What Ordering Takeout Reveals About Digital Transformation in Banking 

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the digital transformation in banking content herein. The opinions expressed in this article are the opinions of the individual authors and may not reflect the opinions of MeridianLink, Inc. 

Ever notice how easy it is to order takeout now? And because it’s so easy, you probably do it more than you used to. When it’s fast, personal, and convenient, you keep coming back for more—maybe even telling your friends to try it too. That’s exactly how modern consumers expect banking to feel—quick, simple, and designed around them. So why do some banking experiences still feel like your order’s stuck in traffic or worse, never left the restaurant? Digital transformation in banking changes that. 

Taking our quick assessment to uncover where you’re at in your digital transformation journey and your best next step forward.

What is digital transformation in banking? 

It remains a top three priority for financial institutions, and it’s not just about new technology. At its core, digital transformation in banking means swapping slow, outdated processes for smarter, simpler ones. It’s digging into your data and turning it into insights that actually help your team make better decisions. It’s about getting to “yes” faster, whether someone is applying for a loan or opening an account from their couch.  

In short, it’s how you deliver the fast, easy, digital-first experience your customers expect today. 

That’s why better use of data and analytics sits at the very top of the FI priority list. Right behind that is growing your lineup of digital products to match what people want next. And digital transformation rounds out the top three—for good reason. Without strong data and the right digital products, true transformation just can’t happen. 

Think about it this way: without the food delivery app, and all the data about what you’ve ordered before, it couldn’t suggest your favorite meals or make ordering so easy. It’s the same for your financial institution. You need solid data and modern digital products to serve up banking that keeps people coming back for more. 

Why now? Because hungry customers won’t wait.

Every day you stick with manual processes and disconnected systems is another day your competition moves closer to your customers. Nearly three out of four consumers expect more personalized banking. And they’ve made it clear that they’re fine with you using their data. Especially if it means faster service, fewer hoops, and stronger fraud protection. 

They want you to know what they need before they ask—and if you don’t, your competitors will. Just look at the numbers: digital banks and fintechs captured nearly half of all new checking accounts opened in 2024. That’s huge. 

And it’s a key reason that digital transformation in banking isn’t just a buzzword. It’s how you stay relevant, keep trust high, and meet customers exactly where they are today. 

What’s holding you back? 

Slow processes, disconnected systems, and unused data create bottlenecks. Loan approvals drag on. Customer information is scattered and tough to access. Your team wastes time on manual tasks instead of focusing on delivering great service. 

Think about what you would do if you opened your food delivery app and it wouldn’t load, your go-to restaurant suddenly disappeared, or you had a bad experience with the delivery. 

When banking feels like a broken delivery app, customers get frustrated and start looking for better options. 

How can you fix it? 

Digital transformation in banking can feel overwhelming. But you don’t need to replace everything all at once or disrupt your entire operation. 

MeridianLink’s Digital Progression Model breaks the journey into manageable steps. It helps you prioritize changes that deliver the biggest impact—improving efficiency, experience, and growth without exhausting your resources. 

What are the ingredients for success? 

MeridianLink’s Digital Progression Model zeroes in on five key areas—each one building on the last to create a powerful, connected system. 

📊 Data Centricity

Access the right data, trust it, and use it to make smart choices.

⚙️ Process Automation

Automate the tasks that eat up time and energy.

⚡ Instant Decisioning

Speed up approvals, reduce risk, and give staff more time to help people.

💫 Consumer Experience

Make every interaction feel easy and personal—online or in person.

📈 Share-Of-Wallet Growth

Offer the next right product, at the right time, for the right person.

How it works: 

1. Assess where you are 
   Start by understanding what’s working well, and what’s holding you back. Pinpoint the gaps so you know exactly where to focus your efforts.

2. Create a strategy that grows with you 
   Forget one-size-fits-all solutions. Build a plan that adapts as your goals, customers, and market change over time. 

3. Define a realistic plan 
   Set achievable goals your team can confidently deliver. Break it down into clear steps that lead to meaningful wins. 

4. Execute and improve 
   Put your plan into action. Track progress closely and continuously refine your approach to keep raising the bar on customer experience and growth. 

What’s on the menu when you get it right?  

Financial institutions that fully commit to digital transformation aren’t just talking about modern banking, they’re serving up real results:  

⏱️

Faster closing times — think days, not weeks.

🌟

Higher net promoter scores — customers become your biggest fans.

🎯

New products that truly fit — no more generic offers.

✅

Better approval and funding rates — say “yes” with confidence.

💰

Lower closing costs — saving money while speeding up processes.

🛡️

Stronger fraud protection — powered by smart defenses.

📈

Consistent growth in loans and deposits — fueling your institution’s future.

So, make banking with you as easy as ordering takeout.  

Your customers won’t wait—not for dinner, not for their money, and not for you to catch up. They expect quick, personal, digital-first banking experiences every time. And digital transformation in banking helps you deliver that.  

MeridianLink^® has the strategy and digital platform to get you there. Start by taking our quick assessment to uncover where you’re at in your digital journey and your best next step forward.