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3 Misconceptions About Digital Banking Conversions

When it comes to digital banking conversions, few changes impact your customers more. Despite the large impact of conversions, many financial institutions go into them with pretty large misconceptions. Why? A combination of not knowing the landscape and thinking a conversion is “less of a big deal” than it really is play a large part.

The other large misconception is that a conversion is temporary. While this may be true – in theory – the effects of a bad or mishandled conversion can last far longer than the conversion itself.

3 Digital Banking Conversion Misconceptions

#1 – Denial – I know the stakes are high, but I have it under control.

Institutions may think they’re prepared, utilizing a variety of resources (both internal and external) can result in a fragmented approach. An integrated approach, one that is carefully planned with a trusted third-party provider increases productivity, efficiency and multiplies the customer experience benefits the conversion is meant to provide in the first place.

#2 – Overconfidence – My customers are in tune with the system and will adapt easily to the new experience.

Disruption – of any kind – should not be underestimated. No matter how “streamlined” or tech forward your new platform, your customers will have questions that can’t be answered in a form letter. Outbound, inbound, ongoing communications and training are all required during a conversion and at a higher frequency than your institution (likely) expects.

After all, it’s better to over-communicate than under-inform.

#3 – Shortsightedness – This conversion is only temporary. All I have to do is survive the next few weeks.

The reality is that conversions are a short-term challenge with long-term consequences. Conversions impact more customers, more acutely than any other change event.

It isn’t about just “surviving” the conversion. You want to thrive during it and truly exceed your customer’s expectations. What better time to reinforce that you’re truly there for them and able to meet all needs than during a time (like a confusing conversion) when they need you the most?

Conversions aren’t just things to “Get through”, they’re huge opportunities to build brand trust and reinforce your brand promise to customers.

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