And its not for lack of trying.
In 2018, banks globallyinvested $9.7 billionin digital transformation initiatives.
Yet, today only36% believe theyre at least halfway there.
This isnt entirely surprising as a whopping78% of enterprises failon their digital transformation initiatives.
So just what is still holding banks back?
Legacy issues
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While the security risks that come with digitalization are real, the customer perspective has shifted since the pandemic.
Suddenly, the challenges executives faced in the past aredramatically different to todays landscape.
Eventually, the cucumber gets more pickled than the brine gets cucumbered.
Any change to the website will also have to wait until the developers are free to implement the change.
To solve these issues, Rangle.io suggests decoupling the ability to change the frontend, e.g.
website or app, from the antiquated backend system.
Furthermore, ideas generated from these units did not fundamentally change how the bank was delivering their services.
Without the right environment where taking risks is rewarded, digital transformation is not going to happen.
Therefore, measurable outcomes outside of profit are needed to ensure that digital transformation is a priority.
What can banks do to succeed in their digital transformation?
Its important for banks to take small but effective steps in starting their transformation now.
Usually, the scale and complexity often leads to far more questions like Where do we start?
How much planning is appropriate?
How will we allocate funds and resources?
What are the key measures of success?
While these are reasonable questions to ask, they are the wrong questions to begin with.
Ranglesfree ebookon transformation principles can be a good place to start.
She was previously an Innovation Strategist at Quirk London.
Aside from writing for TNW, she also blogs on the Huffington Post UK.
