12 Steps to Start a Successful Digital Transformation at Banks, Financial Institutions and Digital Enterprises

Digital TransformationInsights for Banks and Financial Institutions

By Whitney Anderson for Fraud.net

Introduction:

Much has been written about the process of digital transformation among banks, financial institutions, and financial services companies. Digitization and digital transformation are among the most hyped concepts of this decade.  Hype aside, banks that put off a digital transformation too long, face an existential threat.  82% of consumer banking transactions will likely occur via digital channels within 5 years. With a new version of the Payment Services Directive (PSD2) and other regulations facilitating consumer account portability, it is imperative that banks and FIs begin competing head-to-head with both better-capitalized banks and more agile fintechs on service. The sooner you embark on a digital transformation journey, the sooner you will be capable of competing for consumers on the merits.  We have helped dozens of multi-billion enterprises through their digital transformations and have learned much about what ensures positive outcomes and what completely de-rails the best-laid plans.  The difference between success and failure is often subtle and almost always avoidable.  We hope you can use this guide to ensure your own digital transformation’s success.

Short Description:

Digital Transformation is not a milestone that, after an incredibly long and laborious journey involving hundreds of consultants, many thousands of employee-hours and tens of millions of dollars, one day is suddenly achieved. It is a process and it does not need to be complicated or difficult to begin.  Much less attention has been focused on breaking down this lofty and often intimidating concept into the simple steps that can be used to de-risk the first digital project and make the journey more simple and actionable.

This guide provides that simple set of achievable steps for mid- and large-sized financial institutions around the world to start or accelerate the process of digital transformation. We’ll begin with the most basic concepts, which you can skip if you’re already in the digitization process, although even if you have started, it is always beneficial to go practice the basics to make ensure you have the strongest possible foundation for your organization. Your digital transformation initiative, as some of you already know, is a momentary goal, that once achieved becomes an opportunity for continuous improvement, no matter how good of a job you’ve done to date. The steps that we’ll go through are as follows >>> READ MORE