Three Challenges Banks Face with Digital Transformation

https://finovate.com/three-challenges-banks-face-with-digital-transformation/
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For banks, digital transformation is a moving target. Perhaps that’s because it’s all-encompassing, or maybe it’s because it seems like an ambiguous buzzword with no real meaning. There is one overarching truth about digital transformation, however, and that is that it is a multi-faceted process, not a single solution.

In a conversation with Grant Spradlin, Nuxeo’s VP of Customer Success, Spradlin outlined three key challenges businesses have in achieving digital transformation.

1. Competition
Making digital transformation more complex are players in the bigtech arena such as Google, Facebook, Apple, and Amazon. When it comes to customer experience, banks are not only competing against other banks or even other fintechs. Instead, they are pitted against the tech sector at large.

2. Gap in customer expectations
Customers are expecting more from banks than just acting as a safeguard of funds. This is because bigtech megaliths have redefined the user experience for their customers to such an extent that it has raised customer expectations.

3. Regulations
New and updated regulations are always a challenge, but are especially so with digital transformation. Fortunately, digital transformation also serves as an aid to comply with new regulations. Banks will have an easier time complying with GDPR, for example, when they update their data management practices.

As with most digital objectives, digital transformation all comes down to data. Spradlin noted that his successful customers have one thing in common– they are all using data management as a service. Nuxeo’s data management as a service offering is a single API that offers access to all of the content across an enterprise. “It’s all kind of the same use case at the end of the day,” he said. “That is, providing the right content to the right person at the right time.”

https://finovate.com/three-challenges-banks-face-with-digital-transformation/