As we approach the upcoming year, we tend to reflect on what goals were achieved, what opportunities are outstanding and what we want to focus our attention on during the next year. As I transition from my previous role with years of experience managing projects in diverse industries, most recently as a project manager implementing digital banking initiatives, I now step into my current role as a strategic advisor. My new responsibilities include analyzing national data to see market trends, reviewing clients’ data and expectations and providing suggestions so clients can reach their strategic goals. Change is in the air! Growth is in the air!

There is so much uncertainty today; however, we can count on change as a constant. If we plan to expand our business, remain profitable and have longevity, we must continuously stay open and ready for change. As I reflect on what went well while managing new digital banking projects, I would like to share three points to help manage the change from your legacy online application to your new online banking application.

1.      Focus on the “why.” What is your key reason for change?

2.      Consider your accountholder experience.

3.      Take a collaborative approach to the upcoming change. Everyone at the financial institution is a stakeholder. 

Table 1: Percentage of banking activity conducted by channel

Digital banking is the predominant channel regardless of generation

Source: "High-Tech", Raddon Research Insights, 2024

As shown in Figure 1, digital banking is the predominant channel, regardless of generation. It is vital to have an intuitive digital banking platform if you want to be top of mind as the financial institution that can support everyone’s needs.

Consumers across all generations use their phones for more than just talking and texting. A customer will use a mobile device to create a shopping list, calculate discounts before making their purchase, comparison shop to find the best options, complete transactions without the need to pull out their debit card or credit card and arrange to have their items delivered right to their front door!

Convenience and speed are very important in how we manage everything in life today, banking included. Digital awareness is so important, and it grows brand awareness. Digital banking encompasses managing accounts online via laptops, desktops, phones and tablets. The “why” is about ensuring your accountholders can do their banking effortlessly, like their other everyday tasks.

Now that you’ve decided to upgrade your online banking software, you must consider what features and functions need updating. Technology changes every day; your goals should be to have the ability to pivot upgrades seamlessly and have the greatest return on investment. Talk to the people closest to you (employees, family, friends and consumers) to discover what they appreciate most in their current online banking and what they wish it had. Then separate your “must-haves” and your “nice-to-haves.”

Consider your current accountholder base and your projected future consumers; start with the end in mind when documenting your must-haves and your nice-to-haves. If your marketing team was considering making enhancements to the logo or messaging, add it to the list.

Here’s something else to think about: When was the last time you paid for a service or product with cash? More than likely, you had to really pause for that answer. Does your financial institution allow person-to-person (P2P) payment digitally? Do your accountholders know about this feature? Is it easy to use? As shown in Figure 2, P2P is popular across generations.

Table 2: Percentage of consumers who have used P2P payment by generational segment

The majority of consumers of nearly all generations have used P2P payment

Source: "High-Tech", Raddon Research Insights, 2024

Now that you have feedback and a list of must-haves, document them in the statement of work. Consider long-term growth when mapping out your business requirements. Consider whether there will be a need for cloud-based servers, integrations for enhanced products and the ability to personalize marketing based on behavioral analytics.

Change is best received when you have buy-in from a majority of those impacted. Select your dedicated team of resources to assist with the new online banking project. It is beneficial if you have representation from most of your financial organization. Decide which stakeholders are the decision makers, then collaborate and communicate often. Below is a suggested (but not all-inclusive) list of team members:

• Project sponsor/decision maker (this team member may be the same person, depending on your organization)
• Project manager (someone to work with the vendor’s project manager)
• Business analyst
• Technical team members
• Operations team members
• Marketing team members
• Compliance/legal

When implementing the new online banking application, make sure you heavily test during the user acceptance testing phase. If possible, have recent data available when testing so you can simulate the end user as best as possible. Make sure your internal team members not included in the project are trained and prepared for questions from your accountholders. Communicate and collaborate with your internal team and the vendor(s). Set realistic timelines for the project and consider internal or external factors that may negatively impact project implementation. Think of your accountholders when selecting the launch date. The goal is to have minimal impact on end users, so the go-live date is important.

In conclusion, remember the “why.” Go back to your “why” when you are faced with challenging moments. I say “moments” because the challenge is not forever; it will get better. Incorporate patience and grace because upgrading online banking projects can be complex, especially if customizations are required.

When making the decision to upgrade your legacy online banking, the reason for the change is to enhance the overall experience for your accountholders. Accountholders and consumers alike appreciate having access to your brick-and-mortar facility, but imagine if your only option was an online presence. Be sure to make your best digital-first impression and have the best of your brand available!

Embrace the change, and congratulations!