On average, 70% of companies that attempt digital transformation fail. After that, It is not easy, nor is it something that can be achieved overnight. After that, Beginning the merging of your physical and digital components in an effort to address new consumer needs takes time and effort.
However, it can be done, and these financial companies are proof of that.
Headquartered in Singapore, DBS Bank was the first to launch a digital-only bank. At the start of his day, he knew he needed to focus on three essentials:
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How it could change the culture of the company not only to make it feel digital, but also to Estonia WhatsApp Number List operate like a true startup.
DBS Bank knew that it would not get very far by focusing solely on the actual digital processes and leaving the necessary organizational change in the background.
It spent the first few years of its digital transformation laying the groundwork for its future implementation, including building common platforms that worked with all of its bank branches.
This allowed it to start thinking about how to become agile, increase the speed of its go-to-market efforts, and increase its pace of innovation.
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Useful acronyms that helped the entire organization get on board with digital transformation.
RED — Respectful, Easy to deal with, and Dependable, in everything related to customer service.
ATE — Acquire, Transact, and Engage — customers do all of these things digitally.
DBS Bank made sure that their team had clear missions to work towards and accomplish. In the end, he found scalability, speed to market, experimentation, and more.
An example of its success was the mobile banking offering in India. DBS Bank wanted to scale their presence in India as they had limited branches in that area of the world.