With an outbreak of multiple digitization ideas and lack of implementation strategies, organizations often encounter digital transformation roadblocks. However, for financial service providers to survive as well as thrive amongst the transformation, a coherent digital change management approach – one that is deeply embedded in contextual intelligence, integrated planning and a tangible execution – becomes both essential and urgent.
In our view, the challenges for the digital transformation are clustered into four main dimensions:
Addressing the above challenges in an integrated and pragmatic manner is the key to the survival of organizations. We believe that companies need to recognize that agile is the only approach that properly addresses the current business process shortcomings. Moreover, any solution needs to be tailored to the organization’s internal and external context, at the same time both ensuring an overarching framework and safeguarding a level of flexibility. Finally, for a true digital change, emphasis should be put on productive and tangible solutions.
Based on the above beliefs and thorough analysis of the business and digital landscape, we have developed a model that addresses the key challenges and provides an actionable digital transformation strategy for the financial services organizations.
We believe that by following the four dimensions in a parallel and integrated manner, financial service providers will not only survive the digital "chaos", but they will also be wholly equipped to capitalize on the digital transformation.
Integrated digital change management is the key to survival of organizations. How can financial service providers capitalize on the digital transformation?
