Now that you have identified a need for digital transformation in your secured finance organization after reading our last blog, and are considering investing in SaaS applications, it is time to plan the next steps. You have done your research, highlighted the value, taken into account key customer pain points. Implementing a solution is the natural next step. And to do this, you need to engage the team.
Getting the full organization onboard can be a challenge, especially in the secured finance industry, which is known for being more cautious around investing in tech. The tides are changing, however. As we see more digital and app-only banks, biometric authentications, and virtual chatbots to help with customer service, it is clear that the industry is keen to take advantage of technologies that enhance the experience for both the bank and its customers.
Change can be disruptive, and can often result in a lot of work and costs, meaning many people on your team may be reluctant. It is imperative to have a plan in place to overcome this resistance early on in the journey to digital transformation.
Make sure to communicate with the whole team
You’ve spent a long time researching the technology you’d like to implement and talking to vendors. Many of the stakeholders whom you need to get on board will not have been involved in the research process or received the same communications, so it is important to be transparent. You will need to condense all of that research in a way that is easy to digest, but also is clear on the value for the business.
Be proactive
If you can preempt any concerns the team might have, you can solve them much earlier in the process. Consider the key pain points your company faces to ensure you’re well prepared. It is important not to overload your team with walls of information; rather, engage in a dialogue where they can communicate openly with you.
Be clear on what you are trying to achieve with digital transformation
Most companies digitally transform for similar reasons, but you need to adapt these reasons for your business. For example, how can it make the customer journey better? Why will it make processes quicker? If you are clear on a shared set of goals, it is easier to demonstrate the value of what you are implementing.
Hold a demo
One of the best ways to avoid resistance is to show the team the transformation in action before they are thrown into the deep end. By being able to test the new technology, your team members can feel more involved and confident, and they will have a chance to iron out any kinks early on in the process. It also gives them the opportunity to make any comments on features they’d like to see added or removed early in the process, before it is rolled out across the entire business.
You may not get every team member onboard from the beginning, but if you can manage expectations, you will avoid resistance. Often, fears stem from the unknown and aren’t always directly related to the change of processes. Remember, while you are celebrating the automation of manual tasks, your team may be fearful of the impact on their job. Ensuring that communication is effective, conversations remain open, and your teams are involved along the journey will lead to a successful digital transformation.
Read the next blog in the series to learn how to get the most out of the SaaS solution you choose.
Digital Transformation 2024
Read part 1: SaaS frequently asked questions
Read part 2: Navigating changes in the digital secured finance landscape
Read part 3: Overcoming resistance to change
Read part 4: Keep it simple or completely customize?
Read part 5: How to pick the perfect SaaS solution
Read part 6: Defining success in your SaaS strategy
Read part 7: Best practices for continued success
Stay one step ahead in 2024 and beyond! Read our Digital Transformation for SaaS 2024 eBook