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How to embrace digital transformation in the Financial Services sector

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Digital has the power to transform business. Businesses in every sector are starting to go through a digital transformation. The Financial Services sector particularly is waking up to the potential of digital to integrate and streamline the entire business process. This slideshare offers insights from industry experts and tips for how to achieve digital transformation success if you are in Financial Services.

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How to embrace digital transformation in the Financial Services sector

  1. 1. © 2012 GlobusMedia Ltd The Digital Dawn in Banking How to embrace digital transformation in the financial services sector
  2. 2. 2 Almost every business today is going through a process of digital transformation. Companies are investing in digital marketing and the technology that enables them to engage customers and manage internal processes.
  3. 3. 3 Digital transformation is about deploying technology specifically to realize strategic business objectives. The financial services sector is beginning to perceive the potential of digital to integrate and streamline the entire business process.
  4. 4. 4 Many financial organizations are still operating with manual processes or legacy systems. There are some that are still running marketing operations with paper- based systems.
  5. 5. 5 Financial services organizations know that they must adopt digital ways of working to improve process, cut costs and encourage internal fluidity.
  6. 6. 6 Top priority areas for technology investment in the financial services and insurance sector, researched by Econsultancy.
  7. 7. 7 “Industries like travel, media and retail have each experienced extreme disruption and it’s significant how those that haven’t transformed have tended to become obsolete or irrelevant” Rob Mettler, Director of Digital Business, PA Consulting
  8. 8. Insights from industry experts and research
  9. 9. 9 “As demand for and expectation of digital products has grown so dramatically, customers have now become the primary force behind digital transformation in all industries.” iBM Research
  10. 10. IBM Research “Digital Transformation: Creating New Business Where Digital Meets Physical” outlines their three basic approaches in the strategic route to transformation: 10 Focusing on customer value propositions Transforming the operating model A holistic combination of transforming the customer value proposition and organizing operations for delivery
  11. 11. Research by AT Kearney 11
  12. 12. How to achieve successful digital transformation
  13. 13. 13 The idea of wholesale digital transformation can be daunting. But successful Projects can begin with small incremental change at the core of the business.
  14. 14. 14 The first step is to change the mindset of the board as many in the financial services industry may not yet fully appreciate digitalization as a core strategic value.
  15. 15. 15 “The most important thing in the digital transformation process is having the leadership in place to recognize the potential and commit to a more transformative journey.” Rob Mettler, Director of Digital Business, PA Consulting
  16. 16. Four key elements of a successful digital transformation A collaborative environment Long-term vision and short-term execution ability Strategic partnership with technology vendors 16 An innovative mind-set from the board of directors
  17. 17. How to achieve digital transformation success: start with a pilot project 17 1. Identify the issue that hampers your efficiency 2. Build a list of digital solutions that could help solve your problem 3. Determine what you are looking for in a system & create a cost-benefit analysis 6. Throughout the process, always keep a “test-and-learn” attitude with everyone involved 5. Create an authentication and monitoring mechanism to achieve the security level for access to digital channels 4. Design an implementation plan and think about how that solution will fit your company’s success
  18. 18. Get in touch www.brandworkz.com info@brandworkz.com For further information, contact us at United States Dallas +1 214 932 3136 United Kingdom London +44 (0)20 7288 9700 Australia Melbourne +61 (0)3 9095 7050