For financial institutions, digital transformation is essential to future-proofing the business and improving customer experience, employee capabilities, operational efficiency, and business economics. This point is particularly relevant in light of the COVID-19 crisis and the ability of FIs to respond.
To understand what digital transformation success in financial services, the IIF and Deloitte gathered insights from 80+ executives and transformation leaders, from across banks, insurers, regulators and supervisors, and policy makers around the world. This second paper in a three-part series , "Realizing the Digital Promise: Key Enablers for Digital Transformation in Financial Services," examines the key enablers for overcoming the challenges that were set out in our first report.
These enablers center on five key themes:
- Customer centricity
- Organizational foundations
- Talent and culture for an innovation mindset
- Successful transformation strategy and execution capabilities
- External collaboration and proactive engagement
Looking ahead, our third paper will explore the external ecosystem, including regulatory and policy factors that influence financial institutions’ digital transformation journey.