Digital transformation at CIB BANK [Case study]

Executive summary

Market challenges

? Processes in the banking sector, just like most industries, is becoming digital.

? The expectations of clients regarding customer experience is changing based on their adaptation of new tools and technologies, not only competitors.

? Fintech companies put a lot of pressure on traditional financial institutions.

Goals & long-term expectations

? Digital transformation is necessary in the entire organization.

? Bring different experts onto the same page regarding digital dexterity in order to speak a more common language.

? Add higher-level know-how into the learning platform after the first campaign.

Solution

Digital Galaxy is an online, game-based learning system that includes up-to-date and relevant knowledge about digitalization trends, tools, and processes in the consumer market and in the financial industry.

According to Gartner’s 2018 Digital Dexterity at Work survey, global leaders believe that 90% of their initiatives will need new technologies in order to reach their goals. 60% also believe their business model will change based on the application of new technologies. 80% of digital transformation processes fail to deliver the expected results. The most common obstacles are: application of unsuitable technologies, inadequate resources, and lack of employee support.

CIB Bank decided to initiate a comprehensive organizational process with the goal to prepare its employees for the challenges of digital transformation. Examples from CIB Bank’s 2018 digital transformation campaign elements:

? Leadership presentations, trainings, forums

? “CSI” program: Employee visits to innovative CIB clients to get to know digital solutions

? “Showrooms” in CIB HQs and events to try the newest gadgets and applications

? Online, game-based all-staff training platform

Why did CIB Bank choose a game-based learning tool?

In order to engage and make those employees more aware who are otherwise not interested in the digitalization topic, CIB applied a gamified experience supported with appealing prizes.

Benefits

? Daily learning without much impact on working hours

? Mobile-friendly microlearning format

? Employees decide when and where they study

? Instant feedback and development tracking

? Detailed analytics and reports about learning results

? External hosting, no corporate IT required

Besides transferring knowledge, the learning platform also guides employees to complete activities outside the system, in order to gain first-hand experience and practice with digital tools and applications (e.g. download and use a language learning app, participate in a webinar, subscribe to an online service, interact with a chatbot, etc.).

Learning contents are built up gradually, starting with everyday, colorful information familiar to anyone, all the way to higher level, more complex contexts:

The 4 pillars of the Digital Transformation training material:

? Everyday digitalization: popular apps, protection of personal data, online shopping, social media

? Digitalization in the financial sector: technologies, methodologies and applications for making services more efficient and customer friendly

? Digital regulations in the financial sector: standards in the digital operation of the sector: e.g. PsD2, GDPR

? CIB’s digital tools and processes

Main success factors of the project

? Strategic support from the organization

? System accessible for all employee groups

? System accessible from home and anywhere

? Integrated materials are useful for employees

? Well-designed, motivating rewards scheme

95% of users are satisfied with the redeemable rewards in the system. Examples include: Tesla driving experience, Spotify vouchers, drones, language courses, among many others.