Just 24 per cent of banks in the EMEA region (Europe, Middle East, Africa) have created and executed, a complete, end-to-end, digital transformation strategy, in order to improve customer engagement.
Yet, the situation is not that grim – almost all banks (96 per cent) have executed some kind of digital transformation.
The report, entitled “The Digital-Ready Bank”, was released by SAP, and was based on a poll of 250 retail and corporate banks in the region. It describes the creation of something called ‘islands of innovation’ – which occurs when the digital transformation happens only in the front office.
A fifth (21 per cent) of banks have a chief digital office (CDO), and IDC forecasts the number to jump to 50 per cent by 2020. The report also says that involving IT at the earliest stages of a DX initiative is a good move – 57 per cent of such projects ended up being successful.
Unfortunately, digital transformation is still a front-office initiative in 40 per cent of cases, aimed mostly at improving the customer experience.
“There is no doubt that EMEA banks are creating added value for their customers through digital transformation projects, but I envision a brighter future,” said Laurence Leyden, general manager for the financial services business in EMEA, SAP. "By blurring the lines between front-office and back-office initiatives and creating a holistic approach to digital transformation, banks can evolve their services with their customers by becoming a lifelong partner.”
The full report can be found on this link.
Image Credit: Shutterstock/Petr Kopka