Digital transformation continues to be a driving trend in the financial services industry. If you need proof, just take a look at these stats for 2022:
- 75% of financial institutions (FIs) started a digital transformation initiative
- 15% of FIs plan to create a digital transformation strategy
- 91% of FIs are doubling the speed of their digital transformation efforts
Since digital transformation is widespread across financial institutions (FIs), it’s important to understand that they’re more than just implementing new technology. A true, holistic digital transformation is the total re-imagining of how an FI operates. It includes the transformation of three key parts of the institution:
FI leadership and employees are key to the successful adoption, use and promotion of new technology. Employees’ roles can evolve as technology takes on the heavy lifting of manual processes and the institution’s culture shifts toward agility and innovation. As a result, employees are often empowered and enabled to provide more value to the institution and their customers.
A digital transformation is an FI’s opportunity to evaluate its processes, which includes identifying and alleviating pain points for employees and customers. Inefficient processes can be re-designed for innovation and cost savings at the FI.
3. Business Value
Digital transformation continues to be a top trend in the industry because it increases business value. An FI improves its resiliency, increases its competitive advantage, gains market-share and becomes future-proof in a fast-paced market and rapidly changing customer expectations.
Despite increased efforts around digital transformation, 60% of financial institutions do not achieve their digital transformation goals. Since transformations are multi-faceted, there are many points along the digital transformation journey an FI can get lost, run into obstacles and fall short of their goals.
Through thousands of implementation projects and partnering with FI’s on their digital transformation journeys, nCino has identified how to create a system for change and mitigate common mistakes.
Whether you’re currently in the midst of a digital transformation or beginning to form a transformation strategy, you can learn from nCino’s expertise and advice for successful implementation projects and digital transformations.
To learn more, download our infographic about avoiding common digital transformation mistakes, or check out our tips for a great nCino implementation.