Years ago John Rolfe and Peter Troob brought us insights about the wall street jungle and how to literally spin straw to gold. In those times banks were the unrivaled leaders of the financial business. For a few years now they are challenged by new FinTechs, but also from big and even smaller IT companies that understand the digital change and especially the digital customer. The same can also be said for insurances and other financial institutes, too.
So does swinging through the data jungle require skills that bank simply do not have anymore? The Capgemini report “Understanding digital mastery in financial services” showed that 2012, 41 % of the financial services firms believed they had the digital capacities they needed. In 2018 this rate dropped to 37 %. Even bigger, from 51 % to 41 %, is the fall when asked about the necessary leadership capabilities for the transformation.
However, there are some differences when looking deeper into these figures. Regarding the digital capacities the rate increased regarding the customer experience (35 % to 40 %), but it significantly dropped for operations (from 46% to 33%). These numbers show a big gap when financial companies state that robotic process automation as well as artificial intelligence are the top technology priorities of today. This gap comes together with a major drop from 63 % to 35 % regarding the leadership capabilities and the IT business relationship.
Collenda is a long-trusted supplier of innovative IT solutions for the financial industry. We believe that understanding our client as well as the client´s clients needs is indispensable to create the best solution for both. Therefore we are the partner for every financial firm that wants to close the gap in digital capability.
Contact us if you want to swing through the data jungle.