Let’s talk digital experience. Specifically—why is it so essential for the success of your financial institution? We’ve all got a general idea on how to answer that, but perhaps the details are a tiny bit fuzzy.
That’s where Jeff Keltner comes in. As Senior VP of Business Development at Upstart, he offers a lot of fantastic insight into the how/what/why behind the right kind of digital transformation for your FI. And he shares top tips—this week on CRMNEXT’s Banking on Experience podcast.
What’s Covered?
Defining “digitizing legacy processes.”
One of the most insightful comments Jeff once heard from a colleague was this: All digital transformation has to start with a process re-structure. Because, as he says, “If you don’t, then you end up what I have described as digitizing a legacy process—where you just kind of do the same thing you used to do but with a new coat of paint that’s digital.”
Top 2 digitization challenges FIs should tackle first.
- Underwriting.
- Jeff believes the move to automated underwriting systems—or at least much more sophisticated score cards—is incredibly valuable, as is the ability to automatically draw on information.
- Digital Automation.
- Our expert shares some fantastic insights around this that you’ll want to listen in for, but what it comes down to, for him? “It’s really thinking about—how do I find that data in a way that’s not available to me in the branch?”
Integrating different channels across the digital journey.
Jeff believes the integration layer of data between systems is in area that’s all too often underinvested in. It’s not just about digital frontend.
“I don’t think it’s rocket science on how to do this stuff, to be honest,” he says. “But it’s investment in the non-sexy integration layer that really takes you from kind of an ok digital experience to best in class. And increasingly, I think customers are going to demand best in class.”
CX + EX: how your data strategy affects both.
Digital experience impacts members and customers directly, but there’s also a direct impact on the employee experience. And it’s no secret the two are very much intertwined.
Jeff offers fantastic examples here that you’ll absolutely want to lean in for.
The convenience factor.
Our expert believes we underestimate how much the Amazons and the Ubers of the world have conditioned us to expect immediacy. And he also believes we underappreciate the value of convenience and the cost of friction. “We have found in our work that consumers are not only rate-sensitive—and they are rate sensitive,” he says, “they are very much effort sensitive too.”
Digital Experience & growth (hand-in-hand).
As a FI, of course you’re focused on growth. And, of course you’re interested in investing in your members/customers lives. The two may seem at odds, but Jeff believes they work together.
“To me, it’s not about—grab new people who are going to do one thing, transactional members; it’s about how do we provide experiences that really earn the loyalty of repeat business over time? And you can do that through these capabilities.”
Want to contact our expert?
You can email jeff at jeff@upstart.com, and be sure to check out the weekly podcast he himself runs, called Leaders in Lending for more great advice.
Find this interview, and many more by subscribing to Banking on Experience Podcast on iTunes. You can also find us on Spotify, Google Podcasts, or visit our page on Casted.
