If “digital transformation” makes you think of a massive computer takeover, think again. Digital transformation offers banks more than mere automation. And without it, many banks could find themselves sidelined – and soon.

In fact, digitization may be the key to a bank’s survival in the 21st century. Gartner predicts that “by 2030, only 20% of heritage financial firms will flourish and win. Eighty percent of heritage financial firms will cease to exist, become commoditized or achieve zombie status.” Further, Gartner notes “established financial services providers will have to move faster on digital business by building digital platforms or finding niche products and services to sell on others’ platforms. They face a growing risk of failure if they continue to maintain 20th-century business and operating models.” (Gartner, “Digitalization Will Make Most Heritage Financial Firms Irrelevant,” David Furlonger, Alistair Newton, 29 January 2018.)

And contrary to expectations, digital transformation doesn’t mean eliminating humans in favor of computers. Instead, digitization enables financial institutions to offer vastly improved customer experiences to SMB borrowers while reducing costs and increasing top-line revenue. Simply, digitization can transform a burdensome lending process into a “wow” encounter.

But what is digitization, really? And how can it offer these kinds of gains? In his latest Forbes article, Trevor Dryer explains the win-win of digitization in real-world terms and how it creates “wow” experiences for small business lenders and their customers. Read it now.

Dryer, Mirador CEO and Co-Founder, is an advocate for small business lending and fintech. As a contributing member of Forbes Finance Council, he offers perspective on improving access to capital, small business lending considerations and trending topics in the banking industry. Be sure to follow his contributor page.