To be successful with digital transformation financial institutions need to take a step back and evaluate their digital maturity, especially the extent to which they are driven by data and focused on solving real problems. Financial institutions need to start by determining where they fall on the digital maturity scale. Especially considering that only 13 percent of banks were ranked as “highly mature” in Accenture’s latest Digital Maturity Index report. To truly progress, it is critical that your financial institution receives an unbiased assessment of how far along you are in your digital journey. Understanding your maturity level makes it possible to plan
Fast change is built into our modern society, and no industry can hold back time. The financial services industry may have come the closest by holding innovation hostage to risk management for decades. But, with the rise of fintech firms and heightened customer expectations, financial institutions must catch up or face the consequences, according to The Financial Brand. While plenty has been written on the meteoric rise of leading fintech firms, it’s no secret that these firms have made borrowing, budgeting, collecting, saving and spending money as easy as playing games on a mobile phone.