When it comes to digital transformation, executives at many banks and credit unions understand what needs to be done, but far fewer understand how to get it done.
That’s not just a challenge for banking. Across all industries, 87% of firms have pursued some form of digital transformation in the past two years, but have captured only 31% of the revenue lift they expected, according to a global survey of senior leaders by the consulting firm McKinsey & Company. Furthermore, they realized just 25% of expected cost savings.
However, there are success stories in the marketplace that financial institutions of all sizes can learn from. One of these is DBS, a bank based in Singapore that we’ll discuss in more detail below.
There is even a playbook for improving digital transformation results. In the new book, “Rewired: The McKinsey Guide to Outcompeting in the Age of Digital and AI,” the authors found that long-term success comes when leaders are willing to embrace changes related to talent, their operating model, technology and data capabilities.
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