Eighty-two percent also cite reducing operational inefficiency as one of their top three long-term goals, and 76 percent point to it as one of their top three short-term goals. Digital transformation brings proven—and highly anticipated—ROI. While an injection of new talent can help improve overall digital competency, organizations also need to provide current employees with the resources, training, and development they need to be effective as their roles evolve. Data privacy and cybersecurity will remain a serious problem for decades to come, as attackers use increasingly sophisticated methods and enter through a greater number of entry points due to the proliferation of technology platforms and IoT devices. Customer experience is much more than just customer service. While IoT devices are often more commonly associated with consumer products, the benefits of having real-time data about clients’ physical assets are invaluable to financial services companies looking to improve their current products and services, capitalize on customer purchasing behavior, and create more personalized user experiences. Based on this CAGR, the smartphone average selling price (ASP) 2020/21. It is mandatory to procure user consent prior to running these cookies on your website. It has been forecast that over 150 billion devices will be connected across the globe by 2025, mostly able to gather and create data in real time. The Business & Financial Times online is the African Leading Platform In Providing Business and Financial News. The scale of the COVID-19 crisis shows the need; real-time predictive analytics may help mitigate the consequences of threats to supply-chains. T he UK financial services industry continues to be disrupted. Banks need to wake up to the reality that the future of banking lies in mobile applications and online banking. Financial services companies—from incumbent banks to FinTech startups—face numerous challenges daily. You have entered an incorrect email address! Furthermore, the current COVID-19 shock has put immense pressure on technology capabilities (e.g. EY’s survey of the financial services industry discusses the continued use of paper and the barrier it creates for digital transformation. The Financial Services industry is currently in the midst of profound transformation as it embraces the ‘next normal’ phase of digital transformation. Cultivating this shift—and inspiring organizational behavioral change—starts with tone at the top. Digital transformation (DT) in the finance industry is a concept which has now become part of a successful business strategy rather than just technology. Visit our Technology & Business Transformation Services practice page, or read our related insights: Digital Transformation in Financial Services, About the BDO Middle Market Digital Transformation Survey, Business Restructuring & Turnaround Services, International Financial Reporting Standards, Financial Institutions & Specialty Finance, BDO Center for Corporate Governance and Financial Reporting, Top Financial Services Digital Transformation Trends. Regardless of whether it’s the Financial Crimes Enforcement Network, the Financial Industry Regulatory Authority (FINRA), the Office of the Comptroller of Currency (OCC), or another entity, financial institutions can’t afford to let down their guard, even once. A few decades ago, the idea of having a good “customer experience” may mean having a pleasant experience at a physical bank or other financial services firm. Financial services companies know this—and know they have a lot of catching up to do—compared to other industries. Stalworth Consulting Group, LLC (also referred to as SCG) is a limited liability company incorporated in Uganda with its statutory seat in Kampala as a legal and independent entity. This percentage rises to 46 percent among lower middle market companies that may not have as much experience managing initiatives of this scale. Advancements in AI have transformed every aspect of the financial services industry. Digital Transformation - Open Source adoption in Financial services The client is a leading American financial services corporation and asset management company. While cryptocurrency may be the most widely known application to date, blockchain technology could also ensure more secure and automatic payments via the use of smart contracts; strengthen supply chains, trading systems, and claims processing; streamline back office operations; and mitigate fraud risk, among others, by removing friction from processes. The business of the future will supply a product or service that is needed by customers in an environment defined by increased personal surveillance and intermittent business interruption, as lockdowns to control COVID-19 infection clusters are applied. Let's take a … Meanwhile, over half (53 percent) of financial services organizations cite poor communication and project management as a top barrier to successful digital implementation, once underway. But getting stakeholder buy-in isn’t enough. These are the building blocks which enterprises will need to survive in this new age. Therefore, in difficult environments poor decisions will have financial costs. Financial Services ‘all in’ on multi-cloud adoption as industry accelerates digital transformation Lori MacVittie of F5 Networks discusses the new research from F5 revealing that the … Among these include the internet of things (IoT), artificial intelligence (AI), and blockchain, in addition to the advanced technologies they’re already deploying (i.e., cloud computing, advanced analytics, and automation). This technology will enable all transactions to be recorded and traced and will provide the customer with a digital log of previous payments, receipts, timestamps, warranties, and contracts. Digital transformation is revolutionizing every industry. getty. Recent studies show that 84 percent of digital transformation initiatives fail , often despite the rigorous application of “best practice”. Blockchain’s significant promise has a third of all financial services organizations considering its deployment over the next year—a percentage expected to increase in the future. Improving customer experience may be top of mind for most financial services institutions, but equally important is cultivating a strong employee culture. Companies, by using AI to identify transaction anomalies, can better mitigate fraud and money laundering risk. As a result of the proven and promising gains, financial services companies are making significant digital investments. Establishing the right metrics to measure progress is financial services’ biggest challenge to moving forward with a new digital initiative (39 percent, compared to 27 percent for all organizations). It’s a mindset shift that hinges not on digital capabilities but on the adoption of those digital capabilities by the end users—employees and customers—and business enablement. This category only includes cookies that ensures basic functionalities and security features of the website. Working Mother Names BDO USA, LLP as one of the 100 Best Companies. Applying our deep industry solutions and extensive experience, our group of talented professionals provide a holistic approach to middle market clients looking for successful digital transformation, using our Digital 3+1 approach. While many fundamental banking services (i.e., safekeeping, payments, loans, and investments) remain the same as they were 100 years ago, how banks manage these activities and transactions—as well as how customers expect to receive them—has changed significantly. This is troubling, especially considering the numerous widescale cyberattacks in recent years (i.e. However, this is still in its early days – based on experience, most are only at the beginning of their journey. This website uses cookies to improve your experience. In this cluster, companies are more than doubling the rate of using technologies such as AI, blockchainor augmented analytics. BDO is continuously finding new ways to help your organization thrive. With a decline in demand for goods and services due to reduced disposable income in the population, CIOs and their teams prepare to embrace the next major phase of digital transformation. Digital transformation has seen to the major shift across the world, with emerging technologies and adaption to new applications. Please see www.scg.ug to learn more about our firm and our clients. 3 Realizing the digital promise COVID-19 catalyzes and accelerates transformation in financial services Already, COVID-19 has dramatically accelerated the rate of digital adoption in financial services, … Opportunity International Savings and Loans holds graduation ceremony for 54 Kayayei, Gov’t intensifies disinfection exercise in Ashanti Region, Coaching services and experiences in Ghana survey 2020, Personal Branding Goals to Strive for in 2021, Regulatory agency must help private sector with reliefs to combat COVID-19 – Jonmoore CEO, Tween Talk with Eugenia Tachie-Menson: December 7 is Election Day…plus a holiday, ECG extends tariff adjustment date to April 1, Spend Heritage Fund on technical varsities—Economist, Feature: The new normal…this is how to do e-learning right (2), Yellow melon fruit left to rot on farms…as farmers bemoan lack of market, Artisans Association of Ghana (AAG) and KNAUF sign MoU. The adoption of digital transformation is routing a new era or industrial transformation, allowing companies to track their operations, enhance productivity, augment business strategies, and … Here are the top 8 digital transformation trends for banking and financial services. This starts with defining and documenting potential threats and making that a part of their existing risk management framework. Stay abreast of legislative change, learn about emerging issues, and turn insight into action. Stalworth Consulting Group, LLC is a leader in technology, media and telecommunications (TMT) and financial services strategy consulting, offering digital transformation strategy, technology advisory and inclusive financial services. Digital Adoption in Financial Services In the financial services sector, the risk appetite of many banks changed post-2008. It is now becoming … The rise of FinTech companies and solutions over the past five years has led to a completely new and transformed financial services landscape. Brands evolve! This can be especially challenging for financial institutions that existed in the pre-digital age. And in times of crisis, everyone wants a fistful of cash for comfort and security. This is why banking CIOs are putting digital transformation as the number #1 priority. At BDO, we advise and guide our clients to see digital transformation through to fruition, so they can reimagine the way they’re doing business, and then make it a reality—maximizing value with minimal disruption to their existing infrastructure. If there’s one factor that all financial institutions can agree on, it’s that the number and complexity of rules, regulations, and compliance demands they’re subject to is endless. Regardless of whether a business was born in the digital era or is now catching up to it, none remain unaffected. Digital transformation in the financial industry is born out of changing consumer demands and the threat from challenger banks The financial services industry is one of the fastest sectors, in terms of technology … Consequently, digital technology has now become a strategy for business growth… Even though cash use has declined slightly during the pandemic shock as consumers accelerate the shift to electronic payments, the poor are more likely to still use cash – exacerbating the ‘digital divide’. This refers to data-driven decision-making and other needs: such as those around data regulation, storage; network provision; machine learning; analytics processing and more. The key enablers for digital transformation are inclined to customer-centricity, organisational foundations, talent and changed culture for an innovation mindset. Businesses must accurately predict the products and services needed while developing diversified supply-chains. The Internet of Things (IoT) has significant implications for financial services institutions. Over a fourth (28 percent) cite poor customer experience as their biggest digital threat—significantly higher than all organizations at 17 percent. All rights reserved. Innovative solutions to nonprofit organizations, helping clients position their organizations to navigate the industry in an intensely competitive environment. While the latter is usually reactive (and just one component of the former), customer experience refers to a customer’s overall journey from start to finish, including every touchpoint and interaction along the way. “Worldwide smartphone forecast update, 2019–2023” for smartphone and devices units International Data Corporation (IDC), June 2020. Once defined by a few well-known intuitions, the financial services world now consists of thousands of new players spanning all sizes, revenue ranges, and services. Digital transformation in banking will improve customer engagement . This often includes a blend of enhanced FinTech offerings (often developed through partnerships, collaborations, and joint ventures with start-ups, innovation hubs, and accelerators) and more traditional offerings. More than half (65 percent) of all financial services organizations plan to increase spending by 10 percent or more (vs. 37 percent for all organizations). Successful transformation strategy and execution capabilities would rely on external collaboration and proactive engagement. Equifax, WannaCry, NotPetya, etc.). and requires CIOs to anticipate and prepare for the ‘next normal’ with an accelerated shift to digital channels. At the same time, competition within the sector has ramped up quickly. People now adapt to conduct their lives using technology for remote work, mobile banking, card-less and cashless payments, online shopping, home schooling among others; and in terms of convenience, most of us are winners. Our global report Financial services technology 2020 and beyond: Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. Their top driver is disrupting the industry to unlock new areas for growth, enter new markets or create new revenue streams (like via data monetization). remote working, new cyber-security threats, increased online shopping, card-less and cashless payments error alerts, etc.) Data-driven decision-making will be used to help guide every enterprise through challenging times, transforming core missions such as last-mile delivery, supply-chain management, product development, customer demand analysis, raw materials sourcing and logistics, data and information governance. Nearly one fifth (17 percent) of financial services executives say that investing in innovative digital capabilities for anticipated business needs is a top digital priority. As the above report concludes, and as we see in the marketplace as well, financial services is looking to move to cloud-based platforms for a few key reasons: The ability to provide unique types of services … Wall Street is no exception. As your digital solutions partner, we will arm you for the future and help you navigate industry disruption to become a leader in your field. Top digital business strategy adopters include Services (95%), financial services (93%), and healthcare (92%). Only 39 percent say it’s “excellent” or “very good” (vs. 63 percent of all organizations). Today, it’s nearly impossible to walk into a boardroom, client meeting, or innovation brainstorm without hearing the phrase bandied about at least once, twice, or—more likely—a dozen times. We'll assume you're ok with this, but you can opt-out if you wish. Cloud adoption is no exception. 3 insights into digital transformation in banking 1. They must start the journey today—or risk being outranked by the competition or losing industry relevancy. A new era of open banking has enabled systems to quickly and seamlessly integrate with new platforms and applications. Improving customer experience & operational efficiency top financial services’ long & short-term business goals. While a majority of survey participants indicated they have a digital transformation strategy, many have yet to implement it. FSI firms are making significant investments to enhance customer … Fortunately, more than three-fourths (77 percent) of financial services executives have already established a digital innovation steering committee (compared to 58 percent of all organizations), and 60 percent have hired board members or senior management with relevant oversight skills (vs. 49 percent of all organizations). The driver behind it? Boards’ High Stakes Balancing Act: Navigating Through Crisis. Physical banks and paper systems are quickly being replaced by robust networked digital ecosystems. The insights and advice you need, everywhere you do business. Banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. The digital transformation journey can be challenging. Digital transformation: Innovation’s holy grail. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. Nearly all (97 percent) of financial services firms are making some sort of inroads on … Capital market firms can make faster, smarter trade decisions based on sophisticated analyses of past market performance data. For those that are implementing (or plan to implement) a clearly defined strategy, more than half (55 percent) are taking (or plan to take) intentional steps against it. IoT, AI & Blockchain investments heat up. They will need to shed old habits, update cultural norms, upskill their employees, and adjust their way of thinking to become a digital business. Organizations can conduct customer sentiment and mood analyses and personalize customer experiences based on individual customer profiles—such as suggesting customized portfolio solutions based on each individual’s risk appetite. – Application (App) Annie, “The state of mobile device 2020”. As part of digital transformation … The types of organizations affected span the gamut—from 100-year-old banks and insurance providers to FinTech start-ups started less than a decade ago. Integration of technology with some businesses, especially in the informal sector, may be hard or slow due to the nature of their operations and limited capacity to use different technology tools; for example, use of cloud-based services, computers, and smartphones among others. Allstate, AXA, Generali and other major global insurers have, for instance, implemented open APIs to expand thei… Types of Digital Transformation Services. The percentage citing cyber concerns as their biggest challenge in moving forward with a new digital initiative is also less than average (15 percent vs. 25 percent). 21% of North American and European enterprises say their digital transformation … Dynamic resources for board of directors and financial executives. For the financial services industry, blockchain will become integral for transactions both within and between enterprises. That’s because, in executing a cloud transformation… By 2024, the blockchain market is expected to be worth more than $16 billion, according to Global Market Insights, with applications related to identity management anticipated to be the most lucrative, with a greater than 90 percent compound annual growth rate (CAGR) from 2018-2024. You don't have to go back very far in time to find an example of the monumental role risk can play in the financial industry. Digital transformation is a business imperative across all industries, and financial services is no exception. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This makes sense, considering that many large (and historic) institutions rely on core systems built 30-40 years ago—making it difficult to develop and integrate new products. One component of streaming operations is updating legacy IT systems, cited by 88 percent as a top goal for next year. Today, it may include anything from being able to access an account from multiple channels, to getting a question immediately answered by a chatbot or robo advisor, to receiving automated real-time notifications. Whether you want to focus on enhancing your customer interaction, increasing profitability through operational excellence, improving your employee experience, or deploying to the cloud for increased agility and flexibility. While robo-advisors, chatbots, and other automated processes can greatly increase operational efficiencies, it could be that job security fears—or the possibility of being replaced—remain. Digital transformation is a top business imperative. Nearly half (49 percent) state that interoperability with legacy technology is their biggest barrier to successfully implementing digital initiatives. To make digital transformation effective, financial services companies should develop a distinct function within their organization to drive digital efforts—a crossdisciplinary “Digital Dream Team” of individuals to be their champions in the field. Not only has the number of regulations increased over the past decade, but so has the number of federal governing groups keeping watch and the costs of compliance (and non-compliance). The survey showed that overall, the financial services industry is on the cusp of a digital transformation right now. In the past decade, a future with more people using technology has become a real possibility. Learning to connect the dots between digital initiatives, strategy, and business enablement will be critical. What does the COVID-19 crisis mean for your business, and for you? Thirtynine percent cite commoditization and automation as their biggest digital threat, higher than 23 percent of all organizations. The challenge they face is significant: in a competitive environment of rising cost pressures, where rapid action and response is imperative, financial institutions must modernise their technology function to support expanded digitisation of both the front and back ends of their businesses. In the subsequent years, many challenged their analytical resources to refine, … This website uses cookies to improve your experience while you navigate through the website. Management Consulting | Technology Advisory | Outsourcing. Less than a fourth (24 percent) of survey participants cite cyberattacks or privacy breaches as their top digital threat—lower than the average for all organizations (33 percent). The good news is that the challenges of making the business case to internal stakeholders and employee pushback are lower than the average for all industries—indicating that most financial services companies are aware that digital transformation is a must. SCG is the trading name for Stalworth Consulting Group LLC, a management and strategy consulting firm focused on digital economy, emerging technology advisory and inclusive financial services. All businesses want to cut costs, but financial services companies are especially feeling the pressure to tighten their belts. To effectively serve their markets, enterprises will require real-time data on temporary or permanent market interruptions. Cyber and data privacy needs to be more of a priority. The benefits of digital transformation, including improved customer experience and operational efficiency, are clear. They must also strive to cultivate a corporate culture that embraces constant experimentation and learning—one in which short-term mistakes and failures are expected and accepted in the pursuit of long-term innovation and value creation. But, are we in danger of embracing the ‘new normal’ of digital without really understanding the consequences? This will inevitably lead to investing in self-diagnosed, automated and preventive-maintenance solutions. Digitalization or Digital transformation is nothing but the restyling of financial services. “Worldwide smartphone forecast update, 2018–2022”, for average selling price (ASPs), International Data Corporation (IDC), June 2019. Since network interoperability and the need to avoid network congestion will be vital, enterprise users will therefore require near-perfect network provision – while network providers will also need to ensure their maintenance systems are sufficiently robust to handle intermittent lockdowns. This is evolving rapidly. Save my name, email, and website in this browser for the next time I comment. As a result, most financial services companies anticipate high returns on revenue and profitability from digital transformation—even more than those in other industries. But, are we in danger of embracing digital without really understanding the consequences? Changing customer expectations, cutthroat competition, increasing regulatory complexity, the pressure to streamline operations, and other factors are driving the push for reinvention and innovation. 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