Financial Services

It’s Time to Focus on Post-Digital Transformation in Banking

Post-Digital Transformation

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.

Financial Services - It's Time to Focus on Post-Digital Transformation in Banking
It's Time to Focus on Post-Digital Transformation in Banking

Digital transformation challenges in banking have been well understood and the strategies to address them simple and clear. However, it is becoming increasingly apparent that the industry is reaching a tipping point in the digital transformation journey.

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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.

To learn more about previous digital transformation themes, post-digital transformation themes and trends, and how to ensure the successful implementation of post-digital transformation programs; you can click here or complete the form below.

About the Author

Scott Albahary applies his wide range of knowledge and skills to advise Perficient’s financial services clients on business and technical strategies and on defining, developing, and implementing these specific strategies.

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