This blog is a continuation of ‘How Digital Is Your Institution?’ In case you have not read it, I would recommend you to go through the Digital Maturity Matrix to evaluate which processes to prioritize based on their current and desired level of maturity. For example, native digital lenders have different business models than traditional financial institutions, which often possess significant physical infrastructure, scale, brand, and market knowledge. The Digital Maturity Matrix will help Traditional Financial Institutions to examine their current lending workflow on which the institution operates today, and plan accordingly for the Late Cycle.
Click here, to download the whitepaper on ‘Transforming Lending in the Digital Age with Technology’ to consider a suite of radical organic or inorganic moves for bold Late Cycle moves.
The Ideal approach of digitization of a Financial Institution is not smooth and straightforward. It will vary with respect to institutional goals, client segments, market distribution, institutional skill set, existing assets, and culture. Although transformation won’t start overnight, there are steps any Financial Institution – regardless of market or maturity – can take today to advance along the continuum.
We at Zuci Systems developed step by step framework to help Financial Institutions plan their digital lending journey. Please note these steps are not necessarily sequential – many could be conducted in parallel, and the process is also iterative.
Transforming institutional objectives into a compelling customer value proposition requires a deep understanding of the above-said process framework to head start your Digital Transformation. In order to keep it short and add importance for each step, I have split the framework into 5 Individual blogs. Stay tuned to know how to “Access and Build Your Digital Readiness”.