Banks’ Emerging Views on Digital

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.