Asian Private Banker: Senior Director of Cognizant’s Center for the Future of Work Says Private Banks are now Competing in Hyper-Personalization
“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 isn’t 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 company’s culture, realign employee incentives, rewards and growth plans, and address the myriad challenges that banks will increasingly face as digital transformation agenda accelerates.”