Realizing the digital promise

Advancements in technology have radically enhanced the value ecosystems deliver. Now more modular and collaborative than ever, today’s ecosystems enable stronger alliances and partnerships that can help financial institutions (FIs) unlock a range of strategic options.

But the speed with which ecosystems are evolving is making it inherently difficult for the market to respond. Organizations are finding themselves challenged to build the right capabilities and talent to capitalize on the value ecosystems provide. At the same time, regulators are looking to balance ecosystem innovation with regulatory prudence, creating further friction.

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

The Institute of International Finance (IIF) and Deloitte have joined forces to explore this question and look at how FIs can realize the digital promise. To better understand diverse experiences and points of view on digital, we interviewed more than 150 senior and C-suite executives, transformation leaders, thought leaders, investors, regulators, and government officials around the globe.

The fourth paper in this series—Realizing the digital promise: Transformation in an ecosystem of regulators, BigTech, FinTech and more, outlines the role of external ecosystem, the key challenges it can help overcome, and the measures that would be required to do so.

We explore these aspects of external ecosystems in detail: