Digital transformation has been a hot topic for years, but has been accelerated exponentially due to the recent crisis. While financial institutions have traditionally put their customers’ needs first to remain competitive and serve their respective communities, rapid shifts in consumer needs and expectations offer an opportunity to build better systems and processes. This will require banks to identify and address the key pain points of today’s customer journey, while balancing employee enablement and potential back-office inefficiencies.

To say that the pandemic has exposed weaknesses in inefficient bank processes would be an understatement. While many bank employees and institutions played a heroic role in government relief efforts, the challenge they now face is using what they learned to improve their systems, technologies, and products. Centralized cloud-based document management systems, more streamlined online deposit account opening solutions and single-platform bank operating systems or loan origination systems are in high-demand following the unprecedented year of shutdowns and social distancing.

There are two main takeaways from this experience. First, that customer engagement through digital transformation is paramount, and second, that employee enablement through efficiency and automation is a key factor in an institution’s success. To achieve these things, financial institutions are asking how they can transform quickly and efficiently. The answer is as simple as starting small.

By assessing an institution’s pain points, financial institutions can deploy a micro-transformation strategy for the highest ROI, with the least amount of disruption. Banks can learn to automate manual processes, reducing repetitive, manual data entry and eliminating the need for physical paper files by sourcing a central cloud-based document management solution.

Undergoing a digital transformation now may seem daunting, but institutions can ease the burden of change by implementing new technologies piece-by-piece. Each change will allow the institution to quickly reap the benefits, while offering minimal disruptions in the bank’s day-to-day workflows. In addition, these more efficient processes will give bank employees more time to develop relationships with current and prospective customers, and offer better levels of service with faster response rates.

As we embrace another year full of changes and challenges, banks must take this opportunity to transform their business, enhance customer relationships, create more efficient internal processes and deploy new technologies to improve and differentiate their institution.

To learn more on how micro-transformations allow institutions to accelerate time to value in manageable, cost-effective stages, download nCino’s complimentary white paper, “Think Small: How a Micro-transformation Strategy Can Yield Big Results.”