The FNF Agency Digital Closing Hub is a resource all our agents can lean on as they explore how digital closings could affect their offices and customers. Your Digital Solutions Team is always looking for helpful information for you. That’s why the article “Digital Doesn’t Have to Be Disruptive” from the Harvard Business Review caught our eye. It’s already in our Recent Digital Closing News section. However, because it’s more than 4,000 words long, we wanted to highlight some of the parts we think can apply to your own digital journey.
The overarching theme of the piece is that going digital is not a completely new direction – that it doesn’t have to be a scary proposition. No, instead utilizing digital allows companies to become more efficient and serve customer needs better by using technology. The piece’s authors put it this way, “Digital transformation is not usually about a root-and-branch reimagining of the value proposition or the business model. Rather, it is about both transforming the core using digital tools and discovering and capturing new opportunities enabled by digital.”
Those opportunities include better ways to meet customer needs, save time and apply incremental change to better improve existing infrastructure. New technology is going to help you do things quicker and easier while building on the foundation of knowledge and customer service that you have already built.
The HBR piece presented several myths that people in all industries tend to believe when they are confronted with changing over to digital. You’ve probably heard many of them and if so, could be concerned. The piece then debunked those myths, or at least presented the gentler reality. They included the following three pairings:
- Myth: Digital requires radical disruption of the value proposition.
Reality: It usually means using digital tools to better serve the known customer need.
From the article: “We believe that the customer needs most companies serve will look much the same as before. The challenge is to find the best way to serve those needs using digital tools.”
- Myth: Digital is about technology.
Reality: It’s about the customer.
From the article: “Of course, technology change is involved—but smart companies realize that transformation is ultimately about better serving customer needs, whether through more-effective operations, mass customization, or new offers.”
- Digital will replace physical.
Reality: It’s a “both/and.”
From the article: “There is no doubt that digital often enables the elimination of inefficient intermediaries and costly physical infrastructure. But that doesn’t mean the physical goes away entirely. In fact, as has been well documented, many retailers are finding ways to create a hybrid of physical and digital that taps into the advantages of each.”
The FNF Digital Solutions Team hopes that reading this blog puts you more at ease when it comes to your digital transformation. This should be an exciting time, not an overwhelming one, and Fidelity National Financial is here to do everything we can to set you up for future success. Contact our FNF Digital Transactions team at FNTGeducation@fnf.com.