Digital strategies are accelerating rapidly
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Our latest survey explores 100 C-suite executives’ plans around digital adoption, improving the customer experience, change management, competitive differentiators and more. Here’s what we found:
2021 Financial Services
Digital Transformation Survey
Digitizing Financial Institutions and Specialty
Finance Organizations
WANT MORE THAN JUST THE KEY TAKEAWAYS?
Adding new digital projects
BDO'S TAKE
To increase agility and resilience in the year ahead, financial institutions are…
Digital Strategies are Accelerating Rapidly
61%
BDO'S TAKE
Driving operational efficiencies
Plans to enable and ensure employee adoption of technology
The success of any organization’s digital transformation strategy also depends on an effective change management strategy for training and employee buy-in. To support these factors, financial institutions are diversifying their approach.
BDO'S TAKE
Methodology
BDO’s 2021 Financial Services Digital Transformation Survey polled 100 U.S. C-level executives at middle market banks, credit unions and other lending institutions. The survey was conducted by Rabin Research Company, an independent marketing research firm, in January 2021.
Methodology
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Digital capabilities usher in higher standards for CX
Upskilling tops strategies for workforce adoption
Technology dominates competitive advantages
Revising long-term strategic vision
51%
Accelerating some or all existing digital transformation plans
48%
Upskilling Tops Strategies for Workforce Adoption
1
2
3
4
5
Improving customer experience
Implementing change management
Consolidating or upgrading legacy IT
Adopting a new business or revenue model
As more customers use digital banking and nontraditional new market entrants emerge in the space, improving the customer experience and keeping pace with customer demands are critical components of a digital strategy.
Digital Capabilities Usher in Higher Standards for CX
More than 1 in 5 survey respondents view their products and services as their company’s primary competitive differentiator. See what strategies they’re taking to boost digitization and mitigate disruption:
Technology Dominates Competitive Advantages
Survey
respondents
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Survey Respondents
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Implementing training to upskill current employees
50%
Implementing training to upskill current employees
50%
Implementing training to upskill current employees
50%
Implementing training to upskill current employees
50%
Implementing training to upskill current employees
50%
Implementing training to upskill current employees
50%
50%
48%
47%
45%
42%
39%
Implementing training to upskill current employees
Working with an external consultancy/
advisory firm
Developing a formal change
management strategy
Hiring new talent
Establishing a digital transformation office
Third-party outsourcing solutions
Already Implemented
Customer experience capabilities
Cloud-based collaboration platform
Customer/client analytics/real-time intelligence
Data-driven personalization
Marketing automation
Conversational AI/chatbots
Ability to capture user information online
Automated cost estimates
Customer/client analytics/real-time intelligence
Data-driven personalization
Marketing automation
Conversational AI/chatbots
72%
62%
58%
57%
56%
52%
52%
Ability to capture user information online
Automated cost estimates
Ability to capture user information online
Data-driven personalization
Automated cost estimates
Conversational AI/chatbots
Customer/client analytics/real-time intelligence
Marketing automation
Cloud-based collaboration
Data-driven personalization
Automated cost estimates
Conversational AI/chatbots
Customer/client analytics/real-time intelligence
Marketing automation
Cloud-based collaboration
46%
41%
40%
38%
36%
35%
26%
Planning to Implement
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