Building a digital-first bank
Becoming digitally fit is not about technology alone—it’s about reimagining banking from the inside out, blending data, design, and human insight to build trust and value in every interaction
Becoming digitally fit for banking is more than just launching a slick app. It is a purpose-led transformation that blends human-centred experiences, modern technology, and a lean operating model to deliver trust, speed, and value.
The north star is clear: become a digital-first organisation guided by the vision of "Lighting the way to financial well-being." That means understanding each client's overall financial picture and guiding them from stress to confidence—at every touchpoint.
Start with the customer, not the channels.
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Digital-first customers judge every interaction against the best-in-class experiences they use elsewhere. Becoming truly customer-centric means defining clear value propositions for specific segments, using design thinking to eliminate friction along key journeys, and personalising engagement in real time.
Data-driven segmentation and digital propensity indicators help you target underserved yet profitable segments, marshalling the right offers, content, and service at the right moment.
For example, technology-driven campaign personalisation can lead to a prospect from tailored messaging through micro-segment assessment, goal confirmation, actionable tips, and a best-fit solution—tracked by concrete KPIs such as click-through and conversion rates.
After onboarding, deepen the relationship with proactive alerts, financial wellness tools, and intelligent, need-based offers.
Build for change. Digital strength comes from a best-of-breed setup that is cloud-native, API-first, and modular. Modern core platforms deliver real-time processing, open APIs, and subscription models that cut lock-in and speed up integration.
Add a strong integration and orchestration layer—an "integration fabric"—so you can plug in new capabilities without rebuilding. A modern omnichannel platform connects it all, giving customers a seamless experience across mobile, web, and call centre, with single sign-on and consistent features.
The goal is to create an end-to-end, open-standard system that allows products and services to reach the market quickly.
Run the bank like a modern tech company. Build one shared operations engine that serves every product. Onboarding, account servicing, and issue resolution all use the same rails, so you don't reinvent the wheel for each product.
Automate almost everything—aim for 100% where it makes sense—and use small teams of cross-trained "athlete" operators to handle the tricky edge cases. This removes handoffs, reduces duplicate work and cost, and keeps the customer experience consistent.
Make data the main engine, not the exhaust. A consistent, 360-degree view of the customer requires master data management, a centralised customer ID, and well-governed data pipelines. An enterprise data hub and data lake feed descriptive and predictive analytics that power proactive sales, risk detection, and next-best actions.
Governance is non-negotiable: data stewardship, standards, privacy-by-design, fine-grained access controls, and auditability must be embedded from the start. Done right, analytics don't just report on the business—they drive it.
Govern for speed and safety. Digital programmes succeed when they are both empowered and controlled. A centralised programme management office provides integrated planning, dependency management, and transparent reporting.
Architecture governance—through guiding principles, review gates, and an architecture review board—keeps solutions aligned with standards, security, and long-term sustainability.
Application portfolio management clarifies why, where, when, and what to buy, hold, or retire, reducing technical debt and total cost of ownership. Decisions are made with discipline, using criteria that balance business functionality, technical adequacy, risk, cost, and vendor viability.
Invest in the digital workforce. Tools and platforms only deliver when people can use them. A structured capability uplift, supported by assessment and continuous learning, helps teams build the mindset and skills that fuel innovation.
Providing employees with a modern experience—clear roles, agile practices, and intuitive tools—boosts engagement and accelerates adoption. Digital fluency isn't a luxury; it's a prerequisite for sustained transformation.
Above all, commit to a cycle of "Think it. Build it. Ship it." Becoming digitally fit is not a destination; it is a way of operating. By anchoring on customer value, adopting an open, modern architecture, industrialising the operating model, elevating data, governing with intent, and uplifting your workforce, banks can create experiences that customers love—and a platform that keeps pace with what's next.
Mamun Rashid is an economic analyst and Chairman at Financial Excellence Ltd
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
