60% of banks yet to make progress on digital transformation

While 83 per cent of banks have a clearly articulated digital transformation strategy, 60 per cent say they are yet to make significant progress on executing their plans.

Publicis Sapient’s Global Banking Benchmark Study, which ranked the digital transformation maturity of banking leaders, also found that 70 per cent of banking executives believe the pandemic has highlighted weaknesses in their customer experience.

The research surveyed more than 1,000 senior retail and commercial banking execs including from JP Morgan Chase, HSBC, ING, and BNP Paribas.

The study revealed that a further 81 per cent of banks think that the pandemic has increased “the urgency to act.”

Banking execs ranked digital-first challengers and FinTechs (34 per cent) and consumer tech companies (28 per cent) among the top five influencers of their digital transformation strategy.

The report also found that 91 per cent of banks think they must do more for customers that lack digital skills.

While a further 85 per cent say customer experience is a metric at the highest level, fewer than one third of banks are prioritising data for a 360-degree customer view.

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