{"id":568,"date":"2023-01-12T00:30:44","date_gmt":"2023-01-12T00:30:44","guid":{"rendered":"https:\/\/beta74.thewebsitepreview.com\/wavicle\/dev\/?p=568"},"modified":"2025-11-17T04:56:10","modified_gmt":"2025-11-17T04:56:10","slug":"financial-services-executive-outlook-capitalizing-on-the-true-enablers-of-digital-transformation-and-overcoming-roadblocks","status":"publish","type":"post","link":"https:\/\/beta74.thewebsitepreview.com\/wavicle\/dev\/blog\/financial-services-executive-outlook-capitalizing-on-the-true-enablers-of-digital-transformation-and-overcoming-roadblocks\/","title":{"rendered":"Financial Services Executive Outlook: Capitalizing on the True Enablers of Digital Transformation and Overcoming Roadblocks"},"content":{"rendered":"

Digital transformations, defined as the use of\u00a0technology to improve business operations and\u00a0drive growth in new and existing markets,\u00a0are key to an organization\u2019s evolution and its ability to compete for customers\u2019 attention and dollars. But what drives\u00a0digital transformations at financial services firms?<\/span>\u00a0<\/span><\/p>\n

In our 2023 Financial Services Executive Survey, we asked C-suite executives what they thought the top drivers of digital transformation are today and what they foresee them being three years from now. The study confirms that the C-suite continues to bet on customers as a strategic driver of digital transformation. In fact, 62% of respondents cited customer agenda as a top driver today and predict it will continue to be three years from now. Growth in the market is right behind it today (46%), but they think it will play a much bigger role three years from now.<\/span>\u00a0<\/span>\u00a0<\/span><\/p>\n

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The top enablers of and roadblocks to digital transformations<\/span><\/b>\u00a0<\/span><\/h4>\n

Now that we know what\u2019s driving the digital transformations at North American Financial Services firms of all sizes, let\u2019s look at what actions C-suite executives are taking to enable their transformations and what\u2019s holding them back. They:<\/span>\u00a0<\/span><\/p>\n

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  1. Are strategically investing in customer-centric capabilities with their digital transformations.<\/span><\/li>\n
  2. Acknowledge that data, digital performance, and analytics\/talent (tie) are the top enablers of digital transformation.<\/span><\/li>\n
  3. Reveal that business case formulation and delivery of tangible value are top inhibitors closely behind budget.<\/span>\u00a0<\/span><\/li>\n<\/ol>\n

    This is significant because the number of digital transactions will only continue to increase with advances in technology, especially mobile, with upcoming 5G and beyond. <\/span>The financial services sector has a big opportunity here to offer creative digital solutions beyond traditional products and services if they continue to enable and encourage their own digital transformations. <\/span><\/b>In fact, this is how \u201cdigital native\u201d fintech startups are disrupting the marketplace.\u00a0<\/span>\u00a0<\/span><\/p>\n

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    Leveraging the enablers and overcoming the roadblocks\u00a0<\/span><\/b>\u00a0<\/span><\/h4>\n

    The question is: how do financial services firms leverage the enablers and overcome the roadblocks to digital transformation? The answer lies in the enablers \u2013 <\/span>analyze your customer data<\/span><\/b> along with products, services, and related operational capabilities data from <\/span>digital performance and talent<\/span><\/b> to <\/span>pre-assess<\/span><\/b> the <\/span>impact\/value<\/span><\/b> creation before embarking on a digital transformation effort. This will help:<\/span>\u00a0<\/span><\/p>\n