Evolving customer expectations, increased regulatory complexity, and cutthroat competition are accelerating the financial industry’s shift toward reinvention. In 2021, BDO’s financial services survey revealed that of the 100 C-suite executives polled, a whopping 97% had a digital strategy in place or in development.
However, technology is ever-evolving, and contemporary digital transformation is far from what it used to be. Financial institutions that transformed in the ‘90s and early 2000s often took a hurried, broad approach to digital transformation and found themselves with unwieldy, ongoing technical debt.
Unlike its predecessor, the new wave of digital transformation is not a sweeping, monolithic endeavor. It is targeted, speedy, and tactical, but most importantly — it delivers measurable results. New-age digital transformation follows the Agile framework, enabling institutions to learn big lessons in small strides.
In this white paper, we explore the pitfalls financial institutions encountered in the first generation of digital transformation, how it has evolved in its new era, and how the Agile methodology makes transformation less risky and more efficient.
Readers will also learn:
- Why Agile projects should be strategically aligned with high-value goals
- How unstructured data ends up being a costly problem in the long term
- How the Agile framework turns failures into lessons while mitigating financial risk