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International development

Five key pathways to a successful digital transformation

December 3, 2020

On November 9, Développement international Desjardins partners making up the international Proxfin network met for a webinar on digital finance. Together, we highlighted the key drivers of a successful digital transformation.

Keeping the focus on customer needs

Digital transformation is not an end in itself, but rather a means to connect with customers more simply, in the right way and at the right time. It's therefore essential to understand the needs of customers and what is valuable to them. The prioritized digital solutions should simplify their lives, save them time, and give them a quick and accurate picture of their financial situation.

Accompanying change for users

Digital finance can be a great catalyst for financial inclusion, but it must be accompanied by training and support for users to strengthen their digital and financial literacy skills. Digital solutions should always include educational value, for example, by incorporating personalized advice or reminders.

Recognizing the key role of employees

Employees are expected to be open to digital and human change, curious and willing to embrace new developments, and knowledgeable enough to serve customers well. To have an engaged and productive workforce, it's crucial to train them, equip them properly and provide them with an appropriate work environment. Making the effort to know and understand their daily challenges will allow you to provide them with the support they need to fully contribute to the success of your digital transformation.

Fintechs: Potential partners rather than competitors

The global fintech market is becoming increasingly dynamic and includes more and more mature companies. By acting as pathfinders, fintechs can help financial institutions reinvent their offerings to better meet today's needs and make innovations more widely and quickly accessible. Collaboration with fintechs can take the form of co-development, joint participation in technology initiatives or strategic partnerships.

Towards an omnichannel transformation

We hear more and more about omnichannel transformation. It's about enabling customers to navigate even more seamlessly between the different entry points available to them (physical service points, phone centres, websites and mobile applications), without having to repeat their story each time. Better coordination between channels will result in a transparent and much more satisfying customer experience.