For financial institutions (FIs), digital transformation is essential to future-proofing the business and improving customer experience, employee capabilities, operational efficiency and business economics. This point is particularly relevant in light of the COVID-19 crisis and the ability of FIs to respond.

But what does digital transformation success look like in financial services?

The Institute of International Finance (IIF) and Deloitte have joined together to explore this question. We have gathered insights from more than 80 executives and transformation leaders, from across banks, insurers, regulators and supervisors, and policy makers around the world to explore the keys to digital transformation. We will summarise the results in a three-part series to explore FIs’ approaches to digital transformation and how they can realise the promise of digital transformation.

The second paper in this three-part series—Realising the digital promise: Key enablers for digital transformation in financial services, examines key enablers to digital transformation for FIs across five overlapping themes. For each of these themes, we extended upon multiple levers that FIs can pull to accelerate their digital transformation strategy and achieve desired results.

We have identified the following five themes:

Read the report to learn how we can assist you in leveraging these key enablers to accelerate your digital transformation journey.

Stay tuned for our COVID-19 supplement; and the third paper, which will explore the role of the external ecosystem for FIs in their digital transformation journey. As part of this, we will investigate what influence the external ecosystem will have on FIs in overcoming some of the challenges associated with the digital transformation outlined in our first report, Realising the digital promise: Top nine challenges to digital transformation for financial institutions.  

In this podcast, Puneet Kakar, Financial Services Strategy Lead at Deloitte, joins the IIF’s Conan French and Dennis Ferenzy to highlight the key enablers to digital transformation that were identified during discussions with 80+ executives and transformation leaders, from across banks, insurers, regulators and supervisors and policymakers around the world.