Laying the foundations: The road to digital transformation in 2018 Across the globe, banks are investing heavily in emerging technologies in a bid to achieve digital transformation. Earlier this year, IDC predicted that there would be $1.2 trillion spend on digital transformation technologies in 2017 – and banking would be one of the sectors with the fastest growth. According to a recent McKinsey paper1, however, whilst it’s apparent that digital is penetrating all sectors, only 39 per cent of banks are actually digitized. Experts, such as Forrester2, expect that financial services organisations will start to get serious about digital transformation in 2018, yet their main prediction is that many providers will fail to differentiate or find new ways to specialise and create value for customers. Without engaging customers and creating new offerings in line with their demands, is it really realistic to foresee the sector achieving digital transformation next year? To remain competitive, it’s critical that the financial sector invests and innovates with emerging technologies, such as AI, Blockchain and cloud computing – to be more agile; to engage more fluidly with customers and bring game-changing approaches to the workplace to enhance their competitive edge. Yet, only a third of businesses in this sector are digitally prepared, leaving a big question mark over the heads of the remaining majority – but what’s the hold up?
108 | Issue 10
Published on Jan 1, 2018