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Ready to assess your firm's readiness?

Start this 8-question quiz!

1. Have you created a digital vision, supported by a business case?

Yes

Great work!

You've made that critical first step. Your champions of change can use this vision, powered by the business case metrics, to persuade all stakeholders to transition to a more customer-focused future.

Note: you'll want to build in a process for regularly reviewing results and assumptions.

Great work!

You've made that critical first step. Your champions of change can use this vision, powered by the business case metrics, to persuade all stakeholders to transition to a more customer-focused future.

Note: you'll want to build in a process for regularly reviewing results and assumptions.

Find a way to make it happen!

To build the collective will, you need that convincing story. Without a vision, supported by a quantified business case, you’ll fall further and further behind.

Find a way to make it happen!

To build the collective will, you need that convincing story. Without a vision, supported by a quantified business case, you’ll fall further and further behind.

2. Have you mapped out a clear path to digital transformation?

Yes

Excellent! Digital transformation is a complex process; without a clear, documented path it’s far too easy to get sidetracked. Think about your path from the perspective of 4 stages of maturity; knowing where you want to go is key to the process.

As you move along the path, continue to evaluate where you are meeting and failing customer expectations. This helps you to invest resources where they will have the greatest impact. Customer expectations should be your driving factor.

To start, identify where you are on the digital maturity spectrum. Beginning? Transitioning? Maturing? A full-fledged digital leader?

Next, appraise your firm’s strengths and weaknesses in greater detail. Where are you meeting customer expectations? Where are you failing? Have you built a network of expert fintech resources that you can trust?

Finally, decide where you want to be, and by when. Be specific!

To start, identify where you are on the digital maturity spectrum. Beginning? Transitioning? Maturing? A full-fledged digital leader?

Finally, decide where you want to be, and by when. Be specific!

3. Are you nurturing a culture of innovation?

Yes

Nice work. You’ve moved to a non-traditional mindset, one that encourages experimentation while accepting failure and disruption. The digital world is more nimble, varied, and unpredictable than its predecessor. It requires a more fluid approach, powered by strong teamwork.

Consider hiring outside resources to help you move more rapidly, if experimentation, collaboration, and/or permitting failure and disruption are not nurtured in your culture. This not only expedites the transformation, it signals genuine C-suite investment.

You’ll find that ongoing digital business training is required at every level… including your own. It’s a whole new world.

4. Are you driving continuous product development?

Yes

Excellent – continuous development is intrinsic to success in the digital world. Consider building cross-functional teams that own the client experience, and are empowered to experiment and learn.

Breaking down the old barriers between functions is a major part of digital innovation. To drive continuous product development you need to see your services through the customer’s eyes rather than through dated functional labels. The question to repeatedly ask is: “What are we actually delivering?”

Failure becomes an acceptable option as you continuously develop and/or test new products – you start to see failure as learning. Consider building cross-functional teams that own the client experience and are empowered to experiment and learn.

5. Are you building a seamless customer experience?

Yes

Great – keep up the good work. As a guideline to seamlessness, try to envision a customer journey that is 100% digital … and then find where a human touch can add value.

You’re sending a “We are out of touch and resistant to change – our legacy systems are more important than your satisfaction” signal. And more so each day, as competitors move past you.

Not long ago, your competitors in customer experience were other financials. Now, customers increasingly expect the same seamless digital experience from you as they get from Amazon, AirBnB, and Uber.

Digital onboarding is an excellent starting point – is your onboarding fully digital? Semi-digital does not count! It’s in those manual hand-offs that the process stalls, performance drops, and the customer experience goes south.

Note: Investment firms that move slowly on the race to digital stand to lose $79 million per billion dollars of annual revenue – and risk falling out of the race altogether.

You’re sending a “We are out of touch and resistant to change – our legacy systems are more important than your satisfaction” signal. And more so each day, as competitors move past you.

Note: Investment firms that move slowly on the race to digital stand to lose $79 million per billion dollars of annual revenue – and risk falling out of the race altogether.

6. Are you staying ahead of the technology curve?

Yes

Heave a sigh of relief – once you’ve migrated to cloud-based, started to leverage data, and integrated smart technologies, it’s considerably easier to stay ahead of the curve.

But be careful not to drop your guard – as new platforms are built by developers for developers, the pace of change only accelerates.

Heave a sigh of relief – once you’ve migrated to cloud-based, started to leverage data, and integrated smart technologies, it’s considerably easier to stay ahead of the curve.

But be careful not to drop your guard – as new platforms are built by developers for developers, the pace of change only accelerates.

If you haven’t made the original steps to create an integrated back-end, you’ll fall further and further behind. According to Roubini ThoughtLab’s Wealth and Asset Management 2022: The Path to Digital, investment firms that move too slowly on the race to digital stand to lose $79 million per billion dollars of revenue a year – plus risk falling out of the race altogether.

You’ll need to migrate to cloud-based to fully leverage data and integrate smart technologies such as APIs, blockchain, and AI (40% of digital leaders use AI to improve portfolio management, detect cybersecurity risks, find and attract investors, and create automated advisors).

While we’re on this topic, do you currently have a process/system for tracking emerging technologies and their impacts?

7. Are you developing the digital talent to drive your future?

Without a strong digital team, you won't find the path to digital leadership.

Yes

Here’s the happy news: the more digital you become, the easier it will be to find, retain, and motivate great digital talent. Move fast, accept failure as learning, and keenly envision that seamless customer experience.

Note that innovation calls for more than digital skills; make sure your team includes individuals who have a clear grasp of business and regulatory issues.

Here’s the Catch 22: Without a strong digital team, you can’t get to digital leadership; without digital opportunity, you can’t hire and retain great digital talent.

The secret is vision and commitment. First, develop the vision and get the commitment. Next, conduct a digital skills assessment at all levels. Then, identify and begin to fill gaps. The more digital you become, the easier it will be to find, retain, and motivate great digital talent.

Note that innovation calls for more than digital skills; make sure your team includes individuals who have a clear grasp of business and regulatory issues.

Here’s the Catch 22: Without a strong digital team, you can’t get to digital leadership; without digital opportunity, you can’t hire and retain great digital talent.

Note that innovation calls for more than digital skills; make sure your team includes individuals who have a clear grasp of business and regulatory issues.

8. Is your cybersecurity airtight?

Have you obtained a security system which you now ignore, or are you actively monitoring? Do you have an integrated response and recovery plan, which you review and update at least twice yearly?

Yes

Excellent. There’s little glory in cybersecurity, it’s noticed only when it fails. The fact that you’ve built an airtight system reflects well on your organization’s ability to evaluate risk and make tough decisions.

Not a big surprise! Cybersecurity isn’t much fun, and there’s little glory in it. What to do?

Decide which data sets must be protected.
Install a system to protect them.
Maintain a focus on detection, a critical part of cybersecurity. Cybersecurity is surprisingly influenced by common sense. No matter the size/scope of a breach, they’re usually caused by an action or failure of someone inside your company. Make sure your cybersecurity starts with a focus on internal forces.

Not a big surprise! Cybersecurity isn’t much fun, and there’s little glory in it. What to do?

Decide which data sets must be protected.
Install a system to protect them.
Maintain a focus on detection, a critical part of cybersecurity. Cybersecurity is surprisingly influenced by common sense. No matter the size/scope of a breach, they’re usually caused by an action or failure of someone inside your company. Make sure your cybersecurity starts with a focus on internal forces.

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