Overcoming the Digital Transformation Challenge
Greg Satell’s article does a great job of identifying the challenges of digital transformation. He begins by referencing McKinsey’s highly discouraging estimate that only 1/3 of all digital transformations succeed. It is one of the highest priorities for every financial services organization, yet success is surprisingly elusive! The article’s focus on people vs. technology is extremely important in our view. Introducing technology or a “digital alternative” to financial services clients yields organic conversion rates that rarely exceed 15-20%. Focusing on people first and technology second is a critical step in the journey. One of the other points made in this article is to identify a “Keystone Change”. In our world, this means identifying one particular client communication stream that can be easily digitized and then leveraging this success and learning elsewhere. A number of our clients have worked with InvestorCOM to digitize one compliance process and once they see these impressive results, this keystone change is replicated to drive a broader transformation plan. Overall, we feel that this is an excellent playbook in your digital transformation plans.