Realising Digital Transformation Strategies for Financial Sector
Digital technology has created a new world for the financial sector out there. Consumers are now more engaging with technology because they have convenient access to the services digitally.
To stay relevant and better prepare for digital disruption, enterprises in the financial sector should embark on their digital transformation journey, if they haven’t already.
According to Gartner Predicts 2022, Digital Enterprise Architecture (EA) will enable the evolution of democratised digital organisations. Enterprise architecture and technology innovation leaders must adopt the EA approach to support their digital transformation initiatives and business growth in an ever-changing environment.
To realise the digital transformation strategies, they should invest in Digital EA. It will align IT infrastructure with the financial sector's activities and improve organisational structure through productivity, agility, product and service timeliness, revenue growth, and cost reduction.
The financial sector needs a new focus on functional capabilities to be able to combine amounts of information and hardware to enhance the current capabilities and create new capabilities that can provide new seamless financial services. Digital EA can guide financial institutions to get their current IT infrastructure ready for the digital future. Architecting for the financial sector requires extra effort due to the rules and regulations that they have to adhere to.
Figure 1: Revenues by Digital Investments to Increase 10% ( Source: BDO for The Financial Brand)
Digital EA for the financial sector in the digital era is inevitable to avoid the risk of chaotic joint technology between new technology and the legacy systems. It would also ensure business processes run with fewer risks. These will automatically make progress in the digital transformation journey. It should be able to structure and design the data architecture in financial institutions so that it can facilitate access to the fundamental matters to create better digital experience.
As shown in Figure 1, many financial institutions think with digital investments it will increase their revenue by 10%. Digital EA guides the financial sector to establish new digital capabilities and assists them to stay focus in order to deliver a new set of values.
Join IASA in this webinar to discover the best practices for realising the digital transformation strategies through Digital EA practice and gain insight into the EA Masterplan for accelerating digital transformation and capitalise on digital assets.