Digital transformation is not new to banks. 83% have a clear digital transformation strategy on their hands, according to Publicis Sapient’s Global Banking Benchmark Study.
Still, it’s not exactly ancient history for them, either. The majority of banks that have already launched their digital transformation plans didn’t do so until 2019 and 2020, according to this year’s Cornerstone’s Advisors’ report, What’s Up in Banking. Overall, most banks are planning on launching their digital transformation plans this year.
Then there’s the success rate. 60% of the digital transformation plans that have been executed have failed.
As it turns out, banks may need to take an inside-out approach to their digital transformation plans, squeezing out of legacy systems, appealing to new engineering talent, and prioritizing everything.
“There’s a recognition that banks continue to need to simplify and digitize. But there’s also a recognition that they have to think about the innovation on the top line. And so what the survey has confirmed more than anything else is there’s a lot to be done for both those areas,” said David Murphy, head of financial services, EMEA & APAC at Publicis Sapient. “Some of our clients will look to try to do them sequentially. I think what the pandemic has brought out is that it may no longer be a sequential move.”
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