Digital Strategy Transformation Roadmap 2019: Bank, Asset Management, Insurance Company Approaches
Digital transformation is shifting business models and driving new revenue opportunities. In fact, IDC has estimated that digital transformation will generate $18 Trillion in added business value for organizations and Gartner projects that digital transformation will support 36% of overall revenue by 2020. However, today, only 19% of leaders feeling they have the right technology in place and 14% the right processes to execute their digital strategy, according to Forrester.
Synechron is working with global tier-one financial institutions to guide them through this Digital journey and transform their people, process and technology approaches. As global banks and insurance companies restructure their businesses for the Digital Age and upgrade legacy technology infrastructure, “Digital Strategies and Transformation 2019: Methodologies and Practical Approaches” outlines four key themes that will be essential to guiding this digital business transformation:
- Digital Business Ecosystems - Ecosystems will reshape the future of Financial Services as banks and insurance companies look to change the way they engage with and support customers across: o A Digital Platform Strategy Mobile, o An Open Application Programming Interface (API) approach o Event-driven IT, Analytics and the Internet of Things (IoTs) o The Programmable Economy
- Data as a Horizontal – Digital transformation continues to fuel data growth driving a need for data governance, data lakes, data analytics, data mining, data science, and data visualization.
- Technology-led transformation – When discussing digital transformation, Technology architectures will need to adapt to microservices, OpenAPIs, usable UIs and Cloud
Culture Transformation – Banks are re-structuring and rethinking business strategies to align with NextGen technology, and the culture needs to adapt around ways of working, talent management and areas like sustainable finance.