Realising the digital promise

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Realising the digital promise

Key enablers for digital transformation in financial services

A paper from the Institute of International Finance and Deloitte

For financial institutions (FIs), digital transformation is essential to future-proofing the business and improving customer experience, employee capabilities, operational efficiency, and business economics. This point is particularly relevant in light of the COVID-19 crisis and the ability of FIs to respond. 

But what does digital transformation success look like in financial services?

The Institute of International Finance (IIF) and Deloitte have joined together to explore this question. We have gathered insights from more than 80 executives and transformation leaders, from across banks, insurers, regulators and supervisors, and policy makers around the world to explore the keys to digital transformation. We will summarize the results in a three-part series to explore FIs’ approaches to digital transformation and how they can realize the promise of digital transformation.

The second paper in this three-part series—Realizing the digital promise: Key enablers for digital transformation in financial services, examines key enablers to digital transformation for FIs across five overlapping themes. For each of these themes, we extended upon multiple levers that FIs can pull to accelerate their digital transformation strategy and achieve desired results.

We have identified the following five themes:

  • Customer centricity: Can customer centricity drive faster digital transformation?
  • Organisational foundations: Can commitments from all levels of the organisation accelerate digital transformation?
  • Talent and culture for an innovation mindset: How can taking an early step to unlock human potential and create a culture of transformation help boost the odds of success to digital transformation?
  • Successful transformation strategy and execution capabilities: What sets of capabilities and approaches are required to get digital transformation right for an organisation?
  • External collaboration and proactive engagement: How can FIs proactively engage with external entities (e.g., regulators, partners, investors) to increase awareness about the benefits of digital transformation in the industry and make it a success?

Read the report to learn how we can assist you in leveraging these key enablers to accelerate your digital transformation journey.

Stay tuned for our COVID-19 supplement; and the third paper, which will explore the role of the external ecosystem for FIs in their digital transformation journey. As part of this, we will investigate what influence the external ecosystem will have on FIs in overcoming some of the challenges associated with the digital transformation outlined in our first report, Realizing the digital promise: Top nine challenges to digital transformation for financial institutions

Published: June 2020

Realising the digital promise
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