How digitally mature is your financial services organization? Read about the 3 stages of digital maturity & use a framework to benchmark digital maturity



Digitally Mature Organizations Have CX At The Core

In Part 1 of this blog series, Olga Zakharenkava looked at changes in consumer behavior, the acceleration of digital adoption and ways in which financial services can improve CX in the future without face-to-face interaction. 

Now, in Part 2, she looks at 3 stages of digital maturity, a framework to benchmark digital maturity and considerations around technology and people. 

As a company’s approach to customer experience matures, the driving factor moves from information technology or line of business requirements to customer experience (CX).  A digitally mature company has customer experience at the core of its philosophy, operations, and technology stack.

Everything, and everyone, is focused on delivering a great CX.

Digitally mature companies have an analytical, data-based approach, that puts them in a great position to enhance the customer experience. They have customer information on hand to enable hyper-personalization, which creates engaging customer communications that drive more meaningful interactions.

How digitally mature is your financial services organization?

For banks, credit unions and other financial services organizations, the challenges brought on by COVID-19 had to be met with quick responses, even if the relief was short-term.

Now that the dust has settled, getting a measure of the company’s current digital maturity is key to defining a digital transformation strategy for 2021.

One way to determine a company’s digital maturity is to ask the hard question: what is driving digital transformation?

The three stages of digital maturity according to Aspire

Source: Doxim and Aspire: CXM Transformation White Paper

Stage 1: Approximately 30% of today’s organizations are in the first stage of digital maturity. Initiatives are centered around information technology, with a focus on minimizing cost and risk. Stage 1 organizations are typically print-centric and tend to address the customer reactively and in multiple voices.

Stage 2: The majority of organizations (approximately 60%) are in Stage 2. Initiatives are motivated by line-of-business needs. Most organizations in this stage are investing in data analytics and moving towards mobile-first. Messaging is more cohesive and there is a focus on providing relevant communication.

Stage 3: Only 10% of organizations have reached the stage of prioritizing customer needs and putting customer experience at the core. These organizations have achieved consistent, personalized messaging that support cohesive customer journeys. They are channel and device-agnostic, and are growing the business through superior CX.

Digital Maturity requires METHOD + TECHNOLOGY + PEOPLE

This all sounds great, but how do you begin?

What follows is:

  • Insight into a method to benchmark digital maturity, 
  • Tips on deploying the right technology, and
  • How to support the company’s digital transformation with the right people. 

METHOD: Digital Maturity Framework

A digital maturity framework provides a picture of how your organization compares in an increasingly competitive, digitally savvy industry. Typically, a framework will have defined levels of maturity to which the organization aspires. In reality, digital maturity is not a linear concept.

Most organizations are at varying stages of digital maturity, depending on what is being measured.

Using a framework like the one below (which has customized elements that fit your sector) helps to pinpoint where your organization sits and where you aspire to be.

An organization can be professional in one area, but novice in another.  Mapping out each element helps to understand the current state and provides a great starting point for a digital strategy.

Doxim Digital Maturity Model explaining all the stages

The outcome of working with this framework is a digital transformation strategy, a plan for execution, and a map of the technologies required to support the strategic goals. 

Ask us about our Digital Communications Maturity Framework.

TECHNOLOGY: Agile Strategy With Agile Execution

To compete, banks and credit unions need a foundation in systems and processes that enable agile responses to the changing needs of customers and members. It’s no longer appropriate to plan for months and then implement for 2 years because, by that time, the outcome will not be needed anymore.

“Without agility, organizations will really battle to have a great CX.  Agility enables an organization to create, design, build, test and launch new experiences in a short space of time.”

What are the building blocks of an agile organization?

  • A best of breed tech stack that can fill major gaps and support each of the key components of ‘great customer experience’. It’s critical to bring your CX team into the evaluation and selection of technology.
  • A modern architecture that is secure and compliant, that will scale up and out, as the organization grows and requirements expand.
  • A focus on gathering, analyzing, and applying data to personalize experiences.

A smart way to approach agility is to outsource as much complexity as possible, so that the bank can focus on customers, not on technology issues.

PEOPLE: Align The Entire Organization With Your CX Goals

One of the most important goals for 2021 must be to change the mindset of the entire organization - right from the CEO and senior leadership down.

“To achieve CX maturity, customer experience must be part of the conversation all the time and it has to be at the core of every decision.”

Inspire employees by demonstrating their impact on CX and communities overall. Remember to focus your full-time employees on their core competencies while reskilling them. If employees cannot be reskilled or inspired to focus on customer experience, then you need to replace them with individuals with the right mindset. This also applies to leadership.

Unfortunately, hiring and training the right people takes time and investment that you may not have in the current environment. This is another reason to leverage outsourcing - both for your CX technology implementation and for execution functions. 

If you enjoyed this blog series, watch our on-demand webinar co-hosted by Financial Brand entitled: How to Communicate With Customers in a Digital Branchless Reality

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Olga Zakharenkava

Vice President, CCM Product Management & Product Marketing at Doxim.

Olga focuses on delivering business value to Doxim’s clients through world-class SaaS CCM solutions. She has a strong background in CCM technology for the regulated industries, product management and project management.

Olga joined Doxim in 2017 as the head of Product Marketing, Demand Generation, and Communications, and prior to Doxim, held product, marketing and strategy leadership positions at companies of all sizes, from startups to Fortune 500, including Telmetrics, OpenText, and JVL.

Olga holds an MBA from the Paul Merage School of Business at the University of California, an Honors Master's degree in Finance, and an Honors Bachelor's degree in Economics and International Management. Olga is a regular contributor to industry media, covering topics in marketing, financial services, productivity, and work management.