Navigating banking digital transformation challenges

4 benefits of digital transformation in banking

Here are four reasons why banks can’t afford to drag their feet on digital transformation:

• It enables banks to better compete against fintech companies and neobanks for customers’ wallet share
• It allows for meeting high customer expectations toward personalization and a seamless omnichannel experience
• It improves operational resilience, which helps banks weather the turbulent macroeconomic landscape
• It counters the risks associated with outdated infrastructure (suboptimal performance, cybersecurity risks, high IT spending, etc.)

How to avoid core banking transformation challenges: Luxoft’s 5 key principles

We leveraged our experience to zero in on the five principles our team follows to set up any digital transformation effort for success:

• Protecting the bank’s financial services in the long run via managed services for maintaining existing systems
• Building a strategy with baselines and delivering value in incremental cycles
• Standardizing technology/business selection and design
• Establishing clear leadership and governance for the digital transformation undertakings
• Partnering with a digital transformation expert