The pandemic has accelerated digital disruption in the retail banking industry to a level not previously seen. Here are 4 key takeaways from Axonify’s recent Axonicom Fireside Webinar, “Tackling Digital Disruption on the Frontlines of Retail Banking”, with Alan Richardson, VP of Learning and Performance at RBC and Disruption Innovator Shawn Kanungo.

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01.

Taking your business model and radically transforming it for the better, leveraging and enabled by tech.

Digital transformation is NOT- taking a process and moving it to the digital environment.

Use design thinking to consider the dream state for your end user .
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Consider how you will enable your people to use the tech for your clients.

Invest in employee experience- by investing in your employees, you are investing in your clients .

Ensure your frontline are comfortable with the tech you introduce.
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02.

Innovation is 90% execution.

The banking industry have traditionally been fast followers- there is a need now to invest in innovation and lead from the front.

Traditionally, strategic transformation sits with the C suite and trickles down to the frontline.

However with client expectations and competitive threats changing rapidly, the frontline are best placed to supply the information businesses need to create meaningful innovation at pace. They know the problems that they and their clients are facing, and what needs to be fixed to create impact.

Get your frontline employee’s input into the innovation conversation- leverage their exposure and understanding of client needs.
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03.

Create learning experiences that draw them in.

We are inundated with information- we are exposed to more information at any given time than we can take in, and there is a huge amount of competition for our attention.

We need to create learning experiences that draw employees in.

Embed continuous learning by: making learning that is relevant to what your employees are doing and by getting managers to drive it.

At the start of the pandemic, RBC recognised that they needed to minimise foot traffic in their branches. Clients needed to be directed to use digital options instead of coming in to branches.
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04.

If your people aren’t continuously learning- you’re probably already behind.

In today’s world, employee’s roles are constantly changing.

There is a need to continuously upskill and reskill.

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Looking for more tips and tricks? Download the infographic -  The 4 key takeaways from the AxoniCom Fireside webinar here.

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