I have been working in digital transformation for nearly two decades in various roles ranging from CTO in a bank to  Program Director in a Core banking provider. I have seen massive successful transformations and the key attributes of these transitions were:

– Bank leadership owned these transformations and partners were involved as enablers

– Decision making and escalation process was efficient and quick on bank side

Many banks go for digital transformations assuming that their partners will make it happen (partners can enable change, but cannot drive the change). They outsource the entire initiative (sometime entire technology), without owning & controlling the process. These initiatives either fail totally or partially due to lack of bank’s active involvement. Partners are great enablers for transformation, however ownership at bank level is a must. In addition to tech, digital initiatives require major focus on change management at the bank level.

This is the reason for having different digitisation level in different banks, though most have same tech partners.

Time to own the transformation.

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