Digital Banking: Going Beyond Outputs to Generate Outcomes That Matter

Outputs are great.

Outcomes are better.

As organizations around the world engage in foundational transformations that will propel them into the digital future, too many are focused primarily on the technological enhancements that are understandably grabbing media headlines.

Artificial intelligence … Data analytics … Machine learning … APIs … the Cloud.

All of these advancements are critical components in lifting once-staid industries – such as the one I’ve devoted my career to, banking – into a dynamic new world of speed, efficiency and scale that is designed to trim costs, bolster efficiencies and improve the bottom line.

But if digital transformations focus solely on the technological wonders themselves, we’re missing their true promise: the ability of these outputs to deliver awe-inspiring outcomes for the audiences we serve. In my industry, the question is: are our digital outputs making our clients’ financial lives better by combining technology and personal touch?

And if not, why not?

Beyond technology

That said, it’s easy to understand why some digital transformation initiatives focus inordinately on outputs while outcomes take a back seat.

Modern, digital technologies are great tools for change. In banking, think how business used to get done. When my grandmother needed to go to the bank, she would need to carve out the necessary time in her week, get dressed to the nines, drive miles to the bank and wait in line for her favorite teller. To get things done, she literally had to go to the bank – because her financial life, by necessity, was separate from her personal, day-to-day life.

But technology has changed the banking paradigm. Of course, branches remain relevant for many. But we can get cash from an ATM anywhere, apply for a loan while waiting in line at the grocery store and manage our accounts from our living room couch. Have a question? You can call, chat via text or simply figure things out with help from a virtual assistant or chatbot.?

These advancements have changed banking for better. But parts of our industry remain broken in many regards. How many institutions can honestly say that they’ve leveraged technology for the greater good of the clients and communities they serve?

We can and must do more. It’s time we took these digital capabilities to the next level and use them to enable a greater purpose by generating outcomes that delight our clients in ways that enhance and integrate their financial lives with their personal lives. ?

That’s what we at Truist are doing with our own digital transformation, using it to further our purpose – which is to inspire and build better lives and communities. If we empower clients with more choices – when, where and how they want them – they will be one step closer to financial happiness.

It begins with … empathy

Getting there isn’t easy. But it’s a rewarding endeavor for those of us who are committed to turning digital outputs into positive outcomes for our clients.

And the journey we’re taking begins with … empathy. We strive to thoroughly examine client needs through in-depth research, and determine what the end state should be. Then, we work back from there to figure out how to reach that goal. In other words, we don’t create technology for the sake of it. We envision the solution and work our way back to the technology – plus procedures and protocols – that can make it happen.

That involves co-creating the right digital solution to achieve the specified goals.?Driven by our understanding of the clients’ needs, with their input throughout, we assemble teams of logical, fact-loving, left-brained technology wizards and complement them with right-brain-leaning creative, imaginative and intuitive types who can look at the world through the clients’ eyes.

Sounds simple, but it’s not. When it works, we make magic for our clients – and drive impressive returns for our organization.

Consider this example. If we were simply concerned about outputs, we would only devise an API that enabled clients to access information about their automobile loan through an online portal. But with an outcome-oriented approach, we can leverage artificial intelligence to proactively prompt a client, a few days before their monthly payment is due, that their checking account is $200 short. We can then suggest automatically transferring funds from savings to cover the difference, and handle that transaction for them, if authorized.

By making banking an integrated part of their daily experience, financial management is simpler, faster and more satisfying for all. Plus, it enables easier access to financial information for underserved segments of our communities who were once excluded from the traditional banking ecosystem.

Our teams have come a long way, but we’ve only just begun. Inspired by the magic that happens in that space between right- and left-brain thinking, our digital and client experience teams are redefining and redesigning the 21st century bank with a comprehensive digital banking platform.

That platform is going beyond outputs, to generate outcomes that really matter for our customers.

How is technology making your financial life better? Share your thoughts in the comments.

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