A distinguished panel, consisting of Oradian’s CEO Antonio Separovic, George Chesakov, CEO of Salmon (Rural Bank of Sta. Rosa Laguna, Inc.), and fintech innovator Lowell Campbell, led the discussion.
What is digital transformation?
Digital transformation involves integrating digital technology into all aspects of a business, fundamentally altering how you operate and deliver value to customers. It also entails a cultural shift, requiring organisations to continually challenge the status quo, experiment, and become comfortable with failure.
The concept of digital transformation is often misunderstood. Some businesses may feel that having released an application, they have transformed. But true transformation is far more substantial. It involves implementing tangible, ever-evolving changes that fundamentally enhance business operations and customer interactions.
The need for digital transformation stems from the need to evolve and explore new business opportunities. While some institutions may choose to not to embrace these opportunities, those looking to grow, compete with challengers, and future-proof their offering may benefit by embracing digital transformation.
Why digital transformation is a journey
Digital transformation is an ongoing journey, not a one-time event. To stay ahead in the competitive landscape, organisations must continuously adapt to new innovations and evolving business practices. This necessitates scalable technology solutions that can grow and evolve with the business. Companies must recognise their current capabilities and strategically plan their evolution. The journey itself is an ongoing process of adaptation and growth.
How to embrace digital transformation
Know that tech isn’t a magic bullet 🎩
While technology can elevate business operations to new heights, it isn’t a magic bullet. The true potential of technology is realised only when there is a solid foundation in place: a customer-first approach, accurate data, and well-defined processes. With these elements, technology can significantly enhance efficiency and innovation.
Balance innovation and disruption ⚖️
Fintech companies must navigate the delicate balance between embracing new technologies and managing potential disruptions. A practical approach involves identifying the impact of changes on efficiency and presenting tangible results. This helps institutions understand the benefits of breaking down and reworking existing processes.
Adopt a data culture and mindset 📊
A crucial aspect of successful digital transformation is having a culture that embraces short innovation iterations and understands market needs. Moreover, technology like AI is only effective if supported by accurate data. “Applying AI without having the data in your system means absolutely nothing.”
Collaborate to innovate 🤝
Competition is a catalyst for innovation, but collaboration is equally crucial. No single entity can excel in every aspect. Businesses should focus on perfecting their core offerings and then seek to add value through strategic collaborations. Open banking facilitates these partnerships, and Oradian’s model-first approach to APIs provides the necessary infrastructure to participate in the open banking ecosystem effectively.
Bridge knowledge gaps 🌉
One of the significant challenges highlighted was the lack of financial literacy among consumers. Even the best financial products can fall short if the target audience does not understand their value. Addressing this gap in financial education is crucial for maximising the impact of financial services.
Oradian as your local partner
Oradian supports financial institutions across the world on their digital transformation journeys. With offices in Lagos, Manila and Zagreb serving customers across the world, we have on-the-ground support and implementation teams that understand the markets they are operating in, in terms of regulatory requirements, and work in the same time-zones as the teams they are partnering with.
Get in Touch
For more information on how Oradian’s modern, extensible core banking system can help your institution evolve to meet today’s and tomorrow’s challenges, get in touch with our team at hello@oradian.com.
