The Eika Alliance now has a distinct vision of how to use digitalization as a tool to achieve business goals.
Digitalization is transforming the banking sector. The Eika Alliance wanted a digital strategy in order to support and strengthen its market position and core business. The strategy was intended to generate increased sales as well as higher customer satisfaction by increasing the level of service offered via Eika's digital channels.
The Eika Alliance is owned in part by nearly 80 local banks. Although the Board of Directors is officially Eika's decision-making body, prioritized initiatives need to be extensively supported by the whole organization if they are to be implemented efficiently. A high degree of involvement with all levels of the organization was therefore required for the project to be a success. An additional challenge was the time frame: the strategy had to be ready and presented to the Board within a period of only six weeks.
Itera set up a team of five specialists, which worked closely with Eika's working group with representatives from all parts of the organization.
After six intense weeks, the team presented an extensive report to the management and Board. Its conclusions were based on data gathered from interviews and workshops, on customer insight and on project report certificates from Eika. The team also drew on Itera's insight into digital trends and its expectations of how these will have developed by 2020, and on a detailed analysis of the Norwegian banking market completed by Itera's niche company Cicero Consulting.
The Eika Alliance now has a distinct vision of how to use digitalization as a tool to achieve business goals. The digital strategy provides a direction, priorities and initiatives, over both the short and the long term. In order to support the digital strategy, Eika has implemented a new executive model for digital development. In addition, the project kick-started efforts to build digital expertise and has increased motivation internally. A large number of Eika employees are now ready and willing to be the catalysts for making Eika a digital leader.