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
Video pending
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
2021 Technology Digital Transformation Survey
Our recent survey of 100 C-suite technology executives provides insight into their digital transformation plans, threats and opportunities. Here’s what we found:
Tech companies fast-track digital transformation
Upgrading customer experience tops priority list
Enhanced reliability requires product & process optimization
Security & privacy remain crucial to customer trust
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Accelerating some or all existing digital transformation plans
67%
Revising long-term digital vision
57%
Adding new digital projects
BDO'S TAKE
As a result of the events of 2020, tech companies are innovating quickly…
Tech Companies Fast-track Digital Transformation
Driving operational efficiencies
Improving customer experience
Implementing change management
Consolidating or upgrading legacy IT
Adopting a new business or revenue model
1
2
3
4
5
2020
2021
Top Digital Priorities FOR
say poor customer experience is biggest digital threat this year
20%
say digitization of customer experience will impact their business
87%
see outstanding customer service as their primary competitive differentiator
6%
High risk, high reward
BDO'S TAKE
Customer needs are changing and expanding. To meet these expectations, tech leaders are prioritizing upgrading service and experience to edge out competition.
Upgrading Customer Experience Tops Priority List
say most 2021 R&D investments are aimed at improving or enhancing existing products
39%
say most R&D investments are aimed at improving or enhancing internal processes
17%
say that optimizing business processes and driving operational efficiencies across the supply chain is their #1 digital priority
More
than
1 in 4
BDO'S TAKE
Digital transformation isn’t just about investing in new solutions – it is also about surveying the current state of affairs and evaluating how operations and processes can
be improved.
Enhanced Reliability Requires Product & Process Optimization
Security and privacy have long been top of mind for technology organizations. Amid COVID-19 related disruptions, trust has become both more important and more challenging to achieve—leaving tech leaders on alert.
Security & Privacy Remain Crucial to Customer Trust
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Methodology
Survey Respondents
BDO’s 2021 Technology Digital Transformation Survey included 100 U.S. C-level executives at technology companies. The survey was conducted by Rabin Research Company, an independent marketing research firm, in January 2021.
Methodology
Survey Respondents
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Digitizing Financial Institutions and Specialty
Finance Organizations
51%
50%
Implementing training to upskill current employees
Working with an external consultancy/
advisory firm
48%
Developing a formal change
management strategy
47%
Hiring new talent
45%
Establishing a digital transformation office
42%
Third-party outsourcing solutions
39%
Customer experience capabilities
Customer/client analytics/real-time intelligence
Data-driven personalization
Marketing automation
Conversational AI/chatbots
Ability to capture user information online
Automated cost estimates
72%
62%
38%
57%
56%
52%
52%
Already Implemented
Cloud-based collaboration
platform
Customer/client analytics/real-
time intelligence
Data-driven personalization
Data-driven personalization
Conversational AI/chatbots
Ability to capture user information
online
Automated cost estimates
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
72%
62%
38%
57%
56%
52%
52%
Already Implemented
Want to see how your digital initiatives stack up to your peers?
Check out our benchmarking data.
Thank you! Please click below to download the Benchmarking Report.
A copy of the report has also been sent to you for future reference.
DOWNLOAD THE BENCHMARKING REPORT
Take Our Digital Maturity Assessment