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Digital Channels – Opex or Capex

All banks need to revisit their digital channels… they need continuous upgrades.. And not give responses like “we upgraded it last year”

Few thoughts to enable digital:

– Expenses in Digital are Opex in nature.. Don’t treat it like Capex.. Don’t let CFOs KILL the channel…

– Hire designers in the bank without shackles of “this can’t be done”

– Use design thinking approach for solving real customer problems… To do it, first learn how it is done…

– Ensure that your team members meet clients every day or every week. I mean real clients… Else they will go ahead with their dated beliefs.

– Get rid of people, who say no to everything… I mean firing them if they block changes

– Create change champions in each unit.

– 50 percent of teams would be in Digital and Tech areas in successful banks. Start hiring right away as there is too much deficit in this area.

Remember that digital is not just the channel, it is the bank of the future.

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