The road to Digital Transformation : Translating digitalization into IT solutions

Digitalisation refers to the use of industrialised, smart technology designed to lift client service to a higher level. Far beyond automated straight through processing, digitalisation aims to interact with the client where and how they prefer, with a full suite of personalised services, real-time data, information and analytics.

Digitalisation It describes a way of doing business rather than just a product or a delivery channel, and it acknowledges the changed reality of the wealth sector where target clients tap a range of information sources to compare goods, services and prices, but feel no particular loyalty to any one provider. Digitalisation for the finance sector borrows from the wider consumer experience where customers use phones, tablets, apps and social networks to research and leverage their interactions and buying power. It delivers a richer client experience, connecting and supporting the user, whether by video, tweet or text. Face-to-face engagement, so important to Generation X, is far less critical to Generation Y used to Facebook, LinkedIn or WhatsApp.

The road to Digital Transformation is a long and complex one. We have identified 3 major steps to achieve a full Digital Transformation:

Stage 1 aims at enabling a full multi (or better) omni-channel integration
Stage 2 refers to the necessary adjustments (or deep transformation) required to digitized all the Bank’s processes
Stage 3 will be achieved when the Bank will create and distribute new products and services specifically designed for the digital world