Digital transformation in the financial industry – Forbes Insights
Digital transformation (DX) is the talk of boardrooms and it sits at the top of corporate agendas across all industries worldwide.
It is being brought about by the myriad of technologies, including cloud, data and analytics, machine learning or cognitive computing. As part of a worldwide survey of 573 top executives, Forbes Insights and Hitachi surveyed 77 financial industry executives to explore their views on and progress in digital transformation.
More than a third of financial institutions (39%) expect to undergo a major digital transformation over the next two years and emerge as significantly different companies. By making digital transformation its top strategic and investment priority over the next two years, the financial industry is in sync with all other industries.
Five steps to digital transformation:
Make DX a strategic and investment priority
Take a business-driven approach
Fully utilise the potential of data and analytics
Adopt an enterprisewide approach
Strike the right balance between people and technology