This is the time of year when banks think about what strategies and investments to pursue in the coming year. And while retail and commercial banking is a complex, global industry driven by a combination of local-market macroeconomics, regulatory regimes, competitive forces, and customer behavior, the digital transformation strategies banks pursued for many years were fairly straightforward.
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The digital transformation challenges in banking were well understood: siloed, inflexible, end-of-life systems; lots of back-office operations dependent upon manual intervention; convoluted and increasing regulations; and old-school IT organizations. Banks were stove-piped organizations with each group focused on its own channel (web, call center, agent, branch), its own product (deposit, mortgage, credit card, brokerage, insurance), and its own functional area (marketing, IT, retail delivery). Considered “digital laggards” in the age of Amazon, banks’ digital transformation strategies were simple and clear, albeit quite challenging.
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