Understanding the Digitalization of Banking & Financial Services
The digital revolution continues to manifest itself in all fields of life, including the financial sector. Today, when the financial sector is mentioned, one does not only think of banks and traditional financial institutions anymore. The reason is that, with digitalization, different financial institution models that did not exist before entered the market. And many of them even shape the whole industry.
Banks and traditional financial institutions, on the other hand, need to keep up with the wind of this digital change in order to stay competitive.
Where Should Financial Institutions Begin with Digital Transformation?
Of course, with a holistic understanding of digital transformation, needs and expectations
. Digital transformation strategies that are not properly understood, or that are applied inappropriately by focusing on the wrong direction, can ultimately lead to much more challenging and complex processes. Financial institutes should first consider digitalization as a cultural revolution to move their companies forward. And this is only possible when they correctly match their needs and processes with their digital strategies.
That’s why 91% of executives agree that capturing tomorrow’s market will require their organization to define it.
How Ready is the Finance Sector for Digital Transformation?
Some organizations still think that going digital is only an end-customer-oriented process. But there are now many different values that digital tools and services can add
to the financial world. And remarkably many organizations in the financial sector are aware of this.
According to BDO’s 2019 Middle Market Digital Transformation Survey, 68% of Financial services companies have already developed a digital transformation strategy. That’s a promisingly good figure. However, at this point, it is important how the digital tools and the benefits that these tools can provide are understood.
The Best Resource to Understand Digital Transformation
No matter what stage of digital transformation your business is in, be sure to take a look at our infographic, where we gather valuable information and findings of banks and financial institutions on:
-How to look at the digital transformation process,
-At what stage of digital transformation certain financial institutions are,
-In which areas is the change more intense,
-The most important innovations that will shape the industry,
-And the benefits these innovative technologies can provide.