Digital transformation is creating new opportunities and revenue streams for firms across all industries. Technologies like virtual agents, natural language processing and robotic process automation are enabling firms to increase efficiency and cut cost whilst the emergence of blockchain is set to secure the recording, storing and transferring of data and make operational processes more reliable. Additionally, ever-growing consumer participation through social media, mobile usage and client portals across the value chain, and the increased use of cloud computing have facilitated a customer centric approach in an environment where consumer expectations and demands are greater than ever.
Business, technology and operations historically existed as distinct functions within an organisation. Business drove the technologies used by a firm and IT departments were tasked with finding the best-fit solution to meet business needs. Operations functions (processes and people) provided a link between the two. Today, things have changed. Technology is driving business innovation and strategy by opening new opportunities for growth and consumer interaction. At the same time, operations, with the use of increasingly intelligent forms of automation and insight provided by artificial intelligence and advanced analytics, is facilitating further business growth and providing higher quality services.
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Part 1 of this paper examines what we mean by digital transformation, what the market leaders are doing to achieve it and what are some of the benefits gained.
Part 2 outlines the guiding principles of digital transformation, common issues seen in financial services and how to tackle them, requirements for an effective operating model, and an analysis of different operating model approaches.
Finally, part 3 discusses why digital transformation is different from previous cycles of technological innovation and why firms in the financial services industry are being forced to adapt.