If the events of 2020 highlighted anything for banks, it was that banks of all sizes need to become digitally enabled. For banks seeking to digitize their operations and customer experience, the scope of change required can be daunting. Many must balance the cost and scale of new technology implementation projects with the imperatives of serving the needs of their borrowers and employees working remotely. To achieve such a balance, we recommend an approach we call “microtransformations” a way to stage their digital transformation over time.
Microtransformations allow institutions to accelerate time to value by tackling the highest ROI, least disruptive changes first, then layering on additional features over time. They steadily move the enterprise toward full-fledged digital transformation in manageable, cost-effective stages. Microtransformations are comparable to the Agile method of software development in which the developer commits to releasing value-add enhancements on a regular, rapid cadence with continual, iterative improvements over time.
These quick technology wins allow institutions to stay agile and customer-focused in a marketplace rapidly shifting to a mostly digital world. It’s all about getting some “quick wins” under the belt by implementing smaller, bite-size technology projects that can have a narrow but measurable impact on the organization. All this is possible at a lower cost than a full-fledged, top-to-bottom technology overhaul. When deployed via cloud-based solutions, many microtransformations can be done quickly, executed with speed, and supported remotely.
If you’re already leveraging the nCino platform, applying our microtransformation approach to enhancing and deepening key features ought to be considered. We view nCino microtransformations as a short-term project that takes up to a few weeks to deliver and can be further developed over time but provides immediate value to the organization. Whether improving the customer experience or enhancing the internal process for business users, these transformations are focused on having a tangible value for your organization.
The impacts of 2020 on customer expectations and interactions with their banks are here to stay. Given the urgency and scope of these new market demands, the old technology playbook needs to be replaced with a newer, more flexible approach that can actually transform an organization. For any bank, but particularly those operating on the nCino platform, we believe that taking a microtransformation approach can make it manageable to work through a growing backlog of needed features, while demonstrating value along the way.