Banks in digital deep sleep

But anyone who thinks that new technologies will bring a digital way of working to the entire corporate landscape is mistaken. A look at the reality shows: Quite a few companies are still sleeping through the digital transformation. With the rude awakening comes the realization that such transformations do not happen at the push of a button.

In order to prepare accordingly, the boardroom must also face up to fundamental changes - in addition to the use of innovative systems. In particular, they need change management, holistic processes and a realigned mindset. Because only rethinking managers who lead their company with strategic and agile Management 4.0 will achieve the goal of a modern workspace.

Decision-makers in all sectors must therefore ask themselves important questions in this context: How does digitalization affect our business? What new or changed requirements does our target group have for our services? Do we need to adapt our fundamental business model and if so, how? What opportunities do the new technologies offer us and are processes optimally digitized and automated?

Redesign process

Newly designed work processes also change the demands placed on people. Sluggish implementation of digital working methods can often be attributed to a lack of acceptance among employees. Most of them find it difficult to leave familiar work processes behind. If the new primarily causes anxiety, employees prefer to take refuge in the familiar, which prevents them from embracing the necessary changes.

Solutions here extend, for example, to the use of decentralized scanning and printing processes that are characterized by logical and simple handling. Although these are only part of an overall process, new applications bring simplicity and enjoyment, thus increasing the acceptance of intelligent work processes. Adaptations to digital conditions make it possible to design internal bank processes more effectively and cost-effectively.

Save banks

At the moment, it's all about saving, saving, saving - not for customers, but for the banks themselves. Due to the low interest rates, it is hardly worthwhile for savers to invest their money, and they often even expect negative transactions as a result of negative interest rates. This in turn leaves deep scars in the banks' balance sheets and requires savings measures on their part - currently more than ever.

While the way we work is changing, consumers are also placing new demands on companies in the wake of digitalization. In the near future, we will primarily encounter hybrid customers who want to be served both offline and online.

As bank customers become increasingly digitally literate, they also want to be able to communicate as conveniently as possible digitally. Nevertheless, they continue to value the option of being able to contact us personally on site.

From offline to online customer

In addition to traditional online banking, financial service providers will also have to provide digital and analog banking services that require intensive advice in the future.

Savings banks and cooperative banks are faced with the challenge of not losing their deeply rooted analogue and regional customer relationships in the anonymity of the World Wide Web in times of digitalization.

Despite the need for change, it is important to retain the strengths, take them into the future and integrate them into new concepts. Despite adapting digital working methods, this also means transferring traditional values into the new era. Because one thing is certain: Banks that do not adapt their business model to digital transformations today will not be able to survive in the medium to long term.