How to Accelerate Digital Transformation in the Financial Enterprise

The digital revolution has been around for quite some time. Yet, there is still so much to learn on the best practices for carrying out digital transformation within the context of your business. Because of that, the demand for fintech solutions is increasing, presenting both a challenge and an opportunity for those looking for the most suitable innovative solutions for their needs. 

Many enterprise decisionmakers still believe that digital transformation means converting analog data into digital data with the help of modern technologies. But digitalization doesn’t end there. It is a multilayered process that affects the entire company – it is interdisciplinary and multifaceted and when implemented comprehensively, it will earn businesses improved operational efficiency and will support long-term success and growth.  

In addition to finding and setting up the right technology, every organization should strive to rethink its core operating models, which means fully understanding all key stages of development. Thus, it is crucial to get a full picture of what digital transformation means within your business case. We discover the best practices for achieving this below. 

Digital Transformation – Opportunities and Challenges 

Within the financial enterprise there are both organizational and technological factors to consider.  

A significant challenge arises for business leaders who fail to recognize digital transformation as a business opportunity. Most of them acknowledge it as a necessity but see no urgency in implementing it in their business case. Their companies still rely on outdated or limited IT systems while customers increasingly demand digitalized services that meet the needs of a fast-paced everyday life. Enterprises that don’t acknowledge this trend risk experiencing a strong decline in customer satisfaction.  

Moreover, as with any large enterprise initiative, there will be internal resistance. Stakeholders need to ensure that the plan is communicated clearly, there are specific goals, measurable improvements, and an inclusive feedback process in place. Doing this the agile way with small and frequent rations will help your teams see small improvements immediately and make them more receptive to change.   

Embracing digital transformation is businesses’ new strategic imperative. It preserves company positions in highly competitive markets as it helps to respond to customer demands faster than ever. Thus, companies that have begun their digital transformation journey have a significant competitive advantage. Recognizing the necessity to stay ahead, they have the power to revolutionize their product offerings and thrive in a future where technology is a key economic driver. 

Steps to Ensure a Successful Digital Transformation 

Acknowledging there is no magical recipe for success, there are still some best practices to help along the way.  

1. Outline the most critical areas of improvement: Quickly gather feedback from your top-performing teams and champions on what would make their lives easier and their work process more efficient. Then compile the data and list the top 5 issues to address as part of the full-scale digital transformation effort.  
2. Understand your clients' needs: Organizations need to change how they communicate with their clients to a lean and agile approach that responds quickly to the rapidly changing market demands. Keeping up with the latest technology can help you achieve this. 
3. Build a plan: Draw the picture of what a successful initiative would look like in the context of your organization and business case. 
4. Take immediate action: Introduce innovative software solutions that can be easily upgraded and scaled. You are already late – the time to do it is now and the longer you wait, the higher your cost of delay will be. 
5. Look into ways to manage legacy systems migration: If a software system starts affecting your business development processes or the successful execution of IT operations, consider moving a software application to a different hardware infrastructure or software platform, based on the latest technologies.  
6. Decide quickly on buy vs build: This is an evergreen debate in financial services. Fintech vendors need to comply with all the security standards and evaluations usually take longer than other industries. However, sometimes the time and effort to build an integration platform internally is a risk to the whole digital transformation project. Look for other organizations like yours that solved a similar problem and approach the vendors directly to get a POC from them.  
7. Ensure efficient workflow: Before implementing any new software or technology, request a trial period that can help you evaluate whether the solution can meet your business needs.  
8. Overcome internal resistance: Encourage collaboration within your team by giving them enough time to familiarize themselves with the new workflow and outlining all positive aspects of the digital transformation journey within your organization.  

How does improving the workflow help you seize the opportunities of digital transformation? 

In today’s business environment, investing in innovative software solutions is mandatory for financial enterprises that want to stay ahead of the curve. Fully embracing digital innovations can enforce the development of new processes and ensure workflow synergies that have not existed until now. It will ensure quick and seamless communication between customers and the organization. If implemented correctly, digital transformation can improve performance and productivity, reduce huge costs and accelerate business growth. 

An example of a fintech solution that can significantly improve workflow issues is a desktop integration platform that can help enterprises organize their desktop from the application-centric layout that we’re used to into a unified workflow-centric experience. Implementing such a platform will eliminate the need to copy/paste across disconnected platforms and thus, simplify and speed up work processes, reduce errors, improve productivity and ultimately, help an organization on its way to digital transformation success.