Most major financial institutions are well aware of the imperative for action, and hence have embarked on the necessary transformation. 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. Increasingly customers are turning to these two forms of digital … Based on this CAGR, the smartphone average selling price (ASP) 2020/21. But opting out of some of these cookies may have an effect on your browsing experience. 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. It’s a mindset shift that hinges not on digital capabilities but on the adoption of those digital capabilities by the end users—employees and customers—and business enablement. In a matter of weeks, the COVID outbreak forced radical changes in customer behaviour, moved significant portions of the economy online, and increased customers’ comfort and willingness to engage digitally. However, warnings are sounding about the driving forces behind this digital shift over time. Thirtynine percent cite commoditization and automation as their biggest digital threat, higher than 23 percent of all organizations. 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. 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). Only 39 percent say it’s “excellent” or “very good” (vs. 63 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. The driver behind it? 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. Digital transformation is less about revolutionary technology than it is about changing the way companies work. Digital transformation has seen to the major shift across the world, with emerging technologies and adaption to new applications. 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). 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 … All businesses want to cut costs, but financial services companies are especially feeling the pressure to tighten their belts. Digital transformation in banking will improve customer engagement . EY’s survey of the financial services industry discusses the continued use of paper and the barrier it creates for digital transformation. While the latter is usually reactive (and just one component of the former), customer experience refers to a customer’s overall journey from start to finish, including every touchpoint and interaction along the way. 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). 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. – McKinsey & Company, “Next-generation Technology Transformation in Financial Services 2020”. 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. 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. Management Consulting | Technology Advisory | Outsourcing. 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. Companies, by using AI to identify transaction anomalies, can better mitigate fraud and money laundering risk. A significant factor in improving customer experience is introducing new products and services, cited by 80 percent of financial services companies as one of their top long-term goals. The Financial Services industry is currently in the midst of profound transformation as it embraces the ‘next normal’ phase of digital transformation. BDO is here to help your business – and you – navigate the COVID-19 health crisis, prepare for recovery, and once again, thrive. This will inevitably lead to investing in self-diagnosed, automated and preventive-maintenance solutions. Furthermore, the current COVID-19 shock has put immense pressure on technology capabilities (e.g. 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, … Therefore, in difficult environments poor decisions will have financial costs. Banks have transitioned to remote sales and service teams and launched digital outreach to customers to make flexible payment arrangements for loans and mortgages. When it comes to business, innovation is changing everything. 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. Banks need to wake up to the reality that the future of banking lies in mobile applications and online banking. You have entered an incorrect email address! 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. Equifax, WannaCry, NotPetya, etc.). Boards’ High Stakes Balancing Act: Navigating Through Crisis. 21% of North American and European enterprises say their digital transformation … As mentioned, COVID-19 has brought a fundamental shift in business operations – including forced adoption of online, mobile, and call centres; and overnight virtualisation of workforce, workplace, ways of working and managing teams remotely…a tipping point for digital and contactless payments, with an evolution of underlying market structure and economics. 39% of executives expect to benefit from their digital transformation initiatives in 3 to 5 years. The senior-most leaders of a company need to convincingly evangelize the vision and get their employees to understand why they need to leave the status quo behind, believe in the strategy, and engage in the process. 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. The Business & Financial Times online is the African Leading Platform In Providing Business and Financial News. Financial services companies, with their treasure trove of sensitive client and third-party information, are particularly susceptible to these attacks. 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. Copyright © 2020 Stalworth Consulting Group, LLC. Once defined by a few well-known intuitions, the financial services world now consists of thousands of new players spanning all sizes, revenue ranges, and services. 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. digital transformation—and to recognize the risks it brings. 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). Save my name, email, and website in this browser for the next time I comment. The benefits of digital transformation, including improved customer experience and operational efficiency, are clear. Meanwhile, over half (53 percent) of financial services organizations cite poor communication and project management as a top barrier to successful digital implementation, once underway. The digital transformation market by vertical has been segmented into banking, financial services, and insurance (BFSI), healthcare, IT and telecom, education, retail, media and entertainment, … Why digital transformation and COVID-19 adoption has changed financial services. This percentage rises to 46 percent among lower middle market companies that may not have as much experience managing initiatives of this scale. Opportunity International Savings and Loans holds graduation ceremony for 54 Kayayei, Gov’t intensifies disinfection exercise in Ashanti Region, Coaching services and experiences in Ghana survey 2020, Personal Branding Goals to Strive for in 2021, Regulatory agency must help private sector with reliefs to combat COVID-19 – Jonmoore CEO, Tween Talk with Eugenia Tachie-Menson: December 7 is Election Day…plus a holiday, ECG extends tariff adjustment date to April 1, Spend Heritage Fund on technical varsities—Economist, Feature: The new normal…this is how to do e-learning right (2), Yellow melon fruit left to rot on farms…as farmers bemoan lack of market, Artisans Association of Ghana (AAG) and KNAUF sign MoU. “Worldwide smartphone forecast update, 2019–2023” for smartphone and devices units International Data Corporation (IDC), June 2020. International Data Corporation, (IDC) June 2019 figure estimates and forecasts based on “Worldwide smartphone forecast update, 2019–2023”. And in addition to the current pressures, many are facing challenges in terms of reduced revenues and funding, complexity, and talent availability. We'll assume you're ok with this, but you can opt-out if you wish. Optimizing business efficiencies and operations across the supply chain is financial services organizations’ top digital priority (cited by 37 percent). – Application (App) Annie, “The state of mobile device 2020”. Regardless of whether a business was born in the digital era or is now catching up to it, none remain unaffected. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies will be stored in your browser only with your consent. Organizations can conduct customer sentiment and mood analyses and personalize customer experiences based on individual customer profiles—such as suggesting customized portfolio solutions based on each individual’s risk appetite. As part of digital transformation … Digital transformation brings proven—and highly anticipated—ROI. IoT, AI & Blockchain investments heat up. 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. 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!” FSI firms are making significant investments to enhance customer … In the past decade, a future with more people using technology has become a real possibility. 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. They must start the journey today—or risk being outranked by the competition or losing industry relevancy. Digital technology has fundamentally changed the … This can be especially challenging for financial institutions that existed in the pre-digital age. 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. 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. This website uses cookies to improve your experience while you navigate through the website. 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. 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. To effectively serve their markets, enterprises will require real-time data on temporary or permanent market interruptions. Learning to connect the dots between digital initiatives, strategy, and business enablement will be critical. 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. Since network interoperability and the need to avoid network congestion will be vital, enterprise users will therefore require near-perfect network provision – while network providers will also need to ensure their maintenance systems are sufficiently robust to handle intermittent lockdowns. At the same time, competition within the sector has ramped up quickly. And in times of crisis, everyone wants a fistful of cash for comfort and security. 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 … Digitalization or Digital transformation is nothing but the restyling of financial services. Digital transformation in wealth management has been an important theme for a long time, but its adoption has been relatively slow. The key enablers for digital transformation are inclined to customer-centricity, organisational foundations, talent and changed culture for an innovation mindset. and requires CIOs to anticipate and prepare for the ‘next normal’ with an accelerated shift to digital channels. T he UK financial services industry continues to be disrupted. 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. Digital transformation is key for financial services firms that need to stay competitive and useful for tech-savvy consumers. Those that experience a breach will face serious consequences, including the loss of money and reputation, as well as legal claims and sanctions. We've created the BDO Library as a "go to" source for informative and thought provoking knowledge resources. 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. These cookies do not store any personal information. That’s because, in executing a cloud transformation… The insights and advice you need, everywhere you do business. 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). “Worldwide smartphone forecast update, 2018–2022”, for average selling price (ASPs), International Data Corporation (IDC), June 2019. One component of streaming operations is updating legacy IT systems, cited by 88 percent as a top goal for next year. But getting stakeholder buy-in isn’t enough. The scale of the COVID-19 crisis shows the need; real-time predictive analytics may help mitigate the consequences of threats to supply-chains. Cultivating this shift—and inspiring organizational behavioral change—starts with tone at the top. 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. 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. Top digital business strategy adopters include Services (95%), financial services (93%), and healthcare (92%). Nearly all (97 percent) of financial services firms are making some sort of inroads on … Cyber and data privacy needs to be more of a priority. Innovative solutions to nonprofit organizations, helping clients position their organizations to navigate the industry in an intensely competitive environment. The rapidly changing financial services landscape. Companies should consider a formal digital upskilling program—ideally with personalized training modules based on preferred ways of learning—to future-proof their workforce. Advancements in AI have transformed every aspect of the financial services industry. 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 … But, are we in danger of embracing digital without really understanding the consequences? Cultivating a strong “employee experience” is critical. 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. What does the COVID-19 crisis mean for your business, and for you? Allstate, AXA, Generali and other major global insurers have, for instance, implemented open APIs to expand thei… 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’. remote working, new cyber-security threats, increased online shopping, card-less and cashless payments error alerts, etc.) 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. getty. This is why banking CIOs are putting digital transformation as the number #1 priority. BDO is continuously finding new ways to help your organization thrive. 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). The Internet of Things (IoT) has significant implications for financial services institutions. 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 … As a result, most financial services companies anticipate high returns on revenue and profitability from digital transformation—even more than those in other industries. A new era of open banking has enabled systems to quickly and seamlessly integrate with new platforms and applications. Digital transformation in the financial industry is born out of changing consumer demands and the threat from challenger banks The financial services industry is one of the fastest sectors, in terms of technology … Here are the top 8 digital transformation trends for banking and financial services. The wealth management industry is dealing with … The business of the future will supply a product or service that is needed by customers in an environment defined by increased personal surveillance and intermittent business interruption, as lockdowns to control COVID-19 infection clusters are applied. Successful transformation strategy and execution capabilities would rely on external collaboration and proactive engagement. Cloud adoption is no exception. Businesses must accurately predict the products and services needed while developing diversified supply-chains. While a majority of survey participants indicated they have a digital transformation strategy, many have yet to implement it. 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. Digital transformation is a process that encompasses many areas, including: Technology. Nearly half (49 percent) state that interoperability with legacy technology is their biggest barrier to successfully implementing digital initiatives. It is now becoming … The industry may still be in its early stages of adopting blockchain and distributed ledger technology, but few companies doubt its huge potential. Training, managing and team-building will become primarily electronic; though, ironically, social and away-day events will also become more important as enterprises work to foster feelings of community within their businesses. This is evolving rapidly. To make digital transformation effective, financial services companies should develop a distinct function within their organization to drive digital efforts—a crossdisciplinary “Digital Dream Team” of individuals to be their champions in the field. Stay abreast of legislative change, learn about emerging issues, and turn insight into action. Big is no longer better or safer—and, in many cases, can even be a barrier to innovation. 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. 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. 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