Review Of Top 10 Digital Initiatives To Transform Your Business And Lessons Learned From The Market

With 1 billion digital natives joining the labor force in the next seven years, 70 billion connected computing devices by 2020 and the amount of data doubling every 18 months, digital is the new era of business across all industries. It is a stepping stone in the evolution of the modern world, made possible by the exponential growth in the use of new technologies. The digital era requires a new way of thinking about how to compete, which influences the way products, services, campaigns and operating models are designed and delivered.

The banking industry is no exception with 35 percent of banking revenue put at risk due to the digital revolution. This article reviews the top 10 digital initiatives that banks have undertaken in recent years with various levels of success, highlighting their related benefits and the lessons learned, based on case studies observed on the market.

Our studies demonstrate that the banking and securities sector will lead digital market spending with relative market size growing from US$5 billion to US$8.8 billion by 2020 at a worldwide level. Like many other industries, the banking sector is facing a changing environment with digital disruptions taking place in several spheres.

With regards to customers, their expectations of digital experiences have been raised by non-banking players. Personalized, integrated services and holistic solutions for diverse financial needs are now expected. Next-generation customers also expect banking services to be available when and where they want them. Regarding the competition landscape, non-traditional players and startups (FinTech) are picking off high-value areas of the value chain where banks have ignored opportunities, or white spaces that are not important enough to current bank operations or not economically relevant with their legacy operating model. Operational wise, banks are forced to address front-to-back simplification and transformation due to aging infrastructure and servers, uncompetitive cost structures, and increasing pricing pressure in the transaction space. As a consequence, huge investments have already been made by the banks as they seek to either become a digital leader, or try to catch up with their peers and competitors. Such efforts have met with varying levels of success. Going digital would allow banks to deliver an end-to- end and tailored customer experience across all channels, focusing on the habits and expectations of new generations...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT