Digital Software Solutions

Key Success Factors for Digital Transformation in the Banking Industry

IDC conducted in-depth interviews with business and IT executives to understand the digital transformation strategies at retail banks and credit unions. Why go through digital transformation? In a word, survival. Today's customers are fundamentally different from customers of past years in that they are harder to acquire, retain, and delight because of the explosion in digital technologies consumers use day to day

New digital experiences are forcing banks to play catch-up and match the innovative and engaging interactions and products — such as mobile payments — that nonbanks are offering to those same customers. The new digital environment is also rewriting the book on branch banking. IDC surveys have shown that consumers, including the important millennial generation, are still visiting the branch, so the branch experience itself is perforce becoming part of the omni-channel banking experience.

This threat of disruption, along with a need to keep costs down, is driving digital transformation in retail banking worldwide. Ultimately, digital transformation will also unite the disparate and siloed systems and create seamless "customer journeys" that will attract and retain tomorrow's customers.

Banking normally changes at a glacial pace. The need to react to market pressures, particularly after consumer trust in financial services plummeted in 2008, has never been more urgent. However, the regulatory responses to the same event and the current risk environment in which banking operates have forced a slow evolution.

This IDC whitepaper discusses the keys to success based on research and recent interviews with banking executives, that banks should consider to be succesful in their digital transformation journeys.



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