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Banking on digital transformation: new PACT report find the sector is eager to progress.
Digital transformation is vital - and it's happening. As the financial sector changes rapidly, 51% of financial services organizations have started their digital transformation journeys.
34% of financial services are creating entirely new digital-led processes and functions; but 64% of business leaders worry that they don't have the digital skills in-house.
It's the people who count the most.
35% of financial services businesses say that people are the most important factor in delivering a successful digital strategy.
Digital is key to the future of banking
Fujitsu can help simplify banking processes with Robotic Process Autometion, Application Transformation and digital security protection for data, transactions and ID authentication.
Focusing on what matters to your business is important
34% of financial sector businesses are eager to transform their business model and revenues, while 26% are focused on operations and process, and 20% on deepening customer relationships.
Achieving significant returns takes time
Patience is necesary. One average, businesses in this sector expect financial benefits to arrive within just under 2 years, with operational improvements taking 1.7 years. That's longer than other sectors, but it's worth the wait.
To deliver digital transformation you need digital skills: that's why 89% of financial service companies are working to boost their internal digital skills and expertise, with 61% training existing employees to be digitally proactive. 54% are recruiting new skills to complement the ones they already have.
Human and artificial intelligence (AI) need to work together
87% of financial businesses believe that AI will transform the skills they need by 2020, and they're working to put it in place to support their people and processes.
Co-creating a culture of innovation drives transformation
89% of financial leaders believe they can rely on a culture of innovation, and mst are active in supporting collaboration to achieve it. 63% of businesses are working on, or planning, co-creation projects to deliver digital transformation.