Financial Services
    Assessment of Digital Maturity

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    Synopsis

    According to PWC, a consulting firm, “46% of customers skipped bank branches altogether, relying instead on smartphones, tablets, and other online applications” and customers were more satisfied with direct to consumer insurers while asset managers have begun more widely offering automated advice. The trends are clear and financial sector firms must either digitalize to survive and retain market share.

    Financial institutions have markedly increased their digital investments in recent years, retail banks alone have spent US20 billion in 2017 according to PWC. But it is unclear if these investments have paid off as the obstacles to Digital transformation are varied and many. Changing the customer interface alone is not enough, legacy systems must also change to match the changes in the service models that are needed and most large financial institutions often lack the agility for rapid change. Small startups are better at that but they too lack the scale and staying power needed. As a result synergistic partnerships between the two has become an emerging trend.

    The other obstacle is the culture shift that is needed in order for the large financial sector workforce to adapt to the new digital paradigm. The objectives, incentives and performance measurement must also change – otherwise all that investment runs the risk of good money after bad. This could be challenge more formidable than technological change for the financial services industry. Security and regulatory compliance are also impediments to rapid change.

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