Banks are looking to both improve customer experiences and drive digital transformation while navigating the hype around fintechs and startup challenger banks.
Gartner research, client inquiries and other industry interactions show that the industry’s response to digital innovation has largely been inadequate.
Limited innovation, despite investment in research and development (R&D) and fintechs, has resulted in an industrywide failure to develop and implement new business models and to deliver new products and services that reflect true digital transformation.
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Bank CIOs should use this complementary report as a framework to create a successful long-term strategy for digital cx transformation.
Key findings include:
- Fintechs have faced many challenges in 2016 . . . which have kept them from delivering on the promise of digital transformation.
- Roboadvisors pose a threat to traditional wealth management business models and revenue.
- Core banking modernization is crucial to open banking efforts.
- Blockchain use cases are driven by initiatives to reduce costs or improve regulatory compliance.