how to embrace digital transformation in the financial services sector

© 2012 GlobusMedia Ltd

The Digital Dawn in Banking How to embrace digital transformation in the financial services sector

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Almost every business today is going through a process of

digital transformation. Companies are investing in digital marketing and the technology that enables

them to engage customers and manage internal processes.

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Digital transformation is about deploying technology specifically to realize strategic business objectives. The financial services sector is beginning to perceive the potential of digital to integrate and streamline the entire business process.

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Many financial organizationsare still operating with manual processes or legacy systems. There are some that are still running marketing operations with paper- based systems.

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Financial services organizations know that they must adopt digital ways of working to improve process, cut costs and encourage internal fluidity.

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Top priority areas for technology investment in the financial services and insurance sector, researched by Econsultancy.

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“Industries like travel, media andretail have each experienced extreme disruption and it’s

significant how those that haven’t transformed have tended to

become obsolete or irrelevant”Rob Mettler,

Director of Digital Business, PA Consulting

Insights from industry experts and research

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“As demand for and expectationof digital products has grown sodramatically, customers have nowbecome the primary force behinddigital transformation in allindustries.”

iBM Research

IBM Research “Digital Transformation: Creating New Business Where Digital Meets Physical” outlines their three basic approaches in the strategic route to transformation:

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Focusing on customer value propositions

Transforming the operating model

A holistic combination of transforming the customer value proposition and organizing

operations for delivery

Research by AT Kearney

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How to achieve successful digital transformation

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The idea of wholesale digital transformation can be daunting.

But successful

Projects can begin with small incremental change at the

core of the business.

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The first step is to change the mindset of the board as many in the financial services industry may not yet fully appreciate digitalization as a core strategic value.

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“The most important thing in the digital transformation process is having the leadership in place to recognize the potential and commit to a more transformative journey.”

Rob Mettler, Director of Digital Business, PA Consulting

Four key elements of a successful digital transformation

A collaborativeenvironment

Long-term visionand short-term execution ability

Strategic partnership with technology vendors

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An innovative mind-setfrom the board ofdirectors

How to achieve digital transformation success: start with a pilot project

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1. Identify the issue that hampers your

efficiency

2. Build a list of digital solutions that

could help solve your

problem

3. Determine what you

are looking for in a system & create a

cost-benefit analysis

6. Throughout the process, always keep a

“test-and-learn”attitude with everyone

involved

5. Create an authentication and

monitoring mechanism to achieve the

security level for access to digital

channels

4. Design an implementation plan

and think about how thatsolution will fit your company’s success

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