Disruption and integration are two words that don’t seem to go together.
Yet, at least as long as we are speaking about disruptive technology, they surely do.
Digital Transformation Is Not A Fad
Technology has been changing and influencing our daily lives rapidly and companies have no choice but to adopt or, at the very least, explore the possibilities of their applications.
Add to that the higher expectations of consumers today, organizations now have to digitally transform or risk becoming irrelevant. That is surely a risk the stakeholders are well aware of, possibly even before the customers.
Financial Services Still Have Catching Up To Do
Digital transformation seems to be finally getting apparent in the financial services industry.
Most banks now have mobile app counterparts, investing is now easier through online platforms and paying for products or services bought online are now more secure.
But did you know that only 12 percent of financial services companies are mature in their digital transformation?
Leadership For Digital Transformation
Most financial companies are still at the early stages of digital transformation because of the lack of leaders who understand and initiate digital innovation.
The management of some companies has recognized this lack and started educating their executives or hiring people with strong tech background into leadership positions. In recent years, more and more titles like CTO (Chief Technology Officer) and CDO (Chief Disruption Officer) are popping up.
The right leadership is still just the first step towards successful digital transformation. The rest involves thoughtful planning and careful execution.
Bottlenecks Of Digital Integration
Another common barrier seen in financial companies trying to implement new digital strategies are the rigid regulations set by their industry.
For instance, banks and other financial institutions are having a difficult time in finding ways to take advantage of cryptocurrencies. Be it bitcoin for payment processing or ethereum for automated smart contracts, cryptocurrencies at large are unregulated and that poses a problem.
Most government organizations are still figuring out if they should regulate blockchain-related technologies at all. The European Union even very recently requested qualified opinions on this matter in their Consultation on a new digital finance strategy for Europe that was open for submissions and comments between 3 April and 26 June 2020.
Below, you can learn about the 7 new technologies that financial companies are already looking to integrate, despite the regulatory unclarities.
The infographic was created by Prototype, a digital transformation company operating in Dubai and Miami.
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