Digital is the solution
In response to the COVID-19 pandemic, FIs everywhere are increasingly relying on the digital channel to serve account holders while keeping their assets safe. From making mobile deposits with the click of a button to facilitating digital account opening and onboarding in minutes, banks and credit unions are eager to make the most of technology.
For FIs that have remained open during the coronavirus crisis, account holders are likely reluctant to visit brick-and-mortar branches. The sudden need to accomplish more in the digital channel has found many FIs struggling to provide additional or enhanced digital banking offerings.
Consumers and businesses continue to need to open accounts, apply for loans, and more—and they’re looking to their FI to help them navigate and minimize the disruptions caused by COVID-19.
Moving away from conversion aversion
As the call for social distancing increases and digital banking becomes the default transaction method for account holders across the country, FIs may find themselves behind the digital curve. Compounding the challenge, they may be hesitant to change established practices or concerned about executing a lengthy conversion process—and the stress it can cause for management, staff, and account holders.
Fortunately, there are digital banking solutions that can be implemented in a reasonable timeframe and digital banking providers who can guide smart, innovative strategies for banks and credit unions.
A direction to digital success in uncertain times
Consider four key components that an FI can implement to make the system conversion process less daunting for branch personnel and account holders:
- Organizational readiness
- Application testing
- Limited production go-live
- Go-live
Also critical to success are:
- Project team organization
- Project manager delegation and assignments
- Effective internal communications
- Third-party vendor management
Q2, is dedicated to helping FIs maintain their bank-from-anywhere digital branches while growing their account holders, streamline onboarding, and assist in marketing their services via a mobile-first experience. Nothing could be more vital to the health of FIs, especially during this remarkable and challenging time.
Best practices for a timely, customer digital banking conversion
Learn more about the conversion process and ways to provide better digital banking in this time of uncertainty. Download Q2's instructive report Preparing for a Successful Digital Banking Conversion that covers the stages and best practices for a timely conversion.
