Digital big bang looming in finance
The financial services industry is on a 'short fuse’ and will see a 'big bang’ as companies stand to see substantial digital disruption within the next three years.
In a new report titled 'Harnessing the 'bang’ stories from the digital frontline’, Deloitte believes how sectors such as finance will handle “significant and imminent” digital disruption is crucial.
The financial sector can expect a 15-50 per cent shift in their metrics, such as mix of revenue channels or cost structures.
National Australia Bank (NAB) and AustralianSuper shared the important lessons they have come away with during this transition, emphasising that customer experience ranks first.
They also put concerted effort into forming a culture where the firms’ staff and informed and engaged in the digital transformation process.
“The third successful themes these organisations share is the need to invest in digital technology infrastructure,” Deloitte digital leader Frank Farrall said in launching the report.
“This requires putting the customer at the centre of the experience and then balancing competing interests and elements - whether people, platforms or planning.”
Both firms agree digital transformation is an ongoing process of improvement.
Deloitte pointed to six industries that will face the next phase of digital disruption worth one third of the $1.4 trillion Australian economy, including finance, retail, media and information and communications technology.
The firm looked at various factors to determine this including the degree to which products and services are delivered physically, the willingness of customers to use digital outlets, and how government regulations can stifle digital innovation.
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