The Covid Pandemic has changed many things, it has provided a major push towards accelerating the Digital Transformation Journey of Financial Institutions. Many have gone back to the drawing board to redraw digital strategy and the future transformation landscape. Banking is at the tipping point towards moving from partly digital to fully digital but there seems to a big gap in defining “fully digital” and getting the right answer to this is a step forward in the direction of digital.
Finding an Answer
But how do we go about finding an answer to being fully digital? Technology or digital team may not have answers on their own. Definitely, digital transformation is not about having cloud solutions in place or just next-generation technologies such as A/ML adoption. The answer goes beyond technology and starts redrawing entire customer acquisition & engagement as well as redefining the whole value chain with all participating parties including the back-end team’s approach. The whole approach of digital transformation also requires one to look at products digitally and services delivery differently.
Getting the right approach for Digital Transformation
It is truly said that Digital Transformation is more about thinking about business digitally rather than technology. Technology is there but how & where to deploy technology in the business context remains central to the transformation journey. This defines reason that it is not a technology project, but more of the business initiative of transformation driven digitally.