Thought Leadership

30 Marketing Leaders Reveal the Single Biggest Benefit That Digital Transformation Can Have for Banks

Digital transformation in the banking industry is underway, with more banks accommodating consumer demands for convenient services like mobile banking and easy online applications with rapid approvals for lending. Obviously, the customer experience hinges heavily on convenience, making digital transformation a must for today’s banks.

A better customer experience isn’t the only benefit banks can gain from embracing digital transformation. To learn more about the perks modern banks are gleaning from digital innovations, we reached out to a panel of marketing leaders and bank industry pros and asked them to answer this question:

“What’s the single biggest benefit that digital transformation can have for banks?”

Meet Our Panel of Marketing Leaders & Bank Industry Pros:

Bruce OrcuttBruce Orcutt


Bruce Orcutt is a product marketing and product management professional with over 20 years of experience in enterprise software. He is driving global product marketing for ABBYY’s intelligent capture solutions that create business value for organizations. Prior to joining ABBYY, Bruce was the SeniorDirector of Product Marketing at Kofax, Inc. He has successfully developed and launched global enterprise software products, platforms and solutions for financial services, insurance, transportation, manufacturing, and government.

“The financial services industry is…”

Currently the most active sector for AI adoption. The harnessing of data offers limitless opportunities moving forward with new waves of innovation likely to develop as a result from all over the world. The biggest benefit of digital transformation? It turns costly manual processes that require human interaction into automated straight-through systems that deliver better results with faster decisions at lower costs.

Anthony MacciolaAnthony Macciola


Anthony Macciola is a veteran of the tech industry, with over 30 years of experience in software, hardware, and algorithm development. As ABBYY Chief Innovation Officer, Anthony formulates the company’s market-focused vision and strategy for driving innovation. Prior to this role, Anthony was CTO at Kofax, Inc. He holds over 45 patents in the areas of mobility, text analytics, image processing, and process automation.

“An important use case where digital transformation is…”

Uprooting old processes is onboarding, including the onboarding of new employees and customers. For example, when opening a new bank account and applying for credit cards or mortgage loans, the applicant is asked to provide a number of documents, such as an ID, employment details, and proof of address. With the help of digital transformation solutions, this can be done with a smartphone, and extracted data can be processed by the bank’s own systems. This saves time and money for both the bank and the applicant.

Digital transformation will also reshape corporate culture. We find that enabling employees to work in partnership with robots enhances their job satisfaction, allowing them to spend more time on adding value to their businesses where it matters most. Thankfully for both employers and employees, technology such as content intelligence solutions can help to take away these tasks – without replacing workers.

Adnan RajaAdnan Raja


Adnan Raja is the Vice President of Marketing for Atlantic.Net, a web hosting solution that provides HIPAA-Compliant, Managed, Dedicated, and Cloud hosting.

“Digital transformation for banks will lead to…”

Fundamental operational changes and will also change the way that value is delivered to customers. Banks who go digital can decrease costs and streamline processes more efficiently. Going digital also improves the overall customer experience by creating more opportunities for engagement. Another benefit is reduced costs in the banking workforce, as automation improves workflow.

Sabrina ZuckermanSabrina Zuckerman


Sabrina has worked in the mortgage industry for the past 10 years, with experience in transaction management, asset management, loan originations, project management, and technology. She comes to Anchor with her passion for process improvement and project management.

“Private direct lenders specializing in fix-and-flip and rental property financing are…”

Using fintech to streamline the loan approval process and speed up funding. Fintech, enhanced with artificial intelligence (AI), quickly analyzes the data that informs borrower approval, project evaluation, loan processing and funding, construction support, payment automation, default prevention and intervention, and many other processes central to real estate investment financing.

What is fintech exactly? The term fintech, or financial technology, describes any advanced technology used in the operations of financial institutions—and also includes a broad variety of commercial and personal finance technologies (such as desktop software and cell phone apps) used by businesses and consumers.

By quickly aggregating and evaluating a wide range of data sets, both public and private, fintech allows for fast and efficient underwriting of fix-and-flip and rental properties that would not qualify for traditional bank financing or would take traditional lenders 30-45 days to fund. Using intuitive, AI-enhanced fintech, private “hard money” lenders are able to minimize loan default risk while providing qualified real estate entrepreneurs with fast access to the capital needed to execute purchase contracts, compete at foreclosure auctions, close cash-only deals and fund construction. With the advantages fintech provides, some fix-and-flip lenders are able to deliver cash to qualified borrowers in as few as two to three business days.

In an industry where “cash is king” and deals happen quickly, real estate investors potentially will lose out if document processing doesn’t meet the speed of this lucrative market that equates to $56 billion in the U.S. alone. According to ATTOM Data Solutions, the fix-and-flip industry grew in 2017 to an 11-year high with more than 200,000 homes flipped. To succeed in this expanding and highly competitive business, real estate investors should be challenging their financial partners to move paperwork processing more efficiently by implementing intuitive fintech technologies.

The implementation of these technologies will vary by financial institution, but the goals are the same—to digitize and streamline typically paper-intensive and time-consuming processes. The Mortgage Bankers Association recently forecasted that home purchases and refinance originations will total more than $1 trillion in 2018, with hundreds of thousands of documents that will need to be processed. As fintech implementation increases across the industry, loan processing turnaround times will continue to decrease due to the ability of machines to instantly read and automate these documents.

Cindy MalloryCindy Mallory


Cindy Mallory is an international speaker, chairwoman to the VR/AR Association, and the marketing + emergent tech strategist at JAKT, where she helps her team on their pursuit to positively impact 100 million lives with solutions they create using technology.

“The single biggest benefit of digital transformation for banks is…”

Decentralized systems. Diving beyond digital transformation into the realm of disruption, the adoption of blockchain into banking will revolution payments, identity, and security.

I gave a talk at Reuters last month touching on design-thinking for blockchain development, a relevant topic for fintech more than ever with GDPR, security breaches, and transaction fraud.

Mastercard filed a patent to put credit cards on a public blockchain while banks, such as American Express, are testing out systems using Ripple. If you peek at Ethereum, you can spy all sorts of banking projects, ranging from crypto accounting to loans to capital asset authentication and purchase.

Digital transformation occurs when solutions that do not work are put aside and innovators are able to focus on solving problems. Since blockchain was created as a trustless transaction ledger, the new technology promises to accelerate the technical revolution and provide consumers with security and trust.

Banks that have not begun looking into blockchain will be left in the dust as the global economy adopts digital currencies and paperless transactions.

Sophie MilesSophie Miles

Sophie Miles is the CEO & Co-Founder of, a tech company in expansion to USA, Canada, and South Africa.

“I would say that the biggest change comes from the hand of…”

Big Data in the banking sector. We have already seen how digital advancement has created new ways of understanding information and the treatment of data. This is especially relevant if we talk about digital transformation in the banking sector, due to a large amount of information that financial entities obtain from their clients. In the banking sector, Big Data is directly related to aspects such as asset management or financial risk, as well as marketing strategies.

The tools used to manage large amounts of customer information allow financial institutions to generate a more individual and personalized service, which favors loyalty. This type of strategy allows them to be more efficient with respect to the user, and they are key to establishing a prominent position in front of the competition. Financial institutions must know the data they handle from their clients (information about their accounts, products or services they have hired, ATM operations …) and combine them with the information they obtain through external means such as social networks, websites or information. diverse from open data platforms.

Banks must know how to use Big Data tools to consolidate all this internal and external information and thus manage all this data in an integral way to be able to recommend and customize commercial offers for each client according to their needs and capacities, and thus favoring the cross sale of financial products. In addition to a considerable increase in revenues, financial institutions may know the causes of customer abandonment and identify which are the most likely to unsubscribe and at what time it will occur. In this way, banks can improve their customer retention mechanisms and direct all resources and efforts in those that generate more interest.

Adina AppebaumAdina Appelbaum


Adina Appelbaum is an immigration attorney, a creative social entrepreneur, and the Founder of Immigrant Finance, a personal finance site just for immigrants. For her immigration-related projects, she has been highlighted in the Forbes 30 Under 30 list selected as a Fulbright Scholar, and awarded an Equal Justice Works fellowship.

“The single biggest benefit that digital transformation can have for banks is…”

Helping banks access the Latino and immigrant population of the market and empower them with personal finance education, financial services, and financial products.

Stacy CaprioStacy Caprio


Stacy Caprio is the owner of Deals Scoop.

“Digital transformation can help banks in many ways…”

One of the biggest is the cost savings of not sending paper statements and documents to customers, and keeping everything in easily trackable and easy to access online documents.

Nate MastersonNate Masterson


Nate Masterson is the Marketing Manager for Maple Holistics.

“In the face of digital transformation, everything is in danger of an upgrade…”

What it means most of all is that employees will have more time to focus on creative innovation and do a lot less menial work. The sky’s the limit on the benefit this can have on the industry, from customer experience, to streamlined revenue processes, and even completely new organizational systems. Between data collection and leveraging that data, it will enable banks to create a more wholesome, efficient and friendly model for business operations.

Alexandra ZelenkoAlexandra Zelenko


Alexandra Zelenko is a Marketer and Technical Writer at DDI Development, a company that delivers web and mobile digital solutions for business.

“The biggest benefit that digital transformation can have for banks is…”

Reinventing the banking business model to provide more personalized and secured offerings that strengthen customer engagement.

Leveraging IoT with mobile apps, swipe cards, ATMs, card readers, and sensors leads to reinventing the banking sector and strengthening customer engagement with personalized, innovative offerings.

Blockchain technology that offers secure, convenient alternatives to traditional bank processes is already used in banking due to its ability to reduce fraud and reduce payment processing time to minutes from standard times of three to six days. This elevates the customer experience to a new level with lower cost real-time transactions.

Other technologies, such as machine learning, can help automate manual processes, of benefit to trading, fraud management, and customer segmentation activities.

Mike De'ShazerMike De’Shazer


Mike De’Shazer used his experiences from his previous works on Wall Street and the Innovation department of an American media joint venture to teach coding for high frequency trading and Blockchain to finance professionals. As of today, he developed 40+ apps which gathered over 3 million users. His current company, Proof Suite, is one of the fastest growing fintech companies in South Korea.

“The biggest benefit that digital transformation can have for banks is…”

The ability to use and offer innovative products that were unimaginable just over a decade ago but allow them to expand their business models. Banks are considered by many to potentially be significantly and negatively impacted by the rise of cryptocurrencies. This is not entirely the case as traditional fiat currencies issued by governments are unlikely to completely disappear. Banks would do best to adjust their business models to help people in the conversion process from crypto to fiat as gateways between the virtual and real world. Regarding blockchain technology, this includes the ability for customers to store equity tokens and other kinds of cryptocurrencies with the bank as a custodian for a fee. This also entails business models for institutional clients, as they deal with the aforementioned conversion issues constantly. Thus, they are hard pressed to find banks that will work with them. This opens up whole new revenue opportunities and competitive advantages in an already crowded, highly competitive field for retail as well as for institutional investors.

Kevin GriggsKevin Griggs


Kevin Griggs is an information technology strategist and expert with experience as a product owner, consultant, and implementer of banking and financial services systems. As Cask’s Director of Solutions, Kevin leads the Cask thought leadership team around digital transformation, organizational change management as it relates to the adoption of new technology, and organizational design.

“Digital transformation is today’s biggest business buzz but, it has to mean something…”

Artificial Intelligence (AI) and Blockchain hold a great deal of future promise but it is difficult to recognize value at this time. We view the greatest benefit for banking from digital transformation in the immediate term to be improving and deepening the bank’s relationships with its customers.

The use of the basic AI available, improved use of digital channels, and emerging tools like Softbank Robotics’ Pepper consumer engagement robot should all be the areas of focus in digital transformation at this point. It should be about the customer right now. Using digital transformation as an opportunity to better understand the customer’s journey in order to be able to better serve, market to, and retain desirable customers will be critical in banking in the next few years while AI and Blockchain mature.

Roberto RanucciRoberto Ranucci


Roberto Ranucci is Digital Transformation Director for Europe at L+R, whose mission is Innovate with Mobile Applications. He has 15 years of experience in Strategy and Business development starting in Accenture and developing Innovative projects for Startups and Corporations. He holds an MBA with Distinction from The Fox Business School, Temple University of Philadelphia.

“The digital transformation of banking is not related to the digitization of the banking processes…”

It is about something called innovation. It is related to the launch of new disruptive business models like the ones Uber and Bla Bla car created for the transport industry and partially for the automotive one. The single biggest benefit that digital transformation can have for banks is a new disruptive business model.

Banks need to team up with startups and discover new models capable to meet or exceed the customers’ expectations and their appetite for innovation. The urgency of the change is driven by the new consumers’ behaviors. Customers are smarter than banks now. The term transformation does not apply to a mere roll out of digital operations. Consumers are downloading more apps than ever before, to get instantly what they want. This is providing brands the opportunity to engage with customers at a 1-2-1 level. The mobile revolution has changed the expectations of every customer. Customer loyalty and retention have been completely changed.

What has also changed is the “instinct” of every customer: the here and now fruition mode is now common at every latitude. And banking services should adapt. An evolutionary progress is happening. The mobile penetration is also driving a dramatic change in how customers perceive “the product”: people consider smart products largely on the quality of their mobile apps. The mobile app is replacing the hardware as “the product” in users’ eyes.

Insurtech is offering good examples of how to disrupt the insurance industry: thanks to the mobile app Trov, customers can insure things they love with a simple swipe on their phone, when they want and for the time they want.

Retail banking has to be reinvented as well. Face-to-face interactions can’t be at the core of the banking operating model anymore. If banks will not launch new partnerships with startups or disruptive models, they will be losing their customers. And new startups, or the so-called neobanks, will steal a significant market share.

The omnichannel strategy is just the title of the movie. The content has to be filmed with the people. Now delivery has to be authentic, convenient, fun. The disrupted bank should look 100-times better: personalization has to happen, videos should be an essential part of the communication, and money should be shareable with friends. Banks have the option of acquiring startups to integrate new services and ideas in their operating models. Another advisable strategy is to hire digital managers (not for marketing purposes only) but to offer them the leadership to drive the change.

Chris CarterChris Carter


Chris Carter is the CEO of Approyo, a leading SAP technology solution provider. Carter has been in the big data and SAP industry for more than 25 years. He has been nationally recognized by the American SAP Users Group, SAP, Hadoop World and more.

“The single biggest benefit that digital transformation can have for banks is security…”

Being able to utilize tools that can provide a deeper security sense is going to make all the difference in the world right now. Some of the largest banks in the world have the most insecure databases and that needs to change immediately.

Abhijit KakhandikiAbhijit Kakhandiki


A seasoned executive with a proven track record in new product development, go-to-market, and improved product P&L performance, Abhijit Kakhandiki oversees Automation Anywhere‘s product strategy, design, engineering and delivery.

“Today, the banking industry is one of the most data-driven industries and…”

As consumers demand improved security and instant response, digital transformation is no longer an option, but a necessity. Advanced technologies are helping modernize banks to cater to the always connected customer. These technologies allow banks to drive operational efficiencies and accuracy while improving customer engagement. For instance, financial institutions are increasingly leveraging Robotic Process Automation (RPA) to streamline their business processes, reduce operational costs and cycle times, and uncover data that can identify new business growth opportunities. One of the biggest benefits of digital transformation, empowered by RPA, is that software bots are now augmenting the bank’s workforce, doing manual tasks faster than humans so employees can be more efficient and focus on higher-value work.

Kyle ChristensenKyle Christensen


Kyle Christensen is VP of Product Innovation for Katabat, a global software company delivering cloud-based Customer Experience Management (CXM) solutions that drive engagement, loyalty and meet the most stringent compliance and security standards. Kyle has 20 years of experience in Operations, Strategy Management, and Technology Solutions.

“Digital transformation done right drives tangible improvements in customer satisfaction and Net Promoter Scores…”

Delivering complete visibility across the entire customer journey enables banks to deliver the right products and services, at the right time, through the customer’s channel of choice. This real-time customer engagement increases top-line revenue and controls or reduces operating costs – two major levers impacting your Return on Equity (ROE). This normally earns you the undivided attention (and likely support) of the institution’s senior leadership team.

At the heart of it, customer satisfaction is why we’re all here. Done right, Customer Experience Management (CXM) solutions enhance the customer experience and loyalty while also providing robust controls to drive security, compliance, and revenue. A conversation about the impact of digital transformation on the foundational goal of Improve Customer satisfaction inevitably leads to discussions about wallet share, retention, trust, revenue, reputation, speed to market and customer journeys and perhaps even artificial intelligence.

Digital transformation enables banks to engage in interactive marketing – contact that takes place with the customer in real time based on what they are doing. When you ensure that your digital-transformation initiatives align with a customer needs-centric strategy, interactive marketing enables you to connect deeply with the customer on whatever channel that customer prefers.

Digital transformation requires bankers to rethink how they engage with customers at every touchpoint. It requires a laser-like focus on going beyond customer-behavior data to ensuring that customers feel like you’re actively listening to them when they tell you what they want and need. This is about far more than providing online and mobile functionality; it’s about differentiating yourself by remaining engaged with the customer throughout marketing, sales, order fulfillment, and service, with continuous communications coming in from all sides.

Companies focused on digital transformation are seeing quicker paths to higher ROE; those who aren’t risk the loss of market share to those who are. For some, digital transformation can deliver a transformed, creative, and innovative corporate culture, particularly for those who go into it with stagnant customer activity and outdated product offerings that have left them struggling to catch up to their competitors. For those financial institutions with a fresh, strong product line and healthy customer satisfaction scores, committing (or doubling down) on digital transformation will likely improve your reputation and brand awareness metrics.

Steve StoverSteve Stover


Steve is an accomplished technical and product leader with over 20 years of software experience in IT System Management, Cloud, and Analytics markets. He has worked with market leading products at Dell, Quest Software, Red Hat, and Teradata. As VP of Product at Samanage, Steve leads the product team in delivering and communicating the roadmap and strategy for products that customers love to use.

“The biggest value of digital transformation is around the experience it brings to employees…”

Digital transformation produces numerous benefits, including the ability to seamlessly interact with employees for service over any channel or application. This speed and efficiency for banks requires a crucial level of security. For banks that are not focused on employee experience strategies, security incidents and risks may be logged and worked through emails and spreadsheets, which creates a tangled web of data to sort and prioritize. Furthermore, it creates a lack of visibility, where priority is often left up to a single opinion — the recipient of the email. Digital transformation starting with IT service management (ITSM) creates full visibility, accurate reporting for all stakeholders, and efficient responses to any security issues. With so many data security issues from the financial industry in the news, it’s imperative to prioritize the way internal technology services are handled. Banks can address this obstacle head on by modernizing the way they respond to internal service incidents through ITSM, an item that should be on every digital transformation checklist.

Christopher WillisChristopher Willis


Christopher Willis is Acrolinx’s Chief Marketing Officer, responsible for all aspects of the company’s Marketing strategy. He brings over 20 years of experience growing companies in the technology sector. Before joining Acrolinx, Willis held leadership roles in marketing, creative, technical, and business development at companies including Perfecto, Pyxis Mobile, KPMG-CT, ModelGolf, and Cambridge Technology Group.

“The single biggest benefit of digital transformation is the banks new-found control over consumer touchpoints…”

In the digital world, the banks gains a never-before-experienced ability to conceptualize, create and manage a consistent voice to the consumer. Brand personality, terminology, and tone across all points of contact create a singularity that was, frankly, hard to manage of accomplish though brick and mortar interactions. The amplification of brand and brand attributes through consistent communication is a key element in gaining customers, keeping customers and avoiding risk.

Scott McGillivrayScott McGillivray


Scott McGillivray is the CTO for Pop Art, a custom enterprise software company in Portland, OR. Prior to this role, he spent 15 years leading technology teams in the financial industry, most recently as EVP, CIO for a bank in the Pacific Northwest.

“Digital transformation’s biggest benefit to banks is…”

That it can allow them to stay relevant and useful to their customers. For the most part, banking has become a commodity product, like gasoline. People generally end up preferring a specific brand, but if they need gas, anybody selling it will provide just about the same thing at the same price.

Banks have an amazing trove of data generated by their customers, and leveraging that to understand them better and to be more proactive in delivering new kinds of services is a great opportunity. Banks which have invested in data analytics and are helping customers understand the best ways to use their money have an advantage over those who just provide checking and savings accounts. Bankers who have a clear, holistic view of their clients can do a better job of retaining and growing those relationships, which improves the bottom line.

The other piece of this is that by automating much of the back-office work like document collection and underwriting, banks can shift more of their staffing dollars to customer-facing roles. This improves overall efficiency (a primary metric of fiscal health) and personalizes the client experience, which makes the relationship more sticky.

Jesse ShiahJesse Shiah


Jesse Shiah is CEO and co-founder of AgilePoint, a software development firm with a platform for building digital, automation apps quickly and easily while ensuring future-proof simplicity.

“Digital transformation is sweeping the financial services sector…”

As institutions seek improved efficiency, automated compliance, and better overall customer experiences. Since finance is highly regulated with many compliance requirements, digital transformation a necessity, not a nice to have. For example with AgilePoint’s NX digital transformation platform, everyone from regional credit unions up to the largest commercial banks can transform disparate business units and siloed systems into harmonious, digital ecosystems.

Financial processes that can be automated include account management, and faster loan processing, but perhaps the single biggest benefit for banks is fraud detection. A future-proof, low-code digital transformation platform enables banks to build sophisticated fraud detection into their loan-origination systems by attaching validation rules to input fields and compartmentalizing access by shielding various groups within their organization from data and documents at various stages of the lending process.

Cristian RennellaCristian Rennella


Cristian Rennella is the CTO & CoFounder of Préstamos Personales.

“In the next five years, banks will start on the path to digital transformation specifically from the hand of artificial intelligence…”

As a reference, we are a fintech-owned by a bank and we started using AI to distinguish between good and bad candidates for our loans.

In the past, we spent 67.2% of each person’s time to read the applications of each candidate who came to us through our own website and third parties. Yes, we save two-thirds of our team’s time with AI.

Thanks to AI, this work today is done automatically by our internal system. With deep learning using TensorFlow, we can automate this task.

We are sincerely surprised by the results and very happy because the biggest benefit that digital transformation would be that boring, manual and repetitive bank processes today can be performed automatically thanks to AI.

Jo HamburgJo Hamburge


Jo is an experienced corporate strategist with over a decade of experience in management consulting and corporate strategy at enterprise, business unit, and functional levels. Her diversity of experiences across industries gives her a broad perspective on the digital marketing and measurement challenges clients face today. She leads the Strategy and Engagement Management team at Ovative Group.

“The most valuable benefit a bank receives through digital transformation is cultural transformation…”

The shift is about putting the customer – not digital or any other channel – at the center of the organization’s mindset and strategies. This benefit is harder to recognize than the more tangible value a digital transformation creates (e.g., deeper customer relationships through higher service levels, cost reduction through process streamlining), but drives greater long-term impact.

Bruce LivesayBruce Livesay

Bruce Livesay is the executive vice president of technology and operations and Chief Information Officer for First Horizon National Corp.

“Digital transformation is not limited to the online banking channel…”

When it is done right, digital transformation literally positions the bank to participate in a future ecosystem where customers no longer visit the branch. The single biggest benefit is simply survival. A proper digital transformation effort simultaneously reduces bank operating expense and positions the bank to serve the needs of customers in the future the way they want to be served – anytime, anywhere, any way.

Marco NijenmantingMarco Nijenmanting


Marco Nijenmanting is Partner at Odgers Berndtson’s Amsterdam office and Co-Leads the Financial Services Practice. He specializes in senior appointments within corporate, investment and wholesale banking and has successfully worked on numerous Executive and Non-Executive financial services searches on a regional and global level. Positions have included heads of coverage and product, as well as client and portfolio management.

“Digital transformation enables banks to return to the core of their existence…”

Helping clients in their financial well-being. After years of complex organisational structures and undisclosed financial advisory products and services, digital transformation provides transparency and a better understanding of financial services for end users.

Anas SiddiquiAnas Siddiqui


Anas Siddiqui is the CEO of TechoGhetto.

“A single technology will change the banking system as a whole…”

That technology is blockchain technology, because it aims to eliminate third-party companies like banks. That’s the biggest threat to a bank – that is, to lose its users. Unlike a bank, blockchain technology transfers money almost immediately across the globe and with a comparatively cheaper rate.

Now that the future of banks has been questioned by this technology, many banks are doing research on this technology and trying to adopt it so they don’t lose users.

Banks may be the main target of this technology because blockchain revolves around the concept of sending or receiving not just money, but any valuable asset.

Nadish LadNadish Lad


Nadish Lad is the Head of Payments at Volante Technologies. Nadish is a senior IT professional working in the UK Payment Processing Industry since 1995.

“The single biggest benefit of digital transformation for a bank is that it will enable the bank to survive competition through innovation…”

Generating revenue, from maintaining and servicing accounts, is marginal, and winning such businesses is at best a mix of heavy marketing costs and a price race to the bottom. In addition, there is the added long term investment in customer retention. Thus, it is a fight for survival, and much of this is due to the rapid change in customer behavior and expectation.

The world has changed since the disruptive entry of the internet, smartphones, mobile taxi services, instant holiday homes, price comparison, air tickets, etc. By underpinning such disruptive business models, there is an underlying transfer of funds which can be a lucrative target for banks, and banks with legacy platforms will find it increasingly difficult to service or partner with such players whose market share is increasing day by day.

Digital transformation will enable banks to play in this new digital eco-system, enabling and supporting the underlying financial aspects of the business through new innovative products to match a pace that these digital players move with. Banks in this space will be able to improve revenues which can be used to further fund and grow market share of the traditional businesses, and thus, a self-funded sustainable growth model could be achieved. In addition, the digital enablement will only contribute to an improved customer experience which will further aid customer retention.

Digital transformation is not a need, but rather a necessity for survival. Banks need to invest strategically in systems which will provide business agility to innovate continually.

James WoosterJames Wooster


James Wooster is the COO of Glue42.

“Aside from the more obvious benefits, let’s consider employee experience management…”

To transform a bank, you need to begin from the inside and work out. We could state that unless the employees of that bank have the right tools for the job then it is going to be difficult to make a real change for the customers. Traditional channels of retail through stores and contact centers still rely upon the human experience (and a fluid desktop experience).

Leslie SpiroLeslie Spiro


Leslie Spiro is the SEO of Glue42.

“Banks’ clients often prefer dealing with a well-designed system than with people…”

Especially when those people are working from call centers and have little real interest them as people, despite the ingenuity of the scripts they use. In this respect, the big benefit for a bank’s clients is helping them avoid ‘fake interactions’ with real people replacing it with an effective interaction with a well-designed artificial system. In many ways a reverse Turing test.

From an internal standing, the major benefit is improving the employee’s sense of agency by allowing them to work directly with the various systems required to get something done, allowing them to own a task and not to just feel like a cog in a machine passing a task from one specialization to another.

David GayDavid Gay


David Gay is a Partner and CTO at Eikos Partners.

“My feeling is that the biggest benefit would be…”

The drive for greatly improved customer engagement, which means customer retention. We see constant erosion of the old model as start-ups take defined pieces of the service that banks provide and deliver it in a vastly improved, modern-day customer experience. For the end customer over time, this means that they are dealing with a number of these services, and although there are some aggregators out there, at a certain point for most customers this will become an issue. The concept of digital transformation isn’t solely about an improved UI/CX, it’s about improved workflow with immediate response to any action taken and a platform that allows easy addition of new products as well as customizable services.

The issue for the banks is that digital transformation is not about putting a nice layer over the top of the ugly legacy (lipstick on a pig), it has to involve the thought process of starting with a blank piece of paper (like the startups do) and doing it now as the clock is ticking. The next generation of customers have a very different attitude to what their expectations are, and banks need to be able to meet them. If they are unable to meet this seed of change they risk losing customers, as they will be free to move to a bank that offers better services and a streamlined desktop/mobile application.

Nikhil ToshniwalNikhil Toshniwal


Nikhil Toshniwal, an alumnus of Indian Institute of Technology – Delhi and Norwegian University of Science and Technology, is the founder of FarmGuide. He has worked on microfinance as a trainee with Nobel laureate Muhammad Yunus of Grameen Bank.

“In a country like India, digital transformation for banks can be revolutionary…”

As Financial Inclusion means that now people from the most remote corners and socially backward sections are now part of the formal financial system. With financial inclusion, 314.5 million people have deposited Rs 80 billion or $1.7 billion in four years since the scheme was launched in 2014.

With digital financial aid and credit transfers to the vital agriculture sector, farmers get their required loan amount in hours rather than having to travel to the nearest urban center bank branch to get the smallest of loans by running from pillar to post for weeks, if not months.

Of the 270 million poor people in India, 80% live in rural areas. The UN General Assembly Resolution 52/194 (on Eradication of Poverty) recognized that poor people are capable of working their way out of poverty with dignity in an enabling environment and with collateral-free micro-credit that generates productive self-employment. As more and more banks undergo digital transformation in India, the number of those below the poverty line will drop dramatically as they become part of the country’s formal financial system. This is the biggest benefit of digital transformation of banks.