What is Digital Transformation?


1st January, 1970

What is Digital Transformation?

With digitalisation continually changing the face of financial services, every key player in the finance industry needs to keep up with this fast-paced environment.

Many phrases have been floating around the finance industry for a while, whether it is bitcoin or fintech, but one of the most frequently searched questions is ‘what is digital transformation?’

The term ‘digital transformation’ may, at first glance, be self-explanatory. However, what does it mean for the finance industry specifically? Let’s first define what we mean by ‘transformation’.

Defined by The Guardian, ‘transformation is a whole scale change to the foundational components of a business’. Implementing a transformation programme will touch every aspect and function of a business; from sales and marketing to human resources and finance. However, businesses only go through transformations when they have failed to evolve with the industry. They are only effective when they are visible by customers and driven by external factors. But what is digital transformation?

CEO OF Iconology, Niall McKeown, defines ‘digital transformation’ as ‘a journey of strategically planned, organisational change’. It will empower teams to create highly responsive strategies and to be fearless of culture changes. Ultimately, you will be changing how you operate and deliver value to customers. As stated by Greg Verdino, it will ‘close the gap between what digital customers already expect and what analog businesses actually deliver’.

There are many definitions out there; it is hard to keep track of them, but business consultant agency, Agile Elephant, states that digital transformation should involve the following:

·         A change in leadership

·         Different thinking

·         Encouragement of innovation

·         New business models

·         Incorporating digitalisation of assets

·         Increased use of technology to improve the experience of your organisation’s employees, customers, suppliers, partners and stakeholders

You do not want to miss the opportunity to evolve your business with digitalisation and stay ahead of your competition. As quoted in The Guardian, Howard King says “businesses don’t transform by choice because it is expensive and risky. Businesses go through transformation when they have failed to evolve”.

To find about how you can implement digital transformation at your organisation, register for the 5th Annual Customer Experience in Financial Services Summit and Awards. Axel Gormand, Head of CX at BNP Paribas Wealth Management, will be delivering an insightful presentation on ‘Harnessing Digital Transformation to Design a Customer Centric Experience’. Not one to miss!

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