Omni-experience Digital Transformation in Financial Services
In few other industries outside of financial services is there a more drastic need to transform the business to ensure long-term viability. Unfortunately, in few other industries is the technology architecture so unfitting for that purpose as it is in financial services today. Banks have always been relatively quick adopters of technology for the purposes of acquiring and serving customers and to make the bank more efficient. P&C Insurers, traditionally risk-averse and seen as technology laggards, today understand the need to transform their businesses. Unfortunately, the adoption of new technologies as always been performed in isolated projects that served the specific purpose for that time only.
This has led to the aggregation of hundreds of disparate systems within the institutions, each serving specific needs, with little to no interoperability. These are the digital transformation (DX) technologies that promise to transform the entire IT portfolio, from back-office systems to customer contact, and, in doing so, transform the business model itself. The need to comply with ever-increasing regulation, and the focus on improving the customer experience, added to the perennial drive to increase efficiencies, is driving many to undergo DX initiatives in order to create and deliver products and services through omni-experiences in line with the customer's lifestyle. But technology is only part of the DX journey for financial services.
IDC has developed the IDC MaturityScape for omni-experience digital transformation in financial services to help line of business (LOB) and IT leaders understand and cope with the challenges and opportunities that DX can bring to their enterprises.
23/11/17 08:30 - 16:00
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