Financial services companies—from incumbent banks to FinTech startups—face numerous challenges daily. Not only has the number of regulations increased over the past decade, but so has the number of federal governing groups keeping watch and the costs of compliance (and non-compliance). They will need to shed old habits, update cultural norms, upskill their employees, and adjust their way of thinking to become a digital business. Digital transformation is a business imperative across all industries, and financial services is no exception. Improving customer experience & operational efficiency top  financial services’ long & short-term business goals. Digital transformation is key for financial services firms that need to stay competitive and useful for tech-savvy consumers. and requires CIOs to anticipate and prepare for the ‘next normal’ with an accelerated shift to digital channels. Only 39 percent say it’s “excellent” or “very good” (vs. 63 percent of all organizations). Visit our Technology & Business Transformation Services practice page, or read our related insights: Digital Transformation in Financial Services, About the BDO Middle Market Digital Transformation Survey, Business Restructuring & Turnaround Services, International Financial Reporting Standards, Financial Institutions & Specialty Finance, BDO Center for Corporate Governance and Financial Reporting, Top Financial Services Digital Transformation Trends. Digital transformation is less about revolutionary technology than it is about changing the way companies work. In this cluster, companies are more than doubling the rate of using technologies such as AI, blockchainor augmented analytics. Farmers cultivating cucumis melon, also known as yellow melon, say a chunk of their produce is left to go waste because of the lack... Knauf Ghana Limited, a global leader in gypsum production and related technologies, has signed a memorandum of understanding (MoU) with the Artisans Association of... © All Rights Reserved 2020. Nearly half (49 percent) state that interoperability with legacy technology is their biggest barrier to successfully implementing digital initiatives. All businesses want to cut costs, but financial services companies are especially feeling the pressure to tighten their belts. – Application (App) Annie, “The state of mobile device 2020”. Digitalization or Digital transformation is nothing but the restyling of financial services. Embracing digital … NEW YORK – China’s pledge in September to pursue carbon neutrality by 2060 was followed by a similar pledge from Japan a month later.... Zoweh Global Consult, in partnership with Evolution Consult, embarked on a series of discussions and engagements with various professionals and stakeholders in the human... “Any brand that does not innovate and grow, dies!” Equifax, WannaCry, NotPetya, etc.). It is mandatory to procure user consent prior to running these cookies on your website. Digital transformation brings proven—and highly anticipated—ROI. They will also need to keep abreast of rapidly changing economic and regulatory policies. Therefore, in difficult environments poor decisions will have financial costs. You don't have to go back very far in time to find an example of the monumental role risk can play in the financial industry. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. Changing customer expectations, cutthroat competition, increasing regulatory complexity, the pressure to streamline operations, and other factors are driving the push for reinvention and innovation. Stay abreast of legislative change, learn about emerging issues, and turn insight into action. The tax function is transforming. And in times of crisis, everyone wants a fistful of cash for comfort and security. The post-crisis regulatory frameworks have been gradually settling into place, and financial institutions have been adjusting their business models accordingly. FSI firms are making significant investments to enhance customer … Businesses must therefore reimagine the role of technology as an innovation partner; reinvent business models and technology delivery to drive change in productivity and speed by building flexible, secure enablers for supply; and explore new customer channels. This technology will enable all transactions to be recorded and traced and will provide the customer with a digital log of previous payments, receipts, timestamps, warranties, and contracts. However, poorer communities still like to pay with cash as the population is showing what economists would call a higher ‘liquidity preference’ – they’re holding onto their cash in a time of uncertainty. Data privacy and cybersecurity will remain a serious problem for decades to come, as attackers use increasingly sophisticated methods and enter through a greater number of entry points due to the proliferation of technology platforms and IoT devices. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. This refers to data-driven decision-making and other needs: such as those around data regulation, storage; network provision; machine learning; analytics processing and more. Nearly one fifth (17 percent) of financial services executives say that investing in innovative digital capabilities for anticipated business needs is a top digital priority. As part of digital transformation … Those that experience a breach will face serious consequences, including the loss of money and reputation, as well as legal claims and sanctions. For those that are implementing (or plan to implement) a clearly defined strategy, more than half (55 percent) are taking (or plan to take) intentional steps against it. But opting out of some of these cookies may have an effect on your browsing experience. These cookies will be stored in your browser only with your consent. A few decades ago, the idea of having a good “customer experience” may mean having a pleasant experience at a physical bank or other financial services firm. Nearly three-fourths of financial services executives (73 percent) cite a lack of skills or insufficient training as the biggest challenge to moving forward with a new digital initiative—significantly higher than the 54 percent average for all organizations. While cryptocurrency may be the most widely known application to date, blockchain technology could also ensure more secure and automatic payments via the use of smart contracts; strengthen supply chains, trading systems, and claims processing; streamline back office operations; and mitigate fraud risk, among others, by removing friction from processes. This can be especially challenging for financial institutions that existed in the pre-digital age. This is evolving rapidly. Applying our deep industry solutions and extensive experience, our group of talented professionals provide a holistic approach to middle market clients looking for successful digital transformation, using our Digital 3+1 approach. As the above report concludes, and as we see in the marketplace as well, financial services is looking to move to cloud-based platforms for a few key reasons: The ability to provide unique types of services … Our global report Financial services technology 2020 and beyond: Embracing disruption examines the forces that are disrupting the role, structure, and competitive environment for financial institutions and the markets and societies in which they operate. Cloud adoption is no exception. It has been forecast that over 150 billion devices will be connected across the globe by 2025, mostly able to gather and create data in real time. Indeed, recent data show that we have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks. The types of organizations affected span the gamut—from 100-year-old banks and insurance providers to FinTech start-ups started less than a decade ago. You have entered an incorrect email address! To effectively serve their markets, enterprises will require real-time data on temporary or permanent market interruptions. SCG is the trading name for Stalworth Consulting Group LLC, a management and strategy consulting firm focused on digital economy, emerging technology advisory and inclusive financial services. Companies, by using AI to identify transaction anomalies, can better mitigate fraud and money laundering risk. What does the COVID-19 crisis mean for your business, and for you? Regardless of whether it’s the Financial Crimes Enforcement Network, the Financial Industry Regulatory Authority (FINRA), the Office of the Comptroller of Currency (OCC), or another entity, financial institutions can’t afford to let down their guard, even once. 3 insights into digital transformation in banking 1. This percentage rises to 46 percent among lower middle market companies that may not have as much experience managing initiatives of this scale. Based on this CAGR, the smartphone average selling price (ASP) 2020/21. Most major financial institutions are well aware of the imperative for action, and hence have embarked on the necessary transformation. Necessary cookies are absolutely essential for the website to function properly. Digital Transformation - Open Source adoption in Financial services The client is a leading American financial services corporation and asset management company. In the subsequent years, many challenged their analytical resources to refine, … The current crisis will also lead enterprises to further diversify their ‘just-in-time’ manufacturing operations, but it will also require them to develop fast and actual reporting systems across the chain. Private Capital through Crisis: Calculating Risks. 21% of North American and European enterprises say their digital transformation … We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. The Financial Services industry is currently in the midst of profound transformation as it embraces the ‘next normal’ phase of digital transformation. Over a fourth (28 percent) cite poor customer experience as their biggest digital threat—significantly higher than all organizations at 17 percent. Thirtynine percent cite commoditization and automation as their biggest digital threat, higher than 23 percent of all organizations. The rise of FinTech companies and solutions over the past five years has led to a completely new and transformed financial services landscape. Cyber and data privacy needs to be more of a priority. Lower middle market firms (83 percent), especially, are planning hefty investments of 10 percent or more. Financial services are ripe for disruption and the institutions that adapt to meet the needs of technology hyper-adopters will leave the tech-laggards in the dust. Digital transformation, also known as DT, has made a significant impact on the financial services and industry. Businesses and Financial Services technology is currently in the midst of profound transformation, as pressure has increased across operations and supply-chains. But, are we in danger of embracing digital … Establishing the right metrics to measure progress is financial services’ biggest challenge to moving forward with a new digital initiative (39 percent, compared to 27 percent for all organizations). This often includes a blend of enhanced FinTech offerings (often developed through partnerships, collaborations, and joint ventures with start-ups, innovation hubs, and accelerators) and more traditional offerings. While IoT devices are often more commonly associated with consumer products, the benefits of having real-time data about clients’ physical assets are invaluable to financial services companies looking to improve their current products and services, capitalize on customer purchasing behavior, and create more personalized user experiences. Types of Digital Transformation Services. Financial Services ‘all in’ on multi-cloud adoption as industry accelerates digital transformation Lori MacVittie of F5 Networks discusses the new research from F5 revealing that the … The digital transformation of financial services is just as disruptive as it is for any other industry – even more so if you take into account the traditionally conservative stance this industry … Cultivating this shift—and inspiring organizational behavioral change—starts with tone at the top. This is going to transform working habits and remote working; use of managed office and co-working spaces will predominate as enterprises seek flexibility to manage uncertainty and sudden change. This website uses cookies to improve your experience. 39% of executives expect to benefit from their digital transformation initiatives in 3 to 5 years. Among these include the internet of things (IoT), artificial intelligence (AI), and blockchain, in addition to the advanced technologies they’re already deploying (i.e., cloud computing, advanced analytics, and automation). Banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. If there’s one factor that all financial institutions can agree on, it’s that the number and complexity of rules, regulations, and compliance demands they’re subject to is endless. The driver behind it? These are the building blocks which enterprises will need to survive in this new age. Unfortunately, many financial services companies are overconfident in their ability to withstand an attack, or are ignorant of the potential causes of their own security failure. The scale of the COVID-19 crisis shows the need; real-time predictive analytics may help mitigate the consequences of threats to supply-chains. Digital transformation has seen to the major shift across the world, with emerging technologies and adaption to new applications. The Financial Services industry is currently in the midst of profound transformation as it embraces the ‘next normal’ phase of digital transformation. Businesses must accurately predict the products and services needed while developing diversified supply-chains. The rapidly changing financial services landscape. Today, it’s nearly impossible to walk into a boardroom, client meeting, or innovation brainstorm without hearing the phrase bandied about at least once, twice, or—more likely—a dozen times. 2019 BDO Middle Market Digital Transformation Survey, 2019 Middle Market Digital Transformation Survey, The Digital Transformation Playbook for the Middle Market, The Middle Market Goes “Back to the Future”: The Digital Transformation Journey, Do Not Sell My Personal Information – For CA Residents as to BDO Investigative Due Diligence. Save my name, email, and website in this browser for the next time I comment. This is troubling, especially considering the numerous widescale cyberattacks in recent years (i.e. But getting stakeholder buy-in isn’t enough. While an injection of new talent can help improve overall digital competency, organizations also need to provide current employees with the resources, training, and development they need to be effective as their roles evolve. Just take a look at one subsector—banking—for example. You also have the option to opt-out of these cookies. “Worldwide smartphone forecast update, 2018–2022”, for average selling price (ASPs), International Data Corporation (IDC), June 2019. Financial services companies, with their treasure trove of sensitive client and third-party information, are particularly susceptible to these attacks. Wall Street is no exception. As a result of the proven and promising gains, financial services companies are making significant digital investments. Brands evolve! BDO is continuously finding new ways to help your organization thrive. This aggressive approach relies on true commitment from leadership in the form of money (one financial-services business is investing $300 million in a cloud transformation) and time (these programs can take two to three years). The survey showed that overall, the financial services industry is on the cusp of a digital transformation right now. The Business & Financial Times online is the African Leading Platform In Providing Business and Financial News. Cultivating a strong “employee experience” is critical. Digital technology has fundamentally changed the … As a result, financial services companies worry more about their IT infrastructure’s capacity to integrate advanced technologies than those in other industries: The majority (61 percent) cite their IT system as “fair or poor,” compared to 31 percent of all organizations. It is now becoming … remote working, new cyber-security threats, increased online shopping, card-less and cashless payments error alerts, etc.) With the recent COVID-19 pandemic shock, the acceleration of digital transformation became more eminent. Improving customer experience may be top of mind for most financial services institutions, but equally important is cultivating a strong employee culture. The benefits of digital transformation, including improved customer experience and operational efficiency, are clear. Even though cash use has declined slightly during the pandemic shock as consumers accelerate the shift to electronic payments, the poor are more likely to still use cash – exacerbating the ‘digital divide’. These cookies do not store any personal information. A new era of open banking has enabled systems to quickly and seamlessly integrate with new platforms and applications. Digital transformation is a process that encompasses many areas, including: Technology. “Worldwide smartphone forecast update, 2019–2023” for smartphone and devices units International Data Corporation (IDC), June 2020. Successful transformation strategy and execution capabilities would rely on external collaboration and proactive engagement. As your digital solutions partner, we will arm you for the future and help you navigate industry disruption to become a leader in your field. The key enablers for digital transformation are inclined to customer-centricity, organisational foundations, talent and changed culture for an innovation mindset. People now adapt to conduct their lives using technology for remote work, mobile banking, card-less and cashless payments, online shopping, home schooling among others; and in terms of convenience, most of us are winners. But, are we in danger of embracing the ‘new normal’ of digital without really understanding the consequences? International Data Corporation, (IDC) June 2019 figure estimates and forecasts based on “Worldwide smartphone forecast update, 2019–2023”. Good governance—encompassing everything from planning and forecasting to implementation and execution—is critical to any company-wide initiative, but isn’t easy. Top digital business strategy adopters include Services (95%), financial services (93%), and healthcare (92%). At BDO, we advise and guide our clients to see digital transformation through to fruition, so they can reimagine the way they’re doing business, and then make it a reality—maximizing value with minimal disruption to their existing infrastructure. Stalworth Consulting Group, LLC (also referred to as SCG) is a limited liability company incorporated in Uganda with its statutory seat in Kampala as a legal and independent entity. To avoid a similar fate as the victims of these attacks, financial services companies must focus more on detection and response (including real-time defense), shore up internal controls, and implement awareness training for all employees. By 2024, the blockchain market is expected to be worth more than $16 billion, according to Global Market Insights, with applications related to identity management anticipated to be the most lucrative, with a greater than 90 percent compound annual growth rate (CAGR) from 2018-2024. As a result, most financial services companies anticipate high returns on revenue and profitability from digital transformation—even more than those in other industries. Advancements in AI have transformed every aspect of the financial services industry. Furthermore, the current COVID-19 shock has put immense pressure on technology capabilities (e.g. At the same time, competition within the sector has ramped up quickly. Innovative solutions to nonprofit organizations, helping clients position their organizations to navigate the industry in an intensely competitive environment. Their top driver is disrupting the industry to unlock new areas for growth, enter new markets or create new revenue streams (like via data monetization). With a decline in demand for goods and services due to reduced disposable income in the population, CIOs and their teams prepare to embrace the next major phase of digital transformation. 3 Realizing the digital promise COVID-19 catalyzes and accelerates transformation in financial services Already, COVID-19 has dramatically accelerated the rate of digital adoption in financial services, … We also use third-party cookies that help us analyze and understand how you use this website. Please see www.scg.ug to learn more about our firm and our clients. Lower middle market companies, especially, anticipate the greatest increase in revenue and profitability (10 percent or more) over the next three years, and are thus willing to also increase their spending by the same percentage. EY’s survey of the financial services industry discusses the continued use of paper and the barrier it creates for digital transformation. Integration of technology with some businesses, especially in the informal sector, may be hard or slow due to the nature of their operations and limited capacity to use different technology tools; for example, use of cloud-based services, computers, and smartphones among others. The adoption of digital transformation is routing a new era or industrial transformation, allowing companies to track their operations, enhance productivity, augment business strategies, and … The good news is that the challenges of making the business case to internal stakeholders and employee pushback are lower than the average for all industries—indicating that most financial services companies are aware that digital transformation is a must. – McKinsey & Company, “Next-generation Technology Transformation in Financial Services 2020”. Physical banks and paper systems are quickly being replaced by robust networked digital ecosystems. Recent studies show that 84 percent of digital transformation initiatives fail , often despite the rigorous application of “best practice”. Digital transformation is revolutionizing every industry. Digital transformation has made a positive impact on business operations in the finance industry. Middle market financial services companies, especially, have a unique challenge: They must learn to navigate the journey without the more robust resources of their larger peers, nor the same level of flexibility and agility as their smaller ones. The percentage citing cyber concerns as their biggest challenge in moving forward with a new digital initiative is also less than average (15 percent vs. 25 percent). More than half (65 percent) of all financial services organizations plan to increase spending by 10 percent or more (vs. 37 percent for all organizations). Digital transformation is a top business imperative. getty. Thus, improving customer experience is 83 percent of financial executives’ top long-term business goal and one of their top three short-term goals (74 percent). Nevertheless, while financial services companies see AI and machine learning-based solutions as opportunities for growth, many are still worried about AI’s younger sibling: automation. This website uses cookies to improve your experience while you navigate through the website. That’s because, in executing a cloud transformation… Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. This is why banking CIOs are putting digital transformation as the number #1 priority. The insights and advice you need, everywhere you do business. Customer experience is much more than just customer service. This makes sense, considering that many large (and historic) institutions rely on core systems built 30-40 years ago—making it difficult to develop and integrate new products. While many fundamental banking services (i.e., safekeeping, payments, loans, and investments) remain the same as they were 100 years ago, how banks manage these activities and transactions—as well as how customers expect to receive them—has changed significantly. Eighty-two percent also cite reducing operational inefficiency as one of their top three long-term goals, and 76 percent point to it as one of their top three short-term goals. They must start the journey today—or risk being outranked by the competition or losing industry relevancy. Today, it may include anything from being able to access an account from multiple channels, to getting a question immediately answered by a chatbot or robo advisor, to receiving automated real-time notifications. The Internet of Things (IoT) has significant implications for financial services institutions. They must also strive to cultivate a corporate culture that embraces constant experimentation and learning—one in which short-term mistakes and failures are expected and accepted in the pursuit of long-term innovation and value creation. One component of streaming operations is updating legacy IT systems, cited by 88 percent as a top goal for next year. Dynamic resources for board of directors and financial executives. Learning to connect the dots between digital initiatives, strategy, and business enablement will be critical. Optimizing business efficiencies and operations across the supply chain is financial services organizations’ top digital priority (cited by 37 percent). The wealth management industry is dealing with … But, are we in danger of embracing digital without really understanding the consequences? While a majority of survey participants indicated they have a digital transformation strategy, many have yet to implement it. Consequently, digital technology has now become a strategy for business growth… Investments of 10 percent or more WannaCry, NotPetya, etc..... Can make faster, smarter trade decisions based on preferred ways of learning—to future-proof workforce! Difficult environments poor decisions will have financial costs as their biggest digital threat—significantly higher than all.! 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