The rise of the fintech world
Over thirty years ago, people were talking about technology transformation in banking. Today, everyone is talking about digital transformation in finance. The discussions are the same, but the timing is different. Why is digital banking so important today when, thirty years ago, it could have been ignored?
The main change is that the internet is far more advanced in 2022 than in 1992. In fact, the major changes occurred in the late 2000s with the introduction of cloud computing and the smartphone. These two technologies created the imperative to switch from physical distribution in stores and branches to digital distribution through software and servers. It created the opportunity to build multi-billion-dollar organizations with trillion-dollar valuations, whilst those wedded to main street withered on the vine.
But how to achieve true digital transformation when you were born, and still are, highly physical?
Actions needed to achieve digital transformation in Banking
Research in collaboration with leading banks around the world shows that there are over forty key things that stand out in four major phases. These phases are:
- Working out WHAT to do
- Working out HOW to do it
- Doing it
- Doing it better forever
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Banking 
Investment Management 
