Are you looking for the right digital transformation agency to help your banking business succeed in this competitive, ever-changing market? Selecting the right partner can be a daunting task. From considering the resources, skillsets, and experiences of each provider to understanding how they will enable your company’s goals; there are many things to consider when making such an important decision. Taking some time to ask key questions can help narrow down the field and ensure you make a wise investment in one of these critical long-term partners. In this blog post, we’ll discuss five essential questions that should be asked during the process of comparing different banking digital transformation agencies.

1. WHAT SKILLS DO YOU NEED MOST TO MEET YOUR DIGITAL TRANSFORMATION AGENDA?

The ideation and vision statement should come first. After that, determine the needs and develop a new company model. Organizations need to figure out how to engage customers, empower employees, improve operations and business processes, and transform goods and services.

2. DO YOU HAVE THE RIGHT TECHNOLOGY SKILLS TO DELIVER THE TECHNOLOGY INNOVATION YOU NEED FOR GROWTH?

Your technology portfolio’s shortcomings are frequently the cause of market restrictions. If so, you should find out what new technological abilities are needed to reach these new markets.

3. DO YOU BELIEVE THAT YOU HAVE ENOUGH TECHNOLOGY AND DIGITAL-LITERATE EXECUTIVES TO ACHIEVE YOUR DIGITAL GOALS?

In most organizations, there is a skill gap between the IT department, which has pockets of deep expertise in using big data, the Internet of Things (IoT), machine learning, and predictive analytics to drive innovation, and the talent required to perform all the functions. Particularly among individuals in management or senior roles, there is frequently a lack of awareness and fear of these types of technology as well as an inability to comprehend how to operationalize them to promote company innovation. However, since management is in charge of making financial decisions, it is in your best interest to inform leadership about these technological options so they are aware of how technology may support their aspirations.

4. IS TECHNOLOGY HELPING YOU WIN AGAINST THE COMPETITION?

And not just from the rivals you already know about today, but also from unforeseen sources in the future. Who would have thought that one of the top corporations in the hospitality and travel sectors, Airbnb, would not even own a hotel?

5. IS YOUR DIGITAL PLAN INCREASING YOUR BUSINESS OR TECHNOLOGY AGILITY?

Your business can become more agile thanks to digital. In order to keep their competitive advantage and fend off new competition, a lot of banks established a FinTech subsidiary because their old banking infrastructures did not let them.

CONCLUSION

If you are currently in the process of choosing a digital transformation agency for your banking institution, make sure to ask these five questions. The right agency will not only have the answers you are looking for but also be able to provide guidance and support throughout every step of your journey. When it comes to finding the best digital transformation agency for your needs, SmartOSC Fintech is here to help. Contact us today and let’s get started on taking your banking institution into the future.