This week’s curator, Livio Hughes, looks at the ongoing challenges faced by banks in coming to terms with (and preparing for) lasting digital transformation in the face of a range of industry threats, including the likely entry into the market by tech giants alongside the existing FinTech challenge; he also picks 5 links for further reading on the topic.
How can banks embrace digital transformation?
My post on this topic looks at how banks have started to engage with the structural, skills, technical and cultural issues associated with digital change management, but are still falling short of a holistic approach. I argue that assigning responsibility for digital transformation to technical specialists misses the point of this needing to be an enterprise-wide effort including all levels of the organisation, and I suggest some precursors and catalysts requiring attention to ensure that change sticks.
>> see Digital change in banking: precursors & catalysts
The recent announcement that Wells Fargo entered into a partnership with Amazon, signalling the online retailer’s entry into the tricky – but massive – US student loan market, is only the latest in a series of alarm bells being sounded in the financial services industry regarding the tech giants’ long-feared (and widely expected) entry into the banking arena.
Weekly Linklog
- Banco Bilbao Vizcaya Argentaria SA is preparing its second management reorganization in 14 months as Chairman Francisco Gonzalez streamlines Spain’s second-biggest lender and accelerates its push into digital banking. BBVA Plans New Management Revamp as Chairman Pushes Digital Bank – Bloomberg
- Nordea establishes new Group Digital unit – Nordea.com
- “People need banking, not banks.” Learn how ING implemented continuous delivery to speed innovation for a better banking experience. For more information on D… Continuous Delivery – The ING Story: Improving time to market with De… – Slideshare.net
- BNP Paribas announces three new management appointments at the Group’s Retail businesses worldwide. BNP Paribas shakes up retail management for digital transformation – FInextra.com
- Powerful APIs that go beyond banking. We’ve done the heavy lifting so you can focus on creating great customer experiences – Capital One DevExchange Community
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