red hat logo

 

Leading financial firms are rethinking their operations

Evolving regulatory requirements, rapidly advancing technology capabilities, increasing customer demands, and competition from startups are forcing financial services firms to reassess their approaches to digital transformation.

In this Harvard Business Review Analytic Services report, only 8% of financial leaders rated their digital transformation efforts as very effective. Historical methods for collaboration and development are no longer practical. Outsourcing is no longer agile. Internal culture, process, and technology changes are essential in order for financial organizations to keep and grow their market share. Read the report and learn the top three elements of successful digital transformation.

Reassessing Digital Transformation

Financial services leaders share their experiences with digital transformation

Digital transformation isn’t new, but it is critical to remaining competitive in the financial services industry. True transformation involves continuous innovation supported by evolving cultures, processes, and technology, that, when combined, lead to successful and long-term impact.

Culture

Company culture is critical to transformation success

59% of financial services leaders say culture is a significant challenge to their digital transformation efforts.

59 percent

Process

Digital leaders embrace CI/CD methodology for transformation

A majority (70%) of digital leaders stated continuous innovation/continuous development (CI/CD) was very important to enabling digital transformation, yet only 41% have fully implemented CI/CD, leaving ample opportunity for a competitive advantage.

41 percent

Technology

Financial services leaders focus on rapid response to demand

73% of financial services leaders said that having the right technology capabilities is most important in allowing them to respond rapidly to customer demand. Startups are gaining ground by adopting the technologies to allow for the rapid innovation critical to meeting new customer expectations.

73 percent

Those organizations that organize around the customer across product lines are more focused and quicker in delivering results.

ROBERT COLLIGNON,
DIRECTOR - MONITOR DELOITTE

83 percent

Overall, 83% of financial services respondents felt that the combination of culture, processes, and technology were “very important” in the success of digital transformation.

Those who reported success in their efforts encountered the same challenges as the rest of respondents, but overcame them by embracing more transparent, open, and collaborative cultures.

Download the report

"3 fundamental elements of successful digital transformation"