Setting the Stage for Total Digitalization in the Financial Sector
Digitalization has completely transformed the banking experience of the modern customer. Though the overwhelming sense of urgency
may not be evident to consumers, banks and insurance companies alike are scrambling to achieve successful adoption of digital initiatives that will benefit both customers and the decision making abilities of the financial organization itself—particularly through advanced mobile and automation capabilities. Business decisions of today and planning for the future are now driven by data.
Changes in the financial consumer’s digital experience are being precipitated by multiple industry drivers. First and foremost, the financial sector has very swiftly assumed a “grow now” mentality—a stark difference from the cost-cutting mindset that dominated the market following the crash of 2008. The Peak 10 Financial Services and IT Study: Tackling the Digital Transformation revealed that most financial organizations have healthy IT budgets, and ambitious expectations for generating more revenue; 50% of financial organizations expect their IT budgets to increase within the next two years.
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