Banks, insurers, and other players in the financial services industry have invested heavily in digital transformation initiatives over the last decades. Hence, “Digital Transformation” may sound “so yesterday” for them. Although financial services industry is progressive in terms of digital maturity, our research points to other side of the coin as well and shows that the potential benefits are much higher than what has been realised so far.
Our findings reveal that financial institutions have a digital maturity level of 3.1 on average. Certain digital capabilities have been built, a significant degree of integration is achieved, and data is regarded as an asset. However, financial services industry is forced to be more intelligent, much easier, personally relevant and certainly more digital. There is still room to improve customer experiences, increase cost efficiency, boost growth, accelerate time to market, create new revenue streams, and define new value propositions through digital initiatives.
Download our “Financial Services Industry Digital Maturity Research May 2021” and let us know what you think.
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