Banking’s Digital Transformation: A View Into the Near Future

As they race to remain competitive, banks should stay nimble as changes large and small trigger huge ripple effects across the industry.

“This business gets more complicated every day because the definition of banking changes every day,” says Peter Pollini, banking and capital markets consulting leader at PwC.

According to a new industry paper from PwC and Workday,“Banking’s Digital Future: Accelerating Transformation,”许多银行领导人看到数字al transformation as essential to being more responsive, so they can identify and capitalize on opportunities as they arise.

While disruption is coming from many directions, senior executives in financial services can set themselves up for long-term success with five key capabilities:

1. New ways of working.COVID-19 required banks to build the capabilities to help support a remote workforce—and the value of this investment will stretch far into the future. It can give banks the flexibility to entirely rethink their talent and real estate strategy.

2. Smarter resource management and talent development.Banking leaders should have reliable data to help make strategic workforce management decisions that can drive productivity and profitability.

3. Holistic approach to digital transformation.A holistic approach to digital transformation allows banks to concurrently evolve operations across various business units. This is more efficient and effective than addressing each function independently.

4. Investments in data and analytics to drive innovation.Partnering with technology and nonfinancial services companies can help banks innovate at the speed the market demands.

5. Real-time strategic planning.Banks need real-time data and an agile approach to strategy development. Digital tools such asWorkday Adaptive Planningcan give leaders the ability to assess different responses to change—and shift their plan accordingly.

To help with these capabilities, many banks are investing in technology such as machine learning that can make their operations faster, fitter, and more agile.

Cloud-based applications, in particular, help banks glean more value from the massive amounts of data at their disposal—and help finance teams provide their organizations better strategic guidance. Cloud-based platforms also allow banks to adapt to shifting regulatory requirements, as well as measure and communicate their progress toward environmental, social, and governance (ESG) goals.

然而,所有这些技术只是不太一样好le operating it. That’s why many banks are upskilling their workforce to help achieve technological proficiency and adapt to new technologies.

To learn more about how many successful banks of the future are building innovative ecosystems today, and the five key capabilities that can set future leaders apart, read“Banking’s Digital Future: Accelerating Transformation.”