Or why the transition to digital services is about more than the technology.
Writing recently online for fintechfutures.com*, Richard Jeffreys (founder of CX ALL) asks some searching questions about the use and misuse of the term “digital transformation.”
He argues that the term came into being to describe a seismic shift: the movement from traditional business infrastructure to digital services. Typically, these are cloud-based and don’t rely on hefty in-house computers. Using the term to describe further progressive changes, he suggests, is inaccurate and misleading.
So, what’s the point of digital?
Jeffreys also identifies the danger of conflating the technology with its purpose: enhancing business performance. Of course, the operational aspect of adopting digital for efficiencies is fundamental. Still, the end goal should also encompass elevating customer experience, adding value, and boosting employee satisfaction.
It’s easy to forget these priorities. Sometimes, the technology can seem an end in itself. That’s a dangerous route, rather like chasing a rainbow.
While startups have the advantage of embracing digital services from the get-go, established businesses like banks and credit unions also need to tap into the advantages of new tech. A widespread misconception is that transitioning is an “either-or” choice, often associated with high costs.
Opt for the technology that has real benefits
Change for change’s sake is futile. Established businesses need to choose the digital services that bring tangible gains, and they should be astute enough to avoid changes that turn out to be fads.
In fact, its not necessary to chase the latest fashion in order to stay relevant to your customers. This is especially helpful for banks and credit unions, who need to leverage the benefits of digital without discarding legacy systems.
Striking the perfect balance
Take Money 4 Travel from Essiell as an example — a hassle-free and cost-effective travel money service. Being cloud-based, Money 4 Travel doesn’t demand big and costly hardware upgrades. It’s user-friendly for customers via smartphones (book currency online, and collect from your chosen bank or credit union branch) and for branch staff, it integrates seamlessly with existing point-of-sale terminals.
The service bolsters both customer experience and operational efficiency. It delivers improvement without disruption.
Forget tech fashions – zero in on your chosen digital services
Money 4 Travel’ success stems from its design. It prioritizes both business and customer needs. It delivers a great experience for all stakeholders, as well as being very cost effective.
With over 20 years’ experience in software development, at Essiell we’re constantly developing and testing new technologies. This is evolution, not a radical “transformation.” Meanwhile, user interfaces and experiences evolve at their own pace depending on demand.
So, if you’re worried about the shock of “digital transformation,” don’t be. Choose wisely and it will about services that evolve naturally according to your needs.
By Bjorn Larsson, CEO at Essiell Ltd, the power behind Money 4 Travel. Essiell is a leading specialist in fintech solutions for retail travel money, financial control, information technology and data security, and compliance.