Fearful and Directionless- Banks scout for secrets of Digital accelerators

Successful digital transformation in the crowded digital banking industry is an ongoing race with a record high failure rate of 75% as digitization initiatives are failing to meet customercentric KPIs. US banks alone are expected to spend more than $90 Billion for IT investments in 2023, while ECB discovered that nearly all surveyed European institutions in 2022 allocate at least a fifth of their IT budget to digitization strategies. Yet the success rates remain alarmingly low.

Deficient cybersecurity risk measures, affecting 64% of supervisory authorities as per the IMF, and customer expectation gaps are certain major threats facing digital plans for emerging banks. As a result, banks are struggling to build agile defenses against fierce competition.

Read on as Jasper Colin's Sector Spark explores the growing conundrum of failing digital transformations in an era of technological imperatives for digital banking.