Solution introduction

How much action actually needs to be taken in your bank? Where should the digitalization process begin? Are you on the right track? How do you develop a digital strategy? At this point it is worth noting that there is no digital strategy as such. The key is to have a corporate strategy for a world that is rapidly changing as a result of digitalization.

In 1969 Arpanet laid the foundation for today’s internet; in 1973 the first call was made on a mobile phone; and in 1989 Tim Berners-Lee developed a hypertext system that was to become the World Wide Web.

So why is it only now that we are talking about digital disruption if the technology has been around for so long? It is not the technology itself that is changing everything, but the users.

Bank customers are among those users. Anytime and anywhere, they can use their smartphone to compare terms and conditions, optimize their portfolio, get an expert opinion, and perform transactions. The channels a bank controls, like the branches, are playing a less important role.

At the same time, competitors and potential lateral entrants to the banking market are also users. They win customers by offering attractive services, and they operate at relatively low cost. They are quick to try out new things. Their time to market is short. If a business idea fails, generally speaking little damage is done. Young firms have the added advantage of being able to operate free of the «baggage» of legacy issues.

There are other stakeholders to consider on the market in addition to the above user groups, including suppliers and providers. Without listing them all, it is fair to say that the transformative effect of digitalization touches broad areas of the banking market and is not confined to technology.o develop a corporate strategy, it is important to know and understand the effects of digitalization as fully as possible. This applies even if you are only planning single steps or a gradual approach. Otherwise, there is a risk of starting at the wrong end and using resources to little effect.

The Synpulse Digital Health Check has been developed specifically in response to these needs. It is a structured method in which the digital «health»of a bank is analyzed in detail and charted in the Digital Health Profile. Synpulse then takes this as a basis to develop specific strategic action with the client. If you are interested in learning more, simply let us know. We will be only too pleased to help.

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