Digital culture in banking businesses, a challenge for 21st century

Business hyperautomation, this is, the process through which we seek to automate the most possible of processes in a company in order to save money and time, and for guaranteeing a better fulfillment of the tasks, is now posing a series of challenges for companies. The main challenge, of course, is the complex relation there is between humans, who are in charge of some tasks in businesses, and technology, that, due to its velocity, is able to develop some processes in a faster and more effective way than people. For this reason, digital culture in banks, and in any kind of businesses in general, is an important challenge for succeeding in these changing times.

Organizational culture refers to all the practices developed in a given business, the ones making up the vision and mission of that organization:

Culture is a key component in business and has an impact on the strategic direction of business. Culture influences management, decisions and all business functions from accounting to production. You may now be thinking predominantly about national culture but this is only one aspect, business culture is its own unique dimension that includes getting off on the right foot, meetings, negotiation, formalities, social media use, internships and work placements and other elements (businessculture.org).

For this reason, the organizational culture is in the end the base of values, visions and practices that conform a business. Depending on how is this culture, there is going to be a certain rhythm, priorities, some communicative practices between people, and this impacts any novelty introduced in the business.

For example, in a business whose organizational culture is based on isolation and excessive individuality between the members of the team, if we try to implement any new feature based on a fluent and accurate communication, there are going to be problems and it is very likely that the new implementation will turn to be more problematic than helpful. For this reason, facing any new feature defying the practices of organizational culture, a business has two options: it can change its practices in order to receive the novelty, or it can reject the new feature and keep on developing its activities in the same way. For this reason, the digital culture in banks, or in ay other kind of financial businesses is a key factor. 

Banks and digital culture in 21st century

Since 2020, the year of coronavirus pandemic that we are still facing, the rules for businesses have radically changed. The main difference is that technology is no longer an option, as it used to be. Now it is necessity, an obligation that any organization has to satisfy in order to be in the first places of competitiveness.

If there is the need of placing technology in the first places of priorities in any business, for financial entities this is a vital necessity, for its functions are the base of the activities of the populations all over the world. However, besides having a renewing technological aspect, the most important thing is to introduce an essential cultural element: digital culture.

Digital culture facilitates the free flow of information by placing its target audiences at the forefront, making the technology a second priority. But, financial institutions across the industry are failing to provide their consumers with the personalized experience they crave, in large part due to the lack of digital culture in the organization (thefinancialbrand.com).

Daily technology that users can access today, such as smartphones and all kind of smart devices that link them to their bank accounts, make these users to demand more and more attention to their requests and an immediate response to their needs. This includes all kind of services, from online purchases to the requests of loans or reports or bank certifications. But, for this to work well, banks must, besides offering digital platforms, transform their organizational culture

This means that banks would allow their employees to deeply know the digital tools they are using and teach them to use the implementations in a right way. This also means that the organization is moving at the pace of the solutions in order to offer a better service to customers: “simply digitizing the old ways of doing things is also inadequate. Banks and credit unions must ditch the piecemeal nature of digital transformation initiatives, like systems that require data to be entered multiple times” (thefinancialbrand.com).

It is precisely this one of the missions that we have stablish for Dexon Software. Our software solutions and the intervention we make in the clarification of the design of processes in the organization seek to have a clear distribution of the activities and responsibilities in the company, and from there, it will begin to gradually change its culture for adapting it to the necessities of digitality and thus face the challenges that the automation and the digital put to businesses. We are completely aware that the formation of a digital culture in banks is a challenge for businesses in the century that is moving forward with great changes; and there we direct our steps.

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