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Embrace the
digital customer

Digital Strategy

Knowing where to invest and how you will differentiate in a disruptive world to unlock trapped value is vital for any business in BFSI. Nodes’ approach to digital strategy is business outcome focused and data driven tech-enabled. Here is our take on finding and implementing the right digital strategy.

The ongoing need for change...

“Customers today have many more channels and
options for how they bank, some, in fact, are questioning whether they
need traditional banking at all”.

Tom Kimner, Head of Global Marketing and Operations at SAS Institute.

Our Strategy

Model 17.06 outline - BFSI - Digital Strategy Landing Page
Model 17.06 Outline mobile - BFSI - Digital Strategy Landing Page

Stage 0

Digital Customer Strategy

Digital Customer strategy looks at the activities and processes that need to be transformed to provide better services for customers.

Model 59.01 outline - BFSI - Digital Strategy Landing Page

Stage 1

The need for change…

Model 58.01 outline - BFSI - Digital Strategy Landing Page

Vision

The vision will clearly set out the business outcome the project or programme will deliver, including the scale of the benefits to be achieved. Be realistic. 

Be outcome not output focused – clearly define the success criteria.

Design led – put user need and user research at the heart of the vision, and ensure you put in place effective analytics and processes to measure the impact you deliver. This will be key in senior stakeholder management.

Define how the organisation and teams will work together in delivering the desired outcome.

Allow space for the vision to evolve as new learning’s and data are captured during the project or programme.

Design

Digital Customer Programme Design – define how the relevant parts of the organisation and their component parts will be engaged and integrated to deliver the vision. Service design, operations, marketing, technology architecture, people structures, processes and contracts.

Organisation Design – define and communicate how the transformation fits more broadly with other parts of the organisational context.

Gap Analysis – assess what the internal capability looks like, (do the right resources, skills and capability exist within the organisation) what needs to be enhanced or created, what needs to be augmented, what needs to outsourced.

Flexibility and Agility – The Design will not be fixed, but will be a starting point that the organisation can align behind but will develop and integrate as its implemented as new data (consumer and service) is uncovered and new ways of working are adopted.

Plan & Leadership

Plan  – Establish success criteria, timescales and roadmap, stakeholder engagement plan that ensures sustainable transformation journeys, PMO and cross-organisational communications plans.

Leadership – C-Suite/Senior level accountability and sponsorship, cross-organisational stakeholder engagement – operations, IT, Digital.

Prioritisation – Continuously test and reassess prioritisation at a strategic level based on business outcome and user needs.

Stage 2

Vision, Design, Plan & Leadership

Model 58.02 outline - BFSI - Digital Strategy Landing Page

Culture

Design Led – Put user needs at the heart of everything you do

Collaborative environment –  that encourages innovation and ideas.

Multidisciplinary teams – drawn from relevant parts of the organisation.

Empowered teams that can drive change and innovation.

Data Driven – “you can’t improve what you can’t measure”. Better exploit existing data and capture new data to create new insight and value.

Agility and autonomy – within the organisation to react quickly to new insight, and unlock trapped value within the organisation and its consumers.

People

Liquid Workforce – Invest in sustainable core digital delivery capability, what resources do you need to own and what do you need to borrow – on-demand workforce.

Embrace “The New” – New agile ways of working, new talent (skills, experience, hire disruptors), new strategic supplier (partnership) models.

Invest in your People – Create an aspirational environment that attracts and retains the best talent – Innovative reward models, training and flexibility.

Invest in Technology – that supports virtual teams, knowledge share and skills transfer between people and teams and encourages open collaboration.

Technology

Technology enabled not led – Lead with business outcome use cases.

Decouple – Legacy technology systems and operating models that obstruct change, speed to market, and differentiation.

Exploit New IT – Work with partners to assess, test and implement disruptive technologies that could provide market differentiation and consumer engagement – AI & AR/VR powered Digital CX. Machine learning in Data Exploitation.

Build and Buy – Build only what you have to, buy more intelligently – exploit new ‘Service’ models to diffuse IT risk and cost and create agility that can scale quickly in either direction quickly and effectively. 

Continuous Innovation and Improvement – Product Management, Data Driven consumer insights, precision investments in new disruptive technologies.

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