The race against obsolescence: Future-proofing your organization

Keeping up with the speed of technology remains an ongoing challenge for financial and professional services organizations. As ideas or applications once deemed daunting become second nature and find their way into a company’s arsenal, new technology is emerging to shake things up, leaving decision makers questioning their ability to keep up with the times. pace.

In this report, insights provided by management professionals and policy makers in the banking, insurance, wealth management and mortgage lending industries provide a framework to help organizations understand whether they are putting in place best practices and use technology effectively to achieve the best results.

Are your people and processes future proof? And what do you have to lose if they are not?

Main findings
⦁ Customer satisfaction is high on the priority list for organizations developing digital transformation strategies, with customer experience, support and access identified as key drivers.

⦁ Across industries, sentiments related to progress are broadly split in half, with half of respondents believing their digital transformation plans are still in their infancy and the other half believing they are already implementing with success of transformation initiatives in their organizations. Wealth managers are the most sheepish about the level of maturity of their digital transformations, while the insurance industry is the most confident.

⦁ Despite understanding how valuable the use of technology is to achieving success, most respondents either strive to keep up with the pack or lag behind. Less than a third of all respondents see themselves as leaders in the use of technology.

⦁ Having a fully defined strategy – which includes steps such as assigning responsibility for achieving certain goals and having metrics in place to measure success – is considered the most important factor impacting a use effective technology for digital transformation.

⦁ Organizations seen as leaders in the space stand out by empowering employees and enabling them to play an active role in the organization’s transformation strategy. Respondents see a strong correlation between spend and success, with organizations that are committed to increasing technology funding, now and in the future, seeing more positive results.

⦁ Merging new technologies with existing systems is the top challenge for respondents looking to advance transformation initiatives in their organization. But challenges related to knowing customers, dependence on suppliers and the availability of qualified personnel must also be overcome.

⦁ Leaders are able to separate themselves from the pack by having greater confidence in their digital transformation strategies and a greater willingness to embrace new technologies as they emerge.

⦁ Technology that improves efficiency in today’s era of remote working is seen as high value across industries.

Aubrey L. Morgan