The next industrial revolution is upon us, and it’s digital. Every banks business model is being disrupted, very much like the steel or camera industry. CEO’s and CTO’s are somewhat in a state of panic. They’re funding FinTechs as if they have become angel investors rather than bankers. It’s time to take a deep breath, reflect, and execute a digital strategy that is sustainable. Even millennials can’t handle 3 upgrades to their app in a month!
A great digital strategy is a seamless blend of the old versus new. Customer segments will continue to be across demographics and will have different needs. Acquisition models will need to have both digital and “brick & mortar” channels. Products will need to be flexible. Processes will need to be digital. Organizations will need a combination of experience and young Turks. And technology will need to combine conventional versus new with good APIs and open banking options.
Cedar’s digital strategy approach is not only about understanding digital but understanding banking as a whole and how the industry will embrace digital effectively in the next 3-5 years. Its approach includes careful thinking, and discipline around ROI, ROE, and other financial outcomes for a business to continue to succeed.
We welcome the digital world with open arms. We just want to make sure our clients don’t bet the “bank”!