The proliferation of digital transformation: from 'nice to have' to a necessity for success

The overarching concept of digital transformation is to use technology to replace manual processes with automated, digital ones and to replace older, legacy systems with modern, agile technologies. What was historically seen as "a good idea for the future" or a nice add-on or update to an outdated system has now become mission critical. Digital transformation has become the benchmark for survival in the financial market, making it even more critical for success and innovation. As next-gen technology continues to transform, financial services companies and their executive teams are bracing for the next phase of digital transformation. And most recognise the need to embrace this acceleration towards digital but are still too early in their journey to undergo technology innovation, tech productivity and platform modernisation, which will not only set them up for success in the marketplace, but also set them apart from competitors.