Best Practice

Digital Transformation in the Financial Services Sector

By Lynette Saunders,

Meeting the many challenges

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The Digital Transformation in the Financial Services Sector report looks at the challenges that companies within the sector are facing as they digitally transform themselves to compete in today’s changing market. The research seeks to understand best practice approaches, techniques and strategies that different types of organisation are adopting to increase their chances of success.

Methodology

We carried out a series of in-depth interviews with senior executives from across the financial services and insurance industries to understand how a range of organisations were responding to different opportunities and challenges.

Companies interviewed included: Saga, MORETH>N, RSA Insurance, LV, BlackRock, Alpha Financial Markets Consulting, The Co-operative Insurance, Barclays Bank, Lloyds Banking Group, Santander UK, Droplet, Nutmeg, AXA, JP Morgan Asset Management, Bibby Financial Services, Interactive Investor and Hargreaves Lansdown.

We also looked at sector-specific data from our Digital Trends 2015 and Digital Trends in the Financial Services and Insurance Sector reports, both published earlier this year.

What you'll learn

  • The financial services industry is facing challenges from new business models and new players entering these markets, changing the ecosystem and making these sectors ripe for digital transformation.
  • Companies in the sector see investment in digital and related skills as critical to success.
  • Customer experience is a major focus for marketers.
  • Having the right strategy and culture to deliver digital transformation is seen as essential.
  • Data is perceived as being a huge part of the digital transformation journey.

You'll discover findings around:

  • How companies are looking to differentiate the customer experience and deliver value to their customers.
  • Ways in which companies are putting the customer at the centre of decision-making.
  • Practices companies are adopting to work in a more agile way.
  • Encouraging a digital culture where digital is promoted throughout the organisation and is a part of everyone's job.
  • Importance of re-platforming and moving away from legacy systems to be able to deliver on ambitions. 
  • Integrating data to understand customer journeys and behaviour to deliver more personalised and relevant communications.

Download a copy of the report to learn more.

A free sample is available for those who want more detail about what is in the report.

How we can help you

Digital Transformation

Digital transformation is a journey that's different for every organisation. To enable delivery of your digital vision (or help you shape that vision) we’ve designed a comprehensive approach to tackle your transformation.

Covering everything from strategic operational issues, down to specific marketing functions, we will work with you to achieve digital excellence.

Talk to us about an initial, no-cost consultation.

Contact our Digital Transformation Team on transformation@econsultancy.com or call

  • EMEA: +44 (0)20 7269 1450
  • APAC: +65 6809 2088
  • Americas: +1 212 971-0630

 

Contributing Authors


Lynette Saunders

Senior Analyst, Econsultancy

More reports from Lynette Saunders

Table of contents

1. Executive Summary

  • About Econsultancy

2. Introduction

3. The Changing Landscape of the FSI Sector

4. Drivers for Digital Transformation within Financial Services

5. Challenge From New Entrants and Business Models – Disruptive Innovation

6. Growing Focus on Customer Experience

7. Strong Digital Culture is a Key Requirement

8. Driving Forward an Agile Culture

9. Data is Key to Delivering Future Success

10. Regulation Remains a Significant Barrier

11. Technology Presents New Opportunities

12. Investing in Digital: a Key Priority

13. Resources and Further Reading

Downloads

  • Pdf SAMPLE: Digital Transformation in the Financial Services Sector (710 KB PDF)
  • Pdf Disabled Digital Transformation in the Financial Services Sector (1.7 MB PDF)
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