OCTOBER 20239someone as being part of the "legacy" organization. Including everyone through thoughtful language is as important as the communication itself.2. New Technology = New processes Identify your customer pain points. At Arvest, we refer to these as "rocks in the shoe." Where there is customer pain, there is typically inefficiency in processes.Begin by looking at your customer pain points and create new processes from the outside in. It is easy to fall into the trap of solving the problem or process from the company point of view and what you need to do to help the customer. Some processes may require time to address, but identifying small, quick wins can bring immediate value to customers and employees while your team builds long-term solutions.Thoroughly understanding our pathway to transformation also allowed us to find efficiencies along the way. For example, we identified a customer access problem that stemmed directly from challenges with account management. We streamlined the service from top to bottom and decreased our contact center calls by around 1,000 per day. Taking these deliberate steps will help you fuse your transformation together with your business goals.3. Keep pace with changing technologyTechnology is the foundation of your transformation, and is one of your biggest ongoing challenges. Industry innovations and customer expectations change daily, and adopting the latest tech requires an agile delivery approach that many leaders struggle to fully embrace.We are modernizing our bank's infrastructure by partnering with leading providers and moving our operations to the cloud, giving us the ability to meet those ever-shifting demands.Artificial intelligence (AI), machine learning, cloud computing and blockchain are the focus of technology transformations, but the industry is moving quickly. In a few years, digital spaces, biometrics and generative AI will likely take major leaps, and banks will have to be agile enough to respond.Technology innovation is accelerating faster than ever and there are no signs of slowing. Financial institutions must embrace the technology that can keep pace and empower leaders not only to meet changing customer expectations, but also the ever-shifting regulatory environment.Fully embracing a future of new technology will help put any company in a position to be successful in the long term. Successful transformation depends on ensuring that your processes, people and technology align with the right goals. Company leaders can help create the perfect conditions for ongoing change through careful planning, transparent communications and embracing change. BC
< Page 8 | Page 10 >