Digital is, by definition, disruptive. It changes the business playing field, harnessing constantly shifting technologies and uncovering new business opportunities that were previously unknown. In its broadest sense—digital strategy solves the challenges and uncovers the advantages that “digital” brings to your business.
At its richest, digital strategy brings all of the key digital experience design disciplines to bear—analytics, UX (user experience), content strategy, visual design, and technology—to present the clearest picture of challenges and opportunities, identify which KPIs should take priority, and deliver a multiyear roadmap to provide direction and key functionality.
Everything we do at Extractable starts with research, data, and discovery. When addressing the overall digital strategy, however, we aren’t focusing on website analytics alone. We’re conducting a full-scale business analysis, looking at core business markers such as loan origination volume, products & assets per customer, call center traffic—all the ways that a business has contact with its customers—and then we evaluate opportunities to use digital to drive results.
From offering enhanced self-service tools to reduce call center operation costs, to identifying critical marketing channels that can drive incremental top line revenue growth. Extractable’s digital strategy practice is focused on taking a step back for a full-scale view of a financial institution’s ecosystem, allowing us to identify operational inefficiencies, communications challenges, and make recommendations for addressing these by drawing upon our other disciplines.
We take a deep dive into the business and look for places where digital can help, from conducting primary research from your marketplace to talking to your customers and business partners about their needs and wants. We marry this qualitative research to our quantitative research methodologies, using analytics to provide that numerical element that helps us prioritize digital experience objectives. With that, we embark on an expert review. Our industry practice lead evaluates the current state of the experience, conducts a competitive review, highlights directions and trends and brings all of that to bear in an overarching digital strategy.
The final strategic deliverable is a roadmap to the near future of digital. It will feature new innovations and emerging trends in digital, such as digital disruptors, addressing how these threaten the status quo—while at the same time, uncovering opportunities where digital can deliver large-gains to the business. These are the issues you face, these are the opportunities you have, and here is how we recommend you go about doing it from a high level vision. It requires aligned decision-making—and a multiyear roadmap we deliver to provide direction and key functionality, including how to put the right analytics in place and align the right resources.
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