Digital transformation: The challenges and opportunities facing banks 22 March 2016
This white paper has been produced from three interactive webinars or ‘think tanks’ hosted by Efma and with presentations from the Oracle Financial Services Global Business Unit. The two main speakers were Aubrey Hawes, Senior Director, Digital Experience and Tushar Chitra, Senior Director, Digital Engagement. The paper also includes the thoughts and comments made by the webinar participants.
In recent years, Oracle has been observing and has been involved in the digital transformation initiatives that are taking place in the financial services sector and has seen some effective strategies being implemented by banks. However, there are still many challenges and opportunities ahead and the webinar discussions helped to highlight some of these. The first session focused on digital disruption, including the industries it is affecting; the speed at which is happening; the time taken to adopt new technologies; and the impact on the financial services sector. It then explored the potential role of fintechs – and whether they should be considered as partners or competitors.
Finally, the webinar discussed the implications of deploying four different digital strategies as the foundation for digital transformation: launching a digital brand; digitising processes; modernising the digital experience; and launching a new digital capability. The second think tank looked at the four ‘Ps’ of digital transformation – Product, People, Price and Place (i.e. experience).
This session focused mainly on the first three of these, particularly in relation to digital processes. It tried to define what a digital process is and the boundaries that surround the process, and examined how it can be made more customer-centric. The delegates gave some examples of digital processes and also briefly discussed pricing issues and product manufacturing. The final session focused on the ‘Place’ and looked in some depth at how the digital experience is redefining interactions between banks and their customers. It included discussions on new technologies such as digital wallets and also the importance of data.
We hope you enjoy reading this white paper and that you find it informative, stimulating and challenging. Banks need to be fully prepared for the digital future that lies ahead – but we believe that with the right strategies and the right mindset, they can turn these challenges into exciting opportunities.
Are you a member? Please
You are not a member yet? Check out all membership benefits