Everyone has something to learn from the transformation leaders. Whether related to the customer experience (product streams, marketing, creating new services) or developing technologies and talent (agile capabilities, cloud migration, internal learning), these digital pioneers are shining a light on the path all banks must follow one day. Even transformation leaders are learning from their peers, as well as the instances where specific customer champions or operational evangelists outshined them.
“Organizational change is hard,” Vaz said. “It’s hard because it requires, first, the acceptance that digital business transformation necessarily goes beyond the surface and permeates all the way through an organization and, second, the commitment and resilience to get that done.”
Transforming established financial institutions into digitally perceptive, customer- centric enterprises is not just preferable. It’s business critical. Seeing how other organizations are making this transition is illuminating.
The Global Banking Benchmark Study, based on an international survey of 1,041 senior financial services executives, is one resource for banking professionals to better understand their digital maturity level in relation to their peers.