How Improving Digital Agility Can Reshape Banking’s Future

Banks and credit unions work hard to meet the evolving needs of their customers. Within each institution some teams concentrate on new product or channel launches, some on strategic technology development and others on high-converting customer journeys. The key to reaching each of these goals is digital agility, enabled through strong technology partnerships.

What does digital agility mean for your team? Maybe you are overseeing the technical strategies and requirements for your financial institution. Or perhaps you are responsible for aligning digital initiatives across various lines of business. You may even have direct leadership over a specific line of business with an aim to develop a top-class product vertical within your broader institution.

No matter what your specific mission may be, digital agility plays a significant role in enabling your long-term success.

Digital agility enables you to continuously innovate to meet the evolving needs of your customers. It inspires creativity to solve problems in the moment, and importantly, promotes the flexibility to act on those creative impulses.

There are three ways in which strengthening your digital agility can reshape your financial institution:

  1. Allows you to rapidly launch digital initiatives.
  2. Fuels the modernization of your infrastructure.
  3. Helps you develop higher-converting customer journeys.

But digital agility doesn’t emerge in a vacuum. It is a technology-enabled asset, nurtured most effectively when a technology provider and financial institution work hand-in-hand. Here we examine how a partnership with Blend, powered by our platform, enables agility that positions lenders as leaders for the long haul.

1. Digital Agility Allows You to Rapidly Launch Digital Initiatives

Imagine being able to spin up new products and channels quickly and seamlessly. With reduced in-house development costs and fewer steps to create new products and product variations, your time to market is faster than ever before.

A competitor brings a new offer to market that you hadn’t expected. Without disrupting operations, you quickly bring your team together to bring to market a product that matches or beats your competitor’s. Better yet, your team has an idea for a new version of one of your most popular products. Usually, it would be months before customers saw this new product, but your team is able to pull it off in a matter of weeks.

How is this possible? There are a few ways you can accelerate your digital initiatives, and partnering with Blend to enhance your organization’s digital agility is one of them.

Blend’s configurable approach allows you to use the baseline applications and modify them with little to no code to assemble new customer journeys. Flexibility over design elements gives your team the control they’re looking for without making the process complicated.

Each application in our library is designed with extensive domain knowledge and user research. This knowledge base and industry best practices are also applied to our approval workflows, helping your team maximize efficiency. Easily develop workflows with drag-and-drop functionality.

On top of the ability to roll out products on your own timeline, Blend’s front-end provides a unified customer experience across all products and channels, ensuring your brand remains cohesive.

2. Digital Agility Fuels the Modernization of Your Infrastructure

In your organization’s ideal state, your team can implement the latest technologies as they become available in a way that coexists with your current architecture. Friction is minimal, enabling you to reap the rewards of this emerging tech quickly.

You’re automating time-consuming tasks and already realizing efficiencies. And you’re proactively managing security and minimizing risk.

Want to modernize your infrastructure? Rapidly build with Blend. With our singular, modular platform, you can scale your operations with ease and innovate continuously. Seek out new technologies that streamline workflows or better the application experience and integrate them via API.

Our out-of-the-box products are best in class, with built-in domain knowledge that accelerates deployment and reduces cost and complexity. We enable you to build on our platform with pre-defined integration points to industry data, service providers, and common legacy systems.

Modern APIs help you add fast and reliable custom integrations. With our modular platform architecture, you can integrate external services once and reuse them across all of your lines of business.

Help enable your team’s security and compliance so you can quickly adapt to changing regulation and innovate while combatting known risk-related challenges. Features including rules automation can help you adhere to strict internal bank controls and external regulations.

3. Digital Agility Helps You Develop High-Converting Customer Journeys

Envision being there for every milestone in your customers’ lives, exceeding expectations and creating deep relationships with each of them. The moments that matter are digitized and smooth, and it shows in your customer retention rate. Some customers even become brand evangelists, sharing the positive experiences they have with your organization with family and friends.

This is possible because you’re able to deliver a frictionless experience at every touchpoint. You have a holistic view of customer interactions across your organization.

Wondering how you can increase customer lifetime value? Blend’s platform allows you to personalize product recommendations and tailor offerings to grow your customer relationships. Pre-approve customers for products that are relevant to them and present them in the application experience.

Develop high-converting experiences with guided application flows, responsive design, data pre-fill, and tools that answers consumers’ questions. Enable smooth digital onboarding and accelerate the conversion process with simplified workflows for both customers and internal teams, increasing overall loan volume.

With Blend’s platform, serve your customers at every major milestone. Our platform serves every major lending and consumer banking product, so your customers can come to know your organization as reliable and consistent, a partner in all of life’s most important moments.

Digital Agility Powers Your Future

You may be focused on launching new products at record pace. Or you’re in charge of driving strategic technology development, honing in on emerging tools that can help your organization stay a step ahead of the competition. Or you’re propelling customer acquisition and customer retention.

Digital agility is what will enable each of these missions, and it is unlocked with powerful technology partnerships. Explore Blend’s platform to learn more about how you can master digital agility and set your organization up for long-term success.

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