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Digital Transformation in Banking: Making Progress and Hitting Roadblocks

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One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution's digital strategy. As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies. Digital transformation must begin with a cultural transformation within an organization, according to the study, in order to best lay the foundation for critical cross-department cooperation. This cooperation, freeing needed data and capabilities from departmental silos, is required to achieve seamless omnichannel service at each point along the customer lifecycle. With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it's a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization's digital strategy.


AI Advantages in Banking Grow, Adding Pressure for Broad Adoption

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"The true potential [of personalization] lies in transforming all of an organization's customer interactions by using data and analytics to anticipate individual needs, target segments of one, and build deep relationships that stand the test of time," states BCG.



Banking Can No Longer Ignore The Power of AI

#artificialintelligence

"The true potential [of personalization] lies in transforming all of an organization's customer interactions by using data and analytics to anticipate individual needs, target segments of one, and build deep relationships that stand the test of time," states BCG.


AI Advantages in Banking Grow, Adding Pressure for Broad Adoption

#artificialintelligence

"The true potential [of personalization] lies in transforming all of an organization's customer interactions by using data and analytics to anticipate individual needs, target segments of one, and build deep relationships that stand the test of time," states BCG.