Realising the digital promise has been saved
Realising the digital promise
Call to Action
A paper produced by the Institute of International Finance and Deloitte.
The financial services industry is shifting due to new technologies and customer needs, The Institute of International Finance and Deloitte have collaborated to explore digital transformation in financial services, for a series called Realising the digital promise. We look at how people are using digital, the challenges they are facing, and considerations for the ways forward.
The fifth paper in the series, Realising the digital promise: Call to action, curates the actions that financial services ecosystem players need to take to tackle the barriers to digital transformation.
When exploring the topic of digital transformation, we have spoken with more than 200 senior and C-suite executives, transformation leaders, thought leaders, investors, regulators, and government officials from across the globe.
In this paper we have identified four overarching actions for the private and public sector to consider in order to realise the digital promise. They are:
- Upgrade capabilities and address knowledge gaps: Financial services stakeholders should consider developing a transformation roadmap; hiring talent with the right skillsets; investing in upskilling, foresight, and horizon scanning; and improving internal culture, structures, and systems.
- Promote greater dialogue and cooperation: With the global and increasingly cross-sectoral nature of financial services, greater coordination is needed. Stakeholders should embrace engagement with their peers and other stakeholders—both domestically and internationally.
- Modernise and harmonize regulation: Policy makers need to create frameworks and environments that reflect the realities of the digital economy and address the diverging regulatory trends and data restrictions limiting the potential of digital ecosystems and emerging technologies.
- Support the adoption of foundational technologies: Stakeholders need to collaborate to promote the safe, responsible, and successful adoption of emerging technologies that are the key enablers for supporting the next version of business models and unlocking the full potential of the digital economy.