When 2018 started, Forrester Research declared it to be the “year of reckoning” for businesses to adapt to new market realities, with the success rate of digital transformation one of the top factors.
Aiming to learn more about the progress of digital transformation within financial services organizations, we surveyed 95 middle- and senior-level managers in the industry to learn about their organizations’ attitudes and progress. In this three-part series, we’ll explore those findings, and what they may mean for the future of fintech.
While large financial services organizations have been slowly implementing new technologies for years, disruption is now coming more rapidly in the form of nimble, tech-savvy startups—ultimately confronting well-established financial services companies through fintech disruption.
Financial services companies have relatively realistic views when discussing where they stand in implementing new technologies. We began by asking them to rate their companies’ digital transformation initiatives in comparison to others in the industry, and almost half of respondents (49.5%) reported that they’re average. Following that was a relatively realistic spread—27.4% said they’re ahead and 23.2% reported that they’re behind.
23% SAY THEIR COMPANY IS BEHIND THE DIGITAL CURVE.
One of our first surprises came when we looked at where changes are being made. Innovation through technology is a vital component of staying competitive, yet only 60% of survey respondents reported that their organizations are working towards implementing new digital technologies. In an innovate-or-die world, this should come as a shock, especially since it’s no secret that consumers want more, better, faster.
Additionally, an alarming 16.8% said they were unsure of whether or not their organizations have plans to start implementing digital technologies. Digital transformation is a company-wide effort that ideally involves every side of a business, and having upper-level managers unaware of their business’ digital efforts is a major issue.
For financial services organizations, the first step towards finding stability and success is making the intentional decision to move forward with digital transformation and innovation. So, what exactly is holding digital transformation back?
To learn more about our findings, download the complete, 13-page report or check back next week for part two of our three-part “Path to Fintech” blog post series.
Our team is always ready to discuss your digital transformation goals and obstacles. Drop us a line and we can help get you started on your journey.
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