How a Successful Bank Is Undergoing Digital Transformation

I recently had the pleasure of chatting with Daniel Le of Germany’s Commerzbank. During the conversation, we covered topics such as defining success, motivating an organization to get moving, security, what to measure, and choosing partners.

A few points particularly interested me as they emerged from the discussion:

  1. Even successful companies can benefit from digital transformation.
  2. Even highly regulated industries like financial services provide ample room for transformation.
  3. Sometimes a little transformation is necessary before embarking on a new program.
  4. It is important to step back and acknowledge the transformation which has occurred during and after a major program or initiative.

Points 3 and 4 are overlooked surprisingly often

Why would we believe that our current organization, processes, systems, and culture are prepared for the changes ahead? Aren’t these the very things that got us to this point where we want to change?

It is critical to prepare adequately before embarking on the journey

  • Will our current processes (governance, funding) be fast enough to support the kind of experience we are hoping to create?
  • Are people and teams organized into units that will encourage a focus on the new experiences?
  • Have you thought sufficiently about what you will measure?
  • Will communication continue to happen along with old patterns with the same recurring meeting and the same email groups? Will that be optimal for this new effort?

And, just as it is imperative to prepare ourselves with a little transformation ahead of time, it is crucial to periodically evaluate how things have changed once you are underway.

It is so easy to get lost among the to-do lists and little fires that we miss out on the opportunity to celebrate the distance we have already come. This organizational self-evaluation is very useful in determining what the teams excel at and what holds your company’s attention.

It can also be a nice pick-me-up on one of the inevitable frustrating days.

A well-designed API and healthy partner ecosystem are not enough to guarantee success. The conditions conducive to success must be created at multiple levels throughout the organization. Learn how the Catalysts can help you on your digital transformation journey.

Watch the webinar replay “How to Transform a Bank: An Interview with Commerzbank API Banking”

 

 

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