5 Critical Reasons Digital Transformation is Vital to the Survival of your Business! # 1 Will save your Bussiness
What’s Digital Transformation;
Digital transformation can be defined as “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.”
Why digital transformation is vital to the survival of financial firms?
1. The current market is very competitive, and therefore:
Fintech corporations are disrupting the financial market with their new innovative financial instruments. Such corporations were able to introduce new “innovative” revenue streams. Such companies were able to digitize most of their vital monetary services, and thus that is able to reach the masses.
2. In order for financial corporations to survive this new market disruption;
such financial firms have to enhance their digital capabilities and keep up with the world trend.
3. Digital transformation will lower the firm’s OPEX, but they might endure a short-term high CAPEX.
Such expenses are mostly due to the purchases or acquiring of new technologies.
4. Digital transformation will enhance the firm’s OMNI-Channel user experience and:
give it the ability to transform its OMNI-Channels to OPTI-Channels (Optimize its channels, thus enhance the overall user experience/journey).
5. And lastly, financial firms need to digitize their operations:
to keep up with their customer’s demands, market changes, and corporate processes and governance.
Forrester’s study (commission by Accenture) explained that digital transformation will increase the financial firm’s profitability, time-to-market, and enhance customer satisfaction.
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