding expectations via mobile banking. Mobile banking is a mainstay part of consumer interactions, our business success, and a vital connection pointin a larger digital ecosystem. The question is, how do we effectively engage with customers digitallywhile the competitive landscape is more daunting than ever before? Go Native, Digital NativeBalancing the demand for new platforms, consumer expectations, competition, and more, we must constantly assess our delivery of best-in-class digital experiences, which now includes wearables and voice banking. However, roadblocks in several areas tend to limit success in achieving that goal; failure aversion, talent shortcomings, a rigid culture, and anunwieldy tech stack are just a few. Even if some of those challenges don't exist, the necessity to increase mobile iteration velocity, innovation, and benefit to your organization beyond providing a convenient transaction channel are immense. To help curtail that pressure, a digital start-up that is separate, but affiliated with your main organization can be the solution. A new lease on digital life to help harness the power of mobile banking and deliver on consumer expectations commensurate with the largest and most forward-thinking tech titans. Some of the benefits of this approach are:· A mobile-first culture built from the ground up· Support of nascent technology with an open platform· Allure of a start-up environment for new talent recruitment· A new tech stack with robust analytics · Room to iterate and fail· Speed to market ­ mobile velocity · A mutually beneficial relationship with the main organization· An effective measure against the encroachment of challenger banks and technology entities This proposition is meant to open minds and relies on leadership, conviction, and perseverance, but it is not a small endeavor. If you are already at the peak of digital banking success or your organization is resigned to a steadyjourney of small wins, perhaps this strategy is not for you. However, take solace that it exists today in various forms; you might not be a pioneer, but you would be amongst trailblazers. Standing up a digital version of an organization can be found with:· Finn by Chase· IncredibleBank, a division of River Valley Bank· Simple, now owned by BBVA Compass· Civic Federal Credit UnionBy Thomas P. Novak, AVP of Digital Banking, Visions Federal Credit UnionCreating a Digitally Native Organization to Unleash the Power of Mobile Banking
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