The current COVID-19 pandemic is changing many aspects of the way our society operates. The current climate has made it clear that efficient, responsive service backed by quickly scalable processes and systems is more critical than ever before.
Consider some of the effects the current public health crisis is having on banks and non-bank lending institutions:
- Social distancing requirements are shifting in-person interactions to electronic and telecommunication systems causing higher call center volume.
- Digital solutions became a necessity overnight to help people access accounts, pay bills, and receive stimulus aid.
- The SBA Paycheck Protection Program release resulted in a flood of loan applications almost overnight, which many institutions were not prepared to handle at scale.
The Crisis Introduced New, Immediate Demands
As the person responsible for taking the lead and ensuring the success of your financial institution, you know things are moving too rapidly to ignore or cut investment in your technology infrastructure.
But where does that transformation begin? Before recently, it began with an idea. In the matter of a few short weeks, we have seen demand for transformation skyrocket, to answer an immediate need. And as financial institutions grapple with how to solve for our current environment amid the pandemic, many are thinking outside the box.
Before rushing to source Fintech providers and cobble together a solution, however, it’s important to understand how to lay a solid foundation to meet the demands of the moment and create a roadmap for the future. With a platform like Salesforce, you can solve the most pressing problems now, and still have the flexibility to adapt to any new scenarios that come up in the future.
Understanding Digital Transformation vs. Digital Evolution
Transformation can best be understood as a significant change that happens quickly, whereas evolution is a process in which small, incremental changes compound to create significant change over time.
Given the current social climate, the immediate answer is to embrace the urgent need for technology transformation and use the level playing field as a foundation for the evolution that will happen coming out of the pandemic.
Laying a solid digital foundation with planned, incremental design solutions released over time will allow your organization to pivot quickly and adjust to changing needs and demands. Breaking up the problem into consumable phases (an evolution) makes better use of available resources and eases people into the new ecosystem.
When planning for technological innovation keep in mind that it’s not just about technical acumen and resource allocation. Technology decisions are also cultural decisions. As an executive, you need to have an understanding of what challenges you are trying to overcome, what success looks like, and how to measure that success within the unique environment of your financial institution.
Utilizing a Partner to Ease the Pain
Navigating change is tough when the norm has been altered so significantly. You may not have the time to explain the ins-and-outs of the financial services industry to a technical expert that isn’t familiar with your business. It also isn’t helpful to get a quick fix for the immediate crisis without thinking about how it will be your foundation for the new normal.
You want a partner with both the technical acumen to support your implementation and in-depth industry knowledge. Finding a good partner means finding someone who is less interested in telling you what they think you should hear, and more about listening, collaborating, and guiding your organization. Anything that is done to overcome current challenges should also be able to support the evolution going forward.
At Fortimize, we have the technical skill, plus the industry knowledge to guide you through laying a foundation, with the ability to solve the critical, time-sensitive challenges. We work with you to define a roadmap and plan for the future. We also understand the cultural dynamics and transformation associated with rapid changes to technology, and we work to help your key stakeholders become Salesforce Champions.
If you haven’t already, now is the time to take action for solving your immediate need, and lay the groundwork toward a technology evolution. Reach out to me and I’d be happy to share more insights on what your digital foundation can look like: firstname.lastname@example.org