Monetary and Banking Research Institute
Date:2/19/2020 10:07:53 AM   |   Code : 334684   |   View: 169

Three Dimensions of Digital Transformation / Replacing the Customer Experience Instead of Product-Driven Strategy

"Changing infrastructure, human capital, and changing structures and processes are three dimensions of digital transformation," stated the Saderat Bank's Information Technology Director, saying that digital transformation will replace the product-centric approach with customer experience.

According to the Public Relations of the Monetary and Banking Research Institute, Sayed Jafar Sadri, in an interview with the news press of the ninth annual conference on e-banking and payment systems, on how the organizational structure of banks will change with digital transformation stated: “Digital transformation will lead to fundamental and evolutionary changes in banking services, and so digital transformation is not just about the concept of tools and infrastructure, but about other concepts as well.”

He added that the three-dimensional digital transformation would affect all services, adding that the first dimension is related to infrastructure, whereby the infrastructure of the banking network or national infrastructure should be ready for changes according to the new concepts of digital transformation.

The other two are human capital and structures and processes, and combining these three sectors can lead to digital transformation. Human capital must be able to function well with digital transformation.

Sadri also commented on the dimensions of structures and processes of digital transformation: if digital tools and technology are included with the required human capital but the structures and processes do not change, then the implementations of concepts needed for digital transformation are not possible.

He pointed out that the structure and guidelines should be changed in line with the fundamental of digital banking, and there should be a complete description of systematic tasks and processes in banks.

The director of information technology at Saderat Bank emphasized that with the digital transformation, the role of banks' physical branches would be practically diminished, and customer service infrastructures would have to adapt to this.

Sadri went on to say that in digital transformation, the customer experience will take over the product-centric approach, and banks will focus on the customer and his behavior.

It is worth noting that the 9th Annual Conference of E-Banking and Payment Systems will be held at the Milad Tower Conference Hall on March 1st and 2nd.

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