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Savvy leaders in the banking and financial services sector are already seeking a meaningful competitive edge that will position their organization for the future. Developing a substantive advantage will very likely focus on the execution of a compelling digital transformation agenda. The IBM Institute for Business Value (IBV) has uncovered key trends that defines this rapidly evolving landscape. CxOs are somewhat divided about whether the innovation focus will be on new or established markets. Previously, they thought open innovation would predominate, but now a growing number of these executives anticipate more internal-driven innovation.
That said, there are two points where they seem to agree: 72 percent expect more emphasis on customer experiences than on products over the next few years. Moreover, 66 percent believe that most organizations will continue to partner with third-parties more extensively. Join us for a webinar to learn about the disruptive forces that are currently reshaping the banking industry, and how your financial institution can achieve true digital reinvention.
Banking and financial services in transition
In addition, CxOs in the banking and financial sector also noted that the business landscape remains very challenging. They believe macro-economic factors, technological advances and market pressures will be the three biggest external influences over the next few years. The anticipated outcome: lower returns on equity, sluggish growth and ongoing cost controls. In response to this scenario, highly-skilled talent is a key component of their action agenda, as digital technologies continue to reshape the sector. CxOs recognize the demand for people with skills to manage new markets, new business models and new ways of engaging with customers and business partners.
So, given this environment, what are the most likely go-to-market strategies that these CxOs will apply? IBM market researchers have identified three distinct organizational archetypes — each at a different stage on the journey to Digital Reinvention:
- “Reinventors” focus on developing breakthrough products, services and business models; excel at extracting value from their ecosystems; and actively experiment. Their IT strategies are aligned with their commercial goals, and they’re superb at managing change — all of which helps them stand out both financially and as innovators.
- “Practitioners” are ambitious but haven’t yet acquired the capabilities required to realize their ambitions. They’re neither as focused nor as agile as Reinventors.
- “Aspirationals” have even further to travel. They still need to devise a clear strategy, put the right processes and resources in place, and develop the agility to seize new opportunities.
Quest for secure digital platforms
To learn more about the IBM IBV survey findings, join us for the webinar: “Transforming Banks for a Digital Future: The Winners, The Losers, and the Strategies to Beat the Odds.” This on-demand web session will let you discover the current market dynamics and proven digital platform solutions that your peer group has deployed to help fuel innovation.
We’ll share several enlightening case studies, three key best practices and actionable recommendations for deploying superior IT Infrastructure that you can apply to your situation. The customer cases mentioned will show you that this modern IT infrastructure is available to all kinds of organizations to build greater business value, reduce costs and create a competitive advantage. These implementations delivered the highest security and availability requirements for enterprise computing, and at the same time enable the innovation needs for analytics, blockchain, cloud and cognitive computing workloads
If you need immediate assistance, then please reach out to an IBM representative or Business Partner to schedule your free consultation. We’re eager to share more forward-thinking IT platform capabilities, based upon IBM LinuxONE, that you can start to explore immediately.
Call us at 1-866-883-8901 | Priority code: IBM Systems
For more analysis of the IBM IBV’s C-Suite study, check out our previous “Disrupting the disruptors: Are incumbents winning the battle?” blog here.
Learn more about IBM Bank Banking & Financial Markets Technology here.
Read more about LinuxOne solutions here.