Banks’ Emerging Views on Digital

Digital Research Panel Series Part 1
by Jean-Marie Ubigau,  Daniel Latimore, July 9, 2015
Other
North America

Abstract

Celent’s new Digital Research Panel examines banks’ attitudes, progress, objectives, and priorities around the red-hot topic of Digital. For this report, Celent surveyed 32 bankers to determine current progress on the journey toward Digital.

The Digital Panelists were very forthcoming. Three key perspectives emerged:

  • C-level support is critical for Digital initiatives, yet CXOs are much more forthcoming with verbal encouragement than budget dollars
  • Formal strategies laying out the Digital vision, well-articulated and broadly applicable, are in short supply
  • The resources available and approach taken to Digital (strongly correlated with firm size) vary widely.

Some other insights include:

  • 64% of respondents reported tangible benefits from Digital investments over the last two years.
  • 64% also cited the day-to-day demands of running the business as the biggest challenge to Digital platform development.

“As we’ve seen the emergence of the Chief Digital Officer, we decided it was time to systematically ask banks about their Digital experience,” says Dan Latimore, senior vice president of Celent’s Banking practice and coauthor of the report. “The level of interest in this first panel is extraordinarily high, and our respondents provided tremendous insight into where we should direct additional research with our future panels.”

This 28-page report contains 15 figures.

Celent created the Research Panel to examine banks’ attitudes, progress, objectives, and priorities around Digital. We recruited panelists from our client base and from industry contacts (respondents do not have to be Celent clients to participate). Celent is accepting additional requests for membership in the panel and expects to field ongoing research through 2016 with surveys roughly every other month. If you’re a banker and would like to participate in future Digital Panels, please contact info@celent.com.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

 

Findings

1

 

Recommendations

2

Banks and Digital

3

 

Digital’s Current State

3

 

Factors Influencing Digital Success

8

 

Topics of Interest

11

 

Digital as Settled Strategy

13

 

Recommendations

14

Next Steps; Next Survey

15

 

Areas for Further Exploration

15

 

How to Use This

15

 

Recruiting More Panelists

16

Appendix I: Panel Demographics

17

Appendix II: Survey Instrument

18

 

Digital Research Panel — April 2015

18

Leveraging Celent’s Expertise

27

 

Support for Financial Institutions

27

 

Support for Vendors

27

Related Celent Research

28

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