In banking, the VP of Digital (or a similar job title) is becoming a more common role as banks and credit unions focus more on their digital strategy. VP of Digital is a relatively new role in the banking world, though an important one as the digital banking channel is a direct extension of the physical branch.
An Increasingly Common Role at Financial Institutions
Not every bank or credit union has a VP of Digital or someone who owns this piece of the digital strategy. However, this role has become increasingly common among financial institutions seeking to accelerate digital transformation and enable enhanced digital banking experiences. Staying ahead of account holders’ needs and keeping pace with rapid technological change requires a proactive, strategic approach. This is where having a VP of Digital can prove especially useful.
Responsibilities for a VP of Digital
Specific job duties, like job titles, vary among financial institutions, but a VP of Digital may be responsible for the following initiatives. To enact meaningful change, however, a VP of Digital must work closely with leaders from IT, operations, and other departments.
Analyzing and Monitoring Digital Banking User Adoption
Are account holders utilizing the digital banking platform more than in the past? How does usage vary between mobile and online channels? Are consumer banking users less engaged than business users? Are there user journey drop-off points or channels of significant engagement?
Identifying Opportunities to Improve the Digital Banking Experience
What changes should be considered to deliver an even better user experience (UX)? Does the current digital banking provider offer integrations for enabling frictionless user experiences? Are there opportunities to extend the digital banking ecosystem with sticky features that keep users in-solution?
Working with Technology Vendors and Internal Stakeholders
How would switching to a different digital banking platform benefit account holders? Will the upfront effort to switch platforms deliver measurable value? Are there more modern tech stacks and solutions on the market that are beneficial to the institution and account holders?
Developing Strategies to Increase User Engagement
Do users currently interact with marketing campaigns deployed through the digital banking platform? If so, what level of personalization is used and how can that be amplified?
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