In this paper, we explore drivers, objectives, success factors, and implications of digital transformation. Many financial services providers have embraced digital transformation. Digital transformation can help financial services companies improve their customer experience in many ways—from attracting new customers to simplifying banking. Among the success factors for digital transformation, none is more important than agility, and this firmly applies to financial services. Financial Services technology is currently in the midst of a profound transformation, as CIOs and their teams prepare to embrace the next major phase of digital transformation. Digitization of business:8 advantages of the digital transformation. Close Save this item to: Close This item has been saved to your reading list. The case for embracing digital transformation It goes without saying that technology has transformed the way that businesses operate and many of those changes have proved to be hugely beneficial. New technologies are enabling banks, insurers and other established financial services companies to overhaul their operations and identify different ways of serving their clients. FSI firms should recognize and develop an approach to minimize the impact of the differences between the two operating models. Digital transformation in the financial industry. Digital transformation is enabling companies to integrate processes and technology solutions using a real-time digital foundation. Close Start adding items to your reading lists: Sign in. Digital transformation is revolutionizing every industry. Rising customer expectations, increased competition, and stricter regulatory requirements are spurring firms to adopt innovative digital-based processes – without succumbing to runaway costs or margin pressures. Digital financial services offer more convenience for customers, as they open access to a broader range of financial services (credit, but also savings, insurance and payments)9 that customers can access from their doorstep, even in remote areas, eliminating the need to travel to physical branches. T he financial services sector is undergoing large-scale digital transformation that has widespread implications for how companies in the sector run their businesses. The Global Digital Transformation Market in Retail report estimates a compound annual growth rate of over 22% between 2019 and 2024 — and that’s not entirely surprising for the industry. Digital transformation in financial services Although financial services have been computerized for decades, with products such as retail brokerage using digital channels for some 20 years, a more radical transformation of the industry was delayed due to market advantages of traditional financial services … Di-gi-ta-li-za-tion. Digital is better, stronger and faster . 4.5 billion people accessed the internet in 2019 and analysts are forecasting the number of connected devices to the internet will grow from 2 billion to 50 billion over the next few years. In fact, drugmakers believe that the biggest advantage of big data is … Investors believe fintech start-ups will become a significant force in the future, valuing those in the US at $120 billion, or 7 percent of the total equity of US banks. Accelerate Digital Transformation in Financial Services ... Time to market as a competitive advantage has financial services IT executives increasingly focused on the speed, ease of use, security, and service reliability enabled by modern IT infrastructure. The implications of […] But why is disruption happening more quickly and more widely than it did 20 or 30 years ago? 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