Digital transformation (DX) in the worldwide banking industry is characterized by the ability to use technology to break out of the constraints forced by legacy systems and processes and enable a more efficient and responsive institution.
While all banks worldwide acknowledge the importance and complexity of transforming their businesses to compete in this new digital economy, nearly 40% have not yet executed on a sustainable digital transformation strategy, according to a new survey from International Data Corporation (www.idc.com). Key findings of this study include:
° All banks worldwide acknowledge the importance and complexity of transforming their businesses to compete in the new digital economy. However, nearly 40% are still at the ad hoc or opportunistic stages of maturity, meaning that they have not yet executed on a sustainable digital transformation strategy. Fewer than 10% can claim that they are in a position to be leaders in innovation and adjust to, or create, significant disruptions in the market.
° Transforming from the multitude of legacy technology and processes in the banking environment is not an easy task. The sluggish nature of organizational change makes the challenge even more onerous.
° Those banks that are succeeding are the ones that recognize the need to embrace transformation at the highest levels of the organization and follow that up with a frank and accurate assessment of their business goals versus their technological and operational capabilities.