It must become the core business.
Weve seen this scenario play out dozens of times over the years.
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Digital transformation cannot be solved by simply throwing more money or people at the problem.
As a result, people in all age groups prefer digital banking over in-person.
Furthermore, 32% of customers are morelikely to change banks if they encounter technical issueswhen banking online.
Regardless of the catalyst, 75% of consumers nowexpect companies to use new technologiesto create better experiences.
But its not just competition from other banks that we need to be worried about.
In its scale, scope, and complexity, the transformation will be unlike anything humankind has experienced before.
The Fourths breadth and depth has the capacity to transform entire systems of production, management, and governance.
Consequently,62% of customers are open to the use of AIto improve experiences up from 59% in 2018.
Dividing up the tasks created value because the process maximized efficiency and enabled scale.
The new organizational structure needs to enable high-quality information flow, cross-functional collaboration, and daily learning.
Anne Manning states thatdivergent thinkingis akin to reaching up while convergent thinking is akin to reaching down.
However, it will require, not just new policies, but a shift in mindset and culture.
She was previously an Innovation Strategist at Quirk London.
Aside from writing for TNW, she also blogs on the Huffington Post UK.
