Digital disruptions could result in a $4.7 trillion loss in annual revenue from traditional financial institutions, according to Goldman Sachs estimation.
As if that is not enough, they have to compete with these challenges:
📌 Consumer demands for cutting-edge functionality,
📌 Outdated legacy technology platforms,
📌 Extremely high overhead, and
📌 Difficulty to pivot quickly.
Companies looking to avoid financial losses and deal with these challenges must shift toward digital transformation with consideration of the following:
✔ Concentrate on adopting a digital-first corporate strategy and make a commitment to total system overhauls in terms of technology.
✔ Consider possibilities for digital transformation outside of their organization.
✔ Make their organization more lean by focusing on efficiency first.
✔ Look to technology that enables them to tailor their products and services for particular customers.
Technology in companies will be unrecognizable from what it is now in 5 to 10 years.
Over half of the 100 c-suite executives from top banks and credit unions who participated in a recent Financial Service Digital Transformation Study say they’re committed to stepping up their technology investment.
Early adoption will be crucial for companies looking to secure a reputation for being ahead of the game.
As a management and technology consulting firm, Synvance guides businesses on their core transformational activities, from the identification of improvement opportunities to essential requirements from the supply chain activities and consideration of ESG factors through business-as-usual operations.