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The Importance of Having a Digital Transformation Strategy

This is the first part of a 4-part series on the Journey of Automation, exploring emerging automation tools, technology, strategies, and innovation.

While most financial institutions look to modernize and digitize their onboarding experience, too many are ignoring their KYC process. It’s time to take your KYC out of the dark ages and into the new millennium.

"Data Driven Culture" is the it-jargon circulating through banks and fintechs. We know that just about every company today is collecting data. Everyone wants to join the “data culture,” but few recognize that collecting data is only part of the journey.

Community banks understand the complex realities faced by their clients. They are ingrained in their respective regional communities; attuned to local economic and demographic factors. The more successful community banks are able to hone that expertise and, with it, forge strong, personal relationships with their clients. This insight is a major asset and a big reason why businesses that were initially denied loans during the pandemic’s early phase turned to their local community banks for support.

2020 was a year of upsets, challenges, and change. Businesses have had to pivot and evolve in order to accommodate our new normal. The banking industry was no exception.