Points of View

If banks want to improve ROI on digital transformation, they need to stop prioritizing efficiency


We like to keep it simple at HFS Research. Despite lots of fun ways to carve up business outcomes into microcosmic key performance indicators, there are only four measures of success that matter: growing revenue, increasing profit, improving customer experience, and enabling effective regulatory compliance. When it comes to assessing the effectiveness and progress of digital transformation programs, these are the big buckets we look at.


For the banking and financial services (BFS) sector, there is plenty of media coverage of the massive digital transformation investments that the world’s biggest BFS brands are making. These investments are supposed to be “modernizing the core” and enabling new business. However, HFS’ latest look at the health of the sector shows continued anemic returns.


This POV examines the state of digital transformation in the BFS sector, leveraging the latest data from our Industry Digital Transformation survey. Spoiler alert: Funding new offerings through bottom-line gains only works if you reinvest the savings.


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