Advancements in technology, rising demand for digital solutions and increased competition have prompted European banking incumbents to undertake digital transformation journeys. To understand the status of banks’ digitalization efforts, the European Central Bank (ECB) launched in 2022 two major initiatives aimed at gaining a deeper understanding of the digital transformation of the European banking sector. First, it engaged with stakeholders to gain insights into major market trends. Second, it conducted a survey of more than 100 large banks to assess the status of their digital transformation. Results from the study were released last month and revealed that almost all of the banks surveyed in Europe now have a digital transformation strategy in place. These banks are aiming for improved profitability by embracing a strategy focused on either becoming more customer-centric in how products and services are offered as a lever to increase revenues, or by improving operational efficiency by automating processes and modernizing information technology (IT) infrastructures. The study found that 43% of banks’ top-5 projects are aimed at revenue or customer experience enhancement, and that 83% of banks perceive process automation and IT legacy transformation as a way to reduce costs. Objectives of key digital projects, Source: European […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
