Digital Transformation Breakthrough Moments in Financial Services

Digital Transformation

What do breakthrough moments look like in the financial services sector?

A breakthrough moment is a pivot point, a turning point at which digital transformation becomes sustainable. It fundamentally changes the trajectory of what success looks like and once it happens people don’t want to go back to old ways of working.

But what do those breakthrough moments look like in the financial services sector?

To find out, we asked leaders of the FS community at Nationwide Building Society, Lloyds Bank, Ordo, Ruffer and members of AND Digital – for the key breakthrough moments on the digital transformation journeys of which they’ve been a part.

This is what they told us:

To explore the moments that could empower your digital transformation…

11 Breakthrough Moments Financial Services Guide Cover

Data Integrity Director and CDAO

Umesh Jetha

"The choice of what to transform is critical. Too easy a choice and people will say it isn’t ‘meaty’ enough. Too vital or risky and it will meet with resistance from those who don’t want to shake things up."

Why do digital breakthroughs matter?

Breakthroughs are important in terms of service delivery. They’re even more important in terms of business performance. A recent HBR study* compared the corporate performance of 20 global banks seen as digital leaders against 20 banks defined as digital “laggards”:

total shareholder returns up (Annual) 4.9% vs 8.1% Laggards vs Leaders
Active customer base growth up (annual) 0.0% vs 0.5% Laggards vs Leaders
Retail revenue growth up (annual) -1.4% vs +0.8% Laggards vs Leaders
Operating expenses down (Annual) +2.3% vs -1.3% Laggards vs Leaders

Digital skills Required

The capabilities needed to transform

A study of 200+ large-scale digital and AI transformations revealed the core capabilities for successful transformation. These included:

Digital Talent

Building a quality digital talent bench in an environment that attracts top-notch engineers and allows them to thrive.

Operating Model

An operating model that mobilises small cross-functional business, engineering and control functions to develop priority solutions.

Modern Software Engineering Practices

A distributed technology environment and modern software engineering practices enable the entire organisation — not just IT — to develop digital and AI-based solutions.

Modern Data Architecture

Modern data architecture enables different parts of the organisation to consume data for their own applications.

Get in touch

Transform with AND Digital

AND Digital specialises in accelerating digital transformation and enhancing digital capabilities for finance and insurance businesses. Our expertise in technology consulting, digital product development, and agile ways of working makes us uniquely well-positioned to assist new market entrants, digital only and legacy FS and insurance firms in navigating the complexities of digital transformation.

Financial Services and Cloud Lead

Ben Greenwood

If you are looking to understand how we can support your own digital transformation journey please get in touch with Ben. Ben has worked with Financial Services and Insurance companies for over 20 years and will be able to offer professional advice and support.

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Case Studies

Financial Services

Take a look at some of our work in the Financial Services and Fintech sector.

11 Digital Breakthrough Moments in Financial Services

What do breakthrough moments look like in the financial services sector?

Umesh Jetha

Why do digital breakthroughs matter?