by Mary Nelson, Chief Client Officer
Client Success isn’t just an organization within Alkami—it’s a culture where we prioritize helping our clients achieve their unique goals. In our latest Gold Standard Series event, The Path to Digital Success, our Client Success and Product teams were joined by Cornerstone Advisors to examine the most important internal strategies and partnership best practices that lead to digital success. We also shared details of an exciting new assessment program designed to help clients achieve new levels of digital success.
What is digital success?
All financial institutions (FIs) recognize the benefits of digital solutions, but a select few attain true levels of digital success. We define digital success as a combination of three important factors: a financial institution’s unique goals, the right set of products to achieve those goals, and product best practices intended to drive adoption and utilization.
To establish a strong foundation for digital success, FIs must leverage technology solutions to enhance effectiveness and efficiency across four activities:
- Track and Optimize: Establish key performance indicators (KPIs) that are highly visible, have organizational alignment, and link to digital strategy goals.
- Leverage Data: It’s easy to fall into the trap of “measuring everything,” and spending time creating reports that aren’t impactful. Focus on insights that uncover actionable insights and solve real-world problems within your organization.
- Measure: Don’t just set goals that are measured a few weeks before or after the target date. Measure success through trends and benchmarks over time so you can course correct as needed.
Create: Innovate and use existing technology solutions to achieve your goals.
Measuring digital success
We’ve determined six important quantifiable factors that are the hallmarks of digital success. To help our clients succeed in these areas, we’ve aligned our products and overall partnership approach around: deposit growth, loan growth, secure experience, user growth, cost savings, and user satisfaction.
At Alkami, they are key indicators of the health of an organization. In partnership with our clients, we work to drive growth or improvement in these areas.
To tie together digital investments, digital success, and business performance, we invited Cornerstone Advisors to share new industry benchmark data that highlights the role of digital success in business outcomes.
Benchmarking digital banking performance
According to Cornerstone data, high-performing FIs spend more on digital initiatives than “middle of the pack” and low-performing FIs. But what’s being accomplished with that investment? To help FIs answer that question, Cornerstone outlined five metrics to determine success in digital banking: investment, adoption, usage, efficiency, and output (the impact of digital banking efforts).
With benchmarked metrics across these categories, any FI can measure the efficacy of their digital capabilities and how they impact overall business performance.
Alkami product best practices
We also brought in Jeff Chen, Alkami’s Vice President, Product Strategy, to discuss digital banking product best practices and show how Alkami’s approach to providing digital banking products aligns with FI goals and problem areas.
Using the example of financial wellness, Jeff walked us through how integrations, UX, and data combine to inform the entire digital banking experience for users and achieve digital success for FIs.
Alkami’s approach to Client Success
We don’t see it as just our role to add users on the Alkami Platform. Rather, our job is to partner with our clients and help them achieve the objectives that are unique to their institutions. Since there is no one-size-fits-all approach, we developed an approach to achieving digital success that accommodates variations.
As Steve Esplin, Alkami’s vice president of Client Success explained during the event, our goal is to deliver a phenomenal experience, helping the client realize significant value from their Alkami partnership.
Where do you begin in creating a digital strategy? How do you become more confident if you have one already? As a starting point, we designed a Digital Success Assessment to examine effectiveness across a number of fundamental areas including people, capabilities, and performance.
The structural elements of digital: alignment between teams, leadership support for the importance of a digital strategy and the level of data focus in an organization.
The functional aspects of the Alkami Platform and strategic choices: roadmap planning; SDK, API, and CRM strategy; user experience (UX) best practices; data strategy; marketing using the platform; user journey and branch digital strategy.
Meeting digital goals: measuring ROI channels, KPIs for digital, and user satisfaction measurement.
Our Client Success team will then collaborate with clients to design a customized program leveraging a curated series of educational opportunities in the months ahead. The goal of this Digital Success Program is to propel Alkami clients toward digital leadership.
Thank you to Cornerstone Advisors and attendees for another great Gold Standard Series event!
You can watch The Path to Digital Success on demand by clicking the link below.