The need to go Agile for banks is a no brainer, in the technology world of today, it’s the only way to survive.
How can banks be Agile? That’s a different issue altogether.
To be Agile means the ability to reduce fixed costs, create efficiencies, introduce products quickly and improve revenue and most important be flexible.
Agile banks are primarily digital first, but for banks to transform to becoming digital requires being nimble, having a mindset change and bringing change management within its employees.
These six steps can help banks become Agile;
1. Nothing will bring in the culture of Agility if banks don’t train and empower employees to become Digital first themselves
2. Be obsessed with the customer and his journey – Customer Journey Mapping is key
3. Transform Branches to Community Networking areas
4. Use Social Media for Customer and Consumer Engagement
5. Embrace innovation to improve operations and use Robotic Process Automation (RPA) to increase efficiencies
6. Experiment, Experiment, Experiment – inculcate a startup mindset across management & employees