Credit Unions are eager to complete their digital transformation, but the scope of this effort is overwhelming. It requires a top-down transformation rather than just a few tweaks or additions. Getting lost in the creation process is easy, but customer journey maps can lead you toward success.
Customer Journey Maps: The North Star to Digital Transformation. “Companies are eager to complete their digital transformation, but the scope of this effort is overwhelming. It requires a top-down transformation rather than just a few tweaks or additions. Getting lost in the creation process is easy, but customer journey maps can lead you toward success.
These maps clarify how organizations can become more customer-centric. In doing so, they also create alignment across teams, projects and departments. In other words, journey maps allow companies to coordinate customer efforts while also reworking their approach from the inside out. Digital transformation involves the same kind of effort.”
Financial services customers cling to paper statements. “Although many people use online banking to check balances and make transactions, they still often receive some paper records, such as policy documents and statements. They may not know their provider offers a paperless option, so stay with postal correspondence by default. Even if they do know, inertia may mean they do not get around to changing their correspondence preference. Individuals might also want to have physical documents for their file keeping and to help them file tax returns.”
People prefer credit unions, but the clock is ticking. “Banks and credit unions must get their digital acts together in the next two to five years. If they don’t they will face one of two likely futures: either they will get acquired or become dinosaurs.”
The inside tale of how Nokia lost a market it dominated. “Nokia was already a classic example of the perils of disruptive innovation for industry leaders. Mr Siilasmaa’s account underlines how little influence board members often have when faced with an entrenched management team. He insists that a board’s role must be to challenge management. Bosses must have an attitude of “paranoid optimism”, always on the lookout for potential threats. Nokia’s story shows why.”
How Artificial Intelligence can make us better at being human. “With most technology throughout history — the printing press, the textile mills, the telephone — the tectonic shifts for workers were both huge and subtle, shaping a landscape that was changed but not completely unrecognizable. AI, for all its transformative implications, is similar. As McCargow points out, there’s been a lot of concern over machines eroding our humanity, chipping away at what it means to be human. But that doesn’t have to be the case. Done right, machines could help us learn to be better humans.”
The right way to spend your Innovation Budget. “Finally, the thinking and practice of innovation should start from the premise that successful innovation is driven by the shared value created. Innovation should be value-driven; corporations, and governments, need to create value for a network of stakeholders: customers, suppliers, and the firm — maximizing value solely for the owners is not enough.
A corporation can have the same idea, product, service or technology as its main competitor, but to win in the marketplace it must develop a new business model, customer experience, or service system that will put that new idea, product, or technology to use.