I recently did a podcast and webinar with the Institute for International Finance (IIF). The timing was great because they’ve just produced a set of three reports about digital transformation in partnership with Deloitte.
I can thoroughly recommend the three reports so here they are:
- Realizing the Digital Promise: Part 1
- Realizing the Digital Promise: Part 2
- Realizing The Digital Promise: Digital Transformation and COVID Adaptation
Oh, and if you’re interested in what they’re about, here’s the low-down:
The Top Nine Challenges to Digital Transformation for Financial Institutions
The IIF and Deloitte have launched a three-part series to explore how financial institutions are embracing digital innovation to tackle shifting market dynamics and disruptive forces, such as open data, changing customer expectations and disintermediation of the value chain.
The first paper in this three-part series, The Top Nine Challenges to Digital Transformation for Financial Institutions, draws from interviews with more than 60 executives, regulators, and policymakers at leading financial institutions globally, asking what digital transformation means and what challenges financial institutions may experience along the transformation journey. This paper frames nine factors that can shape the success of digital transformation. We look at these factors from internal and external perspectives to see how they are commonly impacting the digital transformation journey of financial institutions.
The second paper explores how 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.
Then, the final paper, looks in depth at the response to COVID-19. In a matter of weeks, COVID-19 has forced radical changes in customer behavior, moved significant portions of the economy online, and increased customers’ comfort and willingness to engage digitally. Moreover, for many financial institutions, COVID-19 has unlocked hidden potential, stripping away many of the barriers that organizations traditionally face in realizing the digital promise.
The Institute of International Finance and Deloitte have joined together to explore digital transformation in financial institutions. In this supplement, we examine the four fundamental shifts brought on by COVID-19 that have accelerated digital transformation in the financial services industry, discuss the role digital has played in financial institutions’ pandemic response, and explore the implications for these institutions as they navigate the uncharted waters ahead. We also offer 10 “no regret” actions across customers, businesses, shareholders and stakeholders, and employees/workforce that financial institutions can take today to thrive in the new normal.
The four fundamental shifts brought on by COVID-19 are:
- Forced adoption of online, mobile, and call center
- Overnight virtualization of workforce and ways of working
- Tipping point for digital and contactless payments
- Evolution of underlying market structure and economics