Digital Transformation Falls Below Expectations
Digital transformation is top-of-mind in the executive suites of many retail banks. But it’s not yet top-of-wallet.
Eighty-four percent of CEOs at financial service companies have a management initiative to make the business more digital, up from 63% in the previous year, while 33% of financial services CIOs tagged digital as their top priority (Gartner). Some CIOs, like Capital One’s Rob Alexander, have taken to referring to their organizations as “software houses.”
However, even as critical backend initiatives like big data cloud migration move forward, the banking industry lags behind in one crucial digital domain — customer experience.
Many are still novices when it comes to simple “blocking and tackling” in CX. As retail banking becomes increasingly perceived as commodities by consumers, an outstanding digital customer experience has moved from the realm of “nice to have” into the domain of “must have.”