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Conducting a deep digital transformation

first_imgDid the Rubber Meet the Road?So many financial institutions have been focused on creating that ultimate digital experience – the focus was on design elements, process improvement, and an investment in technology components. So, how is all of this panning out in today’s environment? It has been challenging to say the least; while there is certainly the intent to serve consumers digitally, the execution of the strategy does not live up to the promise. No, the rubber is not meeting the road!Are We Truly Digital First?My friend Jason says it best when he states, “Don’t come to me with more people to solve a digital first challenge, figure out a way to reduce the amount of people to solve the problem.” That is a digital first mantra that should drive your digital transformation.Let us start by answering some basic questions:Can the consumer open an account digitally?Can the consumer apply for a loan without human intervention?Can we decision the account/loan through automation?How can the transaction be completed/fulfilled without paper?Can the account be serviced digitally?Defining Real Objectives & Measures of SuccessHere are five objectives and suggested measures of success:Digital should deliver on the promise of ease; you measure this by a goal of 99%+ completion of the application. If it was easy and convenient, the applicant should have no problems.Digital should be fast; our goal should be to ensure that it does not take more than five minutes to open a new account. Maybe four minutes? Can we do it in less than three minutes?Digital should be efficient; we do this by ensuring that we simplify the process and even minimize the number of (system) calls to complete a transaction.Digital should ensure correctness; there is no need to keep going back to manually check the completeness and correctness of transactions – how about a service level of above 99.5%.Digital should ensure independence; can we minimize the amount of people that may be required to complete the online task (application). How about a goal of less than 1%?We do not even need to look at Amazon. Think about those small retailers who have implemented electronic commerce – every single one of the objectives listed above are achievable. Else, you would not call it electronic commerce.Simplifying the AskWhen we have a conversation with the CTO/CDO/CIO, here is what we should be asking for:Automate repetitive processes, and digitize as much as possibleBuild our brand in the digital worldFind, engage, and serve consumers digitallyOur employees should be digitally savvy and become digital mentorsSystems we install HAVE TO integrate, reduce those one-off islandsThe insight garnered should be organized and sharedWe have to be agile, adapt to change, and keep improvingDigital has to drive real ROI. Think about our long-term strategy – can we support our current growth strategy through branch growth? How many more consumers can a physical branch support through the correct application of digital? Can we boost the adoption of financial solutions to the consumers we serve? Could we scale to more with our current infrastructure? Can we do more without adding people?What We Have & What We NeedOur current technology infrastructure includes these key components – a core banking system, digital banking platform, LOS/AOS, self-service, contact center, payments processing, databases, reporting, and consumer messaging.Progressive financial institutions are beginning to add an API tool kit, biometrics – for those we serve and for us internally, RPA for those repetitive tasks including complex repetition, AI to do even deeper thinking, analytics – for real-time queries to predictive to even prescriptive, omni-channel scheduling because time is money, and a focus on everyday payments – remember, our brand can be carried in our consumer’s pocket.Our people need to be empowered; we have to focus on educating them beyond just knowing the products we offer. To be appreciated as mentors, our people need to be looked upon as wise financial counsellors, who are empathetic and digitally savvy. Consequently, all our channels (especially our people channel) need to be selling those we serve on the access and availability we provide. Yes, digital provides 24×7 access.Avoid the Charlatans & Some Cardinal SinsMany digital transformation initiatives promised us the world and so much more. You know who they are – take a look at their initiatives, they have fallen way short of what they promised. All those books, all those articles, all those promises – clearly false.Also, do not tolerate your contact center or branch team telling you that they are unwilling to pick up the phone to help a consumer out with an application because it will mess up their performance statistics.And, please do not fall for cool. Seamless is a journey, not a destination – we keep improving.Driving Digital SuccessYour digital success is a journey and will be driven by a step-by-step approach. Focus on fulfilling journeys for the many personas you serve across multiple channels. So, in no particular order, define personas, identify journeys, and think about mapping these across channel.Think digital first (independence) as you chart these journeys. And while you do enhance your digital speak, remember that “Ohana” feeling of family. My friends from Hawaii say that digital is cool as long as your warmth comes through.Send me a note ([email protected]) if you want to join a digital readiness roundtable discussion with a dozen of your peers (this group is rocking digital). Also, remember my friend Jason – he is looking for someone to drive his technology transformation. And do let me know how your journey is going. Wishing you the very best through these trying times. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Sundeep Kapur Sundeep has been assisting financial institutions with their omni-channel strategies – a more effective branch, a better online experience, & great consumer engagement. 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NBA eliminates timeouts to keep the ends of games moving

first_imgPagasa: Storm intensifies as it nears PAR The league’s Board of Governors unanimously approved some changes that will potentially eliminate four timeouts per game, help speed up the final minutes of games and emphasize a timely resumption of play after halftime.The changes all go into effect starting this coming season, the NBA said Wednesday.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsTeams will be limited to two timeouts in the final three minutes of a game, instead of having up to three. All four quarters will have two mandatory timeouts, after the 7- and 3-minute marks.“We’re pretty happy with the length of the game,” NBA Commissioner Adam Silver said. “We were more focused here on the pace and flow of the game. What we heard from our fans, what we heard from many of our teams, was that the end of the games in particular were too choppy. And I think since I was a kid, that was an issue people were talking about, the last two minutes of a game.” Silver said the full complement of commercial-showing opportunities will still be available to the league’s broadcast partners, and that the league doesn’t believe player in-game rest will be affected by speeding up some aspects.Also, all halftimes will be 15 minutes and delay of game penalties will be issued if teams are not ready to immediately play when intermission ends.“These changes will help us fulfill our goal of improving game flow and pace of play,” NBA President of League Operations Byron Spruell said. “Fewer stoppages and less time without action, especially at the end of a game, will further enhance the viewing experience for our fans.”The league also changed the trade deadline, moving it up so teams would not have their rosters significantly altered during the All-Star break.This season’s deadline will be Feb. 8 — 10 days before the All-Star Game in Los Angeles. Under the old system the deadline would have been Feb. 22, when teams are getting ready to resume their seasons after the break.ADVERTISEMENT If an All-Star is traded to the other conference before the game, Silver said the league will review which side that player should play for on a case-by-case basis.The NBA’s Competition Committee also considered making other tweaks — such as the oft-criticized play where so many shooting fouls are now called on 3-point attempts, often when the offending contact there seems to be initiated by the offensive player.But on that front, no changes are coming at this point.In other news from the Board of Governors meeting and Silver’s news conference:— One and done. Silver said the NBA will take “a complete, holistic look” at the one-and-done rule and how prepared players are going into their pro careers. He said that Kobe Bryant spoke with teams on Tuesday about his development before entering the league straight out of high school.“I don’t believe the system is working well for anyone,” Silver said.— Tanking. Silver addressed comments made by Dallas owner Mark Cuban that when the Mavericks were eliminated from playoff contention last season, they tanked with hopes of improving their draft lottery odds.“Yes, it’s not what you want to hear as commissioner,” Silver said. The league and Cuban discussed it, and moved on, Silver said.— Luxury tax. Silver said it’s too early to say if the NBA is concerned about the chance that 10 or more teams could be in the luxury tax for the 2018-19 season.“These systems are so hard to calibrate. As the money’s gotten bigger, it’s gotten harder to project future cap and tax levels,” Silver said. “And I think those are all things that we continue to look at. Our teams are smart. They find ways to compete. They work within the existing system but always with one eye on the next time we sit down at the bargaining table.” In this Oct. 21, 2016, file photo, NBA Commissioner Adam Silver speaks to reporters during a news conference, in New York. The NBA is trying to make games go a little more quickly. The league’s Board of Governors has unanimously approved some changes that will potentially eliminate four time-outs per game, help speed up the final minutes of games and emphasize a timely resumption of play after halftime. APLAS VEGAS, United States — The NBA has for years heard complaints that a free-flowing, fast-paced and athletic game grinds to a halt at the most important and compelling time, when everyone tunes in to watch the final few minutes of a tight game.Now the league is finally taking steps to make sure crunch time doesn’t get bogged down by commercial time.ADVERTISEMENT LOOK: Jane De Leon meets fellow ‘Darna’ Marian Rivera Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ Another vape smoker nabbed in Lucena Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games El Nido residents told to vacate beach homes China furious as Trump signs bills in support of Hong Kong LATEST STORIES Pagasa: Kammuri now a typhoon, may enter PAR by weekend Lacson: SEA Games fund put in foundation like ‘Napoles case’ Don’t miss out on the latest news and information. — Playoff seeding. Silver also spoke about the perception of conference imbalance, and the notion of seeding the top 16 teams for the playoffs with no limitations based on conferences. He said a study two years ago showed it wouldn’t be ideal, though Silver noted that it will likely be looked at again in the future.“The only fair way to do it is to have a balanced schedule throughout the season,” Silver said.— Expansion. Silver reiterated that neither relocation nor expansion is not in the NBA’s plans right now, and that there’s no focus on putting a team in Las Vegas anytime soon. He did say that when the NBA looks to grow in the future, and it will, the league will look at the Las Vegas market — which it has been fond of for years, especially the role it plays in the summer league. CBBSports Related Videospowered by AdSparcRead Next MOST READ Djokovic ponders long break ‘for body and mind’ View commentslast_img read more

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