FSIReview: Issue 21
Digital: Yay or nay?
As digital technologies permeate all aspects of operations, organisations are required to anticipate the need for massive change and adapt fast enough to survive and thrive in an increasingly digital world. However, the path is not easy and can sometimes demand significant changes to organisational structures, systems, and processes.
So, how can financial institutions capitalise on digital transformation and determine which areas will provide the greatest benefit their business? In our first article “Backing up the digital front: Digitising investment suitability”, we discuss a hot regulatory topic for private banks and wealth managers – investment suitability – and the need to digitise the decision making process based on customer needs.
With the evolution of mobility, consumers are increasingly expecting seamless payment processes that are integrated and secure, bringing both risks and opportunities for payment providers. In “Payments and the future of mobility”, we take a look at how payment providers have to find their role in shaping the new mobility ecosystem to not risk losing importance for their current customers.
Next, we turn our attention to something internal – the boardroom. Digital transformation is high on the agenda for many executives and boards of directors, but rarely do they consider how it can bring about new challenges for the companies’ boards. We interviewed board members and corporate secretaries to determine how digital technologies may affect boards and what boards should keep in mind as they embrace digital transformation.
Based on findings from the Deloitte Global digital banking consumer survey, our final article explores the value and relevance of bank branches, offering recommendations on what banks could be doing to rethink the branch experience in an increasingly digital world.