Are we in Digital Denial?
A recent whitepaper published by Progress shares some conflicting statistics about the urgency for digital transformation vs the progress of digital transformation. Several highlights from the whitepaper include the following;
- 2/3 of corporate execs have digital transformation at the centre of their corporate strategy
- 86% of same say that they have 2 years to make significant inroads into digital transformation
- Just 26% of executives fully understand how to achieve this transformation
- The terminology used is “digital denial” which I feel can be used to spur action on the part of our clients/prospects
- You will see that 31% of survey respondents are Canadian fyi
In the Financial Services industry, we see e-migration levels that are below 10% – which means that one of the most basic elements of digital transformation (converting printed statements to digital) is not only very low but the progress is also slow. There are many obstacles to increasing the pace of e-migration and we believe that many of these obstacles exist within the FI – not with the client who is ready and keen to convert. One small example that I hear recently is a major Canadian bank who had over 1M clients attempt digital conversion and abandon the process – likely because it was not simple and frictionless. This is a lost opportunity in cost reduction, customer sat and digital transformation. InvestorCOM works with our clients to create an ambitious emigration plan and path to eliminate the risk of digital denial.