As companies of all kinds are beginning to embrace digital technologies to speed the delivery of goods and services, mitigate risk, and improve operations and customer service, modernization becomes a competitive necessity.
Also, 60% of banks plan to increase spending on cloud computing and storage this year, Deloitte research shows, as legacy infrastructure moves to the cloud, close to 50% of banks are beginning to implement technologies that improve financial and operational stability for the future and moving their legacy infrastructure to the cloud.
Fast responders were further ahead in their digital transformation journeys, and they fared better during the pandemic as a result.
These obstacles will likely pertain to people, processes, technology, or some combination.
For example, our planning process became very challenging as we had grown with various offices and systems.
At the start of our digital transformation, we faced five siloed businesses that needed to act like one to enable the speed and agility we needed to move forward.
The BDO survey found the No. 1 most-cited long-term digital objective is to modernize IT infrastructure.
That meant we needed cloud-based tools so everything could be accessed from one place, everybody could see everything, and information could be disseminated companywide immediately.
As Deloitte noted, “Until now, cloud migration efforts (among finance institutions) were predominantly focused on cost reduction, modernizing the technology stack, and more recently, virtualizing the workforce.
But the real promise of cloud may lie in enabling banks to reimagine business models, foster agility, achieve scale, drive innovation, and transform customer experience.” Digital technologies enable that innovation faster and faster.
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