How do you profit from a digital shift? How do you profit from a digital shift?

By Yang Shim

EY Global Financial Services Technology Leader and Americas Financial Services Consulting Deputy Leader

Thought leader. Visionary. Experienced in digital transformation, strategy, business architecture, data and analytics, emerging technologies, intelligent automation, and cloud transformation.

5 minute read 20 Jun 2018

Digital enterprise transformation leads to happier customers, more sales and more innovation in financial services, confirms a recent study.

A commissioned study conducted by Forrester Consulting in April 2018 on behalf of EY highlights the unique interconnectedness of digital enterprise transformation, innovation, business model evolution, customer expectations and other critical factors in banking, insurance and wealth and asset management. It also clarifies how the most digitally mature firms generate superior value from their transformation investments and efforts: they effectively balance a range of strategic objectives and take holistic action to fulfill them. Download the full report here

These insights apply to all shapes, sizes and scopes of digital transformations. Indeed, companies in financial services increasingly seek to right size their transformation programs through a series of manageable steps and coordinated initiatives. When it comes to succeeding in these endeavours, size matters less than how they are connected, managed and measured.

Digital transformation leaders embrace systemic change, especially in the realms of organizational structures, cultures and human talent. These dimensions are frequently overlooked or undervalued by less mature firms and those just commencing their transformation journeys. Leaders are also notably more focused on customer needs and new business models. Lastly, they measure success more holistically and in ways that go beyond purely financial metrics (such as cost reduction).

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Summary

Companies that lead with broad-based, customer-centric approaches generate the greatest value and maturity relative to their overarching digital enterprise transformation efforts, according to a new study conducted by Forrester Consulting on behalf of EY. The research shows that digital leaders know how to create a customer-centric approach that focuses on innovation and increasing revenue.

About this article

By Yang Shim

EY Global Financial Services Technology Leader and Americas Financial Services Consulting Deputy Leader

Thought leader. Visionary. Experienced in digital transformation, strategy, business architecture, data and analytics, emerging technologies, intelligent automation, and cloud transformation.