Video: Digital transformation of luggage When it comes to digital transformation in the financial services industry, there are clearly leaders and laggards, according to a new study conducted by Forrester Consulting on behalf of consulting firm Ernst and Young LLP (EY). Read also: These are the biggest challenges of digital transformation (TechRepublic) Companies that deploy broad-based, customer-centric approaches to digital transformation generate the greatest value, the report said. The research suggests that digital leaders know how to create a customer-centric approach that focuses on innovation and increasing revenue. The report is based on an online survey of nearly 250 senior-level executives at North American financial services firms conducted in April 2018. It underscores the commonalities digital leaders share: A multi-dimensional focus, customer-centricity, clarity of responsibility, and an unwavering commitment to talent. The digital leaders focus on innovation (65 percent compared with 32 percent of digital “laggards”) and keeping up with changing customer preferences (48 percent compared with 35 percent). An unrelenting focus on the customer allows companies to be innovative while satisfying customer needs and meeting financial criteria such as increasing revenues and profitability, said Yang Shim, EY Americas advisory data and analytics leader for financial services. “The performance gap is huge between companies that take a more comprehensive and customer-centric approach to digital enterprise transformation and those that focus solely on cost reduction,” Shim said. Digital transformation leaders use an adaptive approach to meeting changing customer, marketplace, and regulatory needs, the study said. It found that the most advanced… [Read full story]
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