More than ever, the world of enterprise is rethinking the way it creates, communicates and effectively gets the job done. At a time when business models of the past are quickly becoming irrelevant, companies are looking for new approaches to maintaining successful bottom lines. One word in particular has ruled in conversation: digital. After unprecedented numbers of workers transitioned to remote work, companies who didn’t have the proper technology or digital channels in place rapidly scrambled to create them, and the timeline of digital transformation was pushed from somewhere over the horizon to right now.
The rapid onset of digitization due to the pandemic will not only have short-term impact, but will most likely change the way that organizations approach their technological foundations and culture for years to come.
Digital transformation is happening now
VeriTran’s Low-Code platform allows companies to create apps that can be tailored for a variety of needs, improving deployment times and delivery cost without writing a single line of code. With more than 50 clients, reaching more than 15 million users worldwide, the company I’ve helped many institutions in the financial services, public sector, and healthcare industries through the process of rapidly creating their digital channels. According to Omar Arab, investing in technology and building out digital offerings has been key for companies in staying afloat — and even thriving — during the pandemic.
Arab highlights that the key factor in being prepared to tackle digital acceleration is primarily “being able to meet today’s increased digital demand with rapid time-to-market.” In this regard, the executive says that “during the pandemic, we have actually seen exponential growth in financial technology industry. For instance, the use of digital channels grew 200%.”
The key to quickly shifting to digital? Putting people first
If organizations were not prepared for the sudden paradigm shift to remote and digital first, there are certain changes to consider moving forward. People are the key driver of organizational change and modern businesses, from SMBs to major enterprises, should establish a people-first mindset within their organizations.
The first part of a people-first mindset involves focusing on customer-centricity. “During these times, placing the customer first is the most important part of the digital transformation journey,” says Arab. “You can always lead with data, automation and analytics, but in order to truly reach consumers at a time when budgets are tighter than ever, creating a best-in-class user experience will be the key differentiating factor.”
The next frontier
Think of the concept of digital transformation as a marathon, not a sprint. Organizations must carefully reevaluate their technology strategy now that the immediate rush to digital is over.
The financial industry has been talking about certain buzzword technologies for a while: AI, blockchain, and more. However, “now is the time for companies to move beyond hype and invest in technology that is truly useful to their business models and elevates product and service offerings,” Arab says. “For example, in the financial industry, we’re seeing successful neobanks focusing on AI and big data. This has been a game changer in taking user experience to the next level, and truly understanding the customer journey.”
Companies looking to successfully navigate the modern financial industry landscape must move to build out digital channels, automate and streamline processes whenever possible, and create a people-centric strategy. The journey to transforming standard company culture and practices may be a long one, but will ultimately allow company’s to thrive in the new normal.
E: sales.us@veritran.com
Tel: (929) 224-5640