The State of Digital Banking Transformation

Now more than ever, we are seeing digital transformation at the most progressive institutions moving beyond mobile banking upgrades and modest changes in back office technologies to becoming organization-wide initiatives. With budgets increasing and new advanced technologies being implemented, ownership of the digital transformation process at leading banks and credit unions is moving up the organizational chart, with the more digitally mature institutions having the process led by the the CEO or even the board of directors. We are also seeing greater cross-functional engagement across market-leading institutions. Understanding how leading organizations are managing their digital transformation process is more important than ever to the future competitiveness of banks and credit unions of all sizes. Unfortunately, as we found in the area of innovation, a surprisingly small number of financial institutions (12%) consider themselves to be digital transformation'leaders', with 34% considering themselves to be'fast followers' and 55% stating they were either'mainstream players' or'laggards'.