Issue link: https://read.uberflip.com/i/1498159
In a digital-first world where consumer expectations are growing and 69% want to access their entire financial lifecycle through online channels, creating a customer-focused digital brand is essential for the success of traditional banks. Those that aren't digital-ready and don't offer a best-in-class user experience are losing customers to tech-savvy fintechs, challenger banks and neobanks. Traditional banks also face disruption due to changing regulations and limitations of internal legacy technology stacks. According to Forrester, 33% of decision-makers at financial institutions say their technology strategy is one of the greatest challenges when it comes to executing digital transformation. Moreover, 71% see accelerating digitalization as a high priority over the next year, while 69% view strengthening regulatory compliance as a primary objective. To move forward successfully, banks urgently need to deliver modern and innovative products and services while cost-effectively expanding market reach. However, many don't know where to start. For many banks, an "Inception", or digital advisory service, is the best way forward. Inceptions offer a valuable solution, guiding legacy banks on their digitalization journey. But Inception isn't just for incumbents. Digital entrants also experience challenges navigating the ever-changing and unpredictable landscape. Despite having high-level plans and aspirations, some lack the expertise and experience to build an online bank from scratch; others struggle to build the consumer trust that incumbents have sustained for a long time. It's also worth noting that Inception isn't just for banks and financial players: Non-financial institutions can also leverage the consultancy program for their digital transformation journeys. Deconstructing 'Inception', using a house-building analogy A digital advisory service for banks Inception helps established financial institutions, neobanks and challenger banks discover, define, and design a winning digital-first value proposition that focuses on profitability and customer-centricity. How does Inception work? It is an intense three- to six-week* collaborative consultancy project, including workshops that involve most banking departments, where multi- dimensional feasibility assessments are conducted across technical, operational and compliance streams. At the end of Inception, the bank has a digital banking blueprint. *Excluding the Mobilization phase But what is a digital banking blueprint? Similar to building a house, where the first steps include deciding on a plot of land and drawing up plans, banks need to choose what products to offer, how to onboard customers, and the user experience (UX) they want to provide – a digital banking blueprint. I N A N U T S H E L L Let's delve into the nuances of an Inception advisory service through the discerning lens of a house- building analogy. Inception: Step by step