Financial Service Providers face growing competition from an influx of innovative, flexible, and customer-oriented products and services. If they want to serve their clients well and survive in this increasingly competitive market, they must take advantage of the opportunities digital transformation offers. In this webinar, Chris Statham and Konstantin Schroeter from LSF Advisory explores the practical steps on this journey using case studies and examine a digital transformation gap analysis tool which can support management, BOD and investors in focusing where there investments could be.
Digital transformation is not a project, it is a broader term and focuses on being customer driven. It requires cross cutting organisational change as well as implementation of digital technologies. Used properly, digital transformation could assist organisations reduce costs and prices, improve risk management, and improve client products and services.
When embarking on digital transformation, there are some key steps that will help with the journey, such as
- Conducting a gap analysis to identify strengths and areas for improvement
- Develop digital transformation strategy and transformation structure
- Design digital transformation roadmap
- Refine/ update global business plan to include digital transformation activities
- Prioritise and implement projects based on business requirement
The gap analysis tool developed by LSF Advisory was created to assist Financial Service Providers identify where they are on the digital transformation journey and to establish existing implementation gaps. The tool defines 10 categories, namely ecosystem, strategy, market, project management, plan, risk, technology, data, finance, and customers, which are crucial for digital transformation. This tool can be used to provide findings, recommendations and a report that can be used by investors and other stakeholders. The gap analysis tool is helpful to benchmark each organisation against other organisations on the digital transformation journey.
The implementation of digital transformation will come with many challenges. What works for one organisation will not work for the other. What is important is for organisations to integrate digital transformation into the business strategy.