OREANDA-NEWS. February 19, 2016. Banks surveyed for the [Cognizant Asia Rising: Digital Driving] study are already experiencing an average 8% revenue growth as a direct result of their digital transformation efforts, and they expect that to reach 14% by 2017, says Manish Bahl. Private banks are now competing in a new category that involves a digital approach ? hyper-personalization ? in addition to price, product, service and branding. Excerpts:

They are digitizing their products and services, developing new products, and investing in mobile banking apps, social media analytics tools, and so on, to strengthen transactional relationships with their customers. However, simply using new technologies for transactional relationships isnt going to cut it in the future.

Private banks are still not addressing digital transformation within their organizations, with less than 40% of banks today have a clear, shared vision of digital transformation that is well-communicated and understood throughout the organization.

This is mainly due to the lack of clarity in roles and responsibilities for digital transformation. There is a strong need for banks to establish a clear digital leadership mandate to break down organization silos, change the companys culture, realign employee incentives, rewards and growth plans, and address the myriad challenges that banks will increasingly face as digital transformation agenda accelerates.