July 6th, 2017 at 1:41 pm UTC · 5 min read
According to Sopra Banking Software every business and bank should be enthusiastic about implementing digital transformation, either to retain their place as leader, appeal to new customers, modernise their partners’ tools, or quite simply to adapt to key innovation.
But, the changes brought on by digital transformation deeply affect how operational services work, and thus require a specific approach.
Sopra Steria, Sopra Banking Software’s parent company, provides a strategic guide for business decision makers on the new best practices for optimum results in digital transformation. In its white paper ‘How to succeed and accelerate your digital transformation project’ you will find keys to articulate and combine strategy and execution for this human-centred technological transformation.
The white paper develops 3 main themes in digital transformation:
The first task is therefore to define, in line with corporate strategy, a strategy to address these digital impacts, in terms of (new) business objectives. What are the challenges? What are the risks? Do digital technologies provide opportunities to completely overhaul business models?
All transformation projects are likely to change a company’s procedures, customer interactions, management methods, organisational structures, strategies, and even values. Businesses need to consider the following when planning digital transformation projects:
Once a digital transformation strategy has been established and projects identified, they can be simultaneously implemented with the digital platform. We discuss which navigational model, management style, and team structure should be implemented for digital transformational success.
For a successful digital transformation project, businesses need to shift into adventure mode; because innovation is uncertain this could well mean the end of the traditional business cases we know!
Digital transformation requires a very different approach for managing uncertainty and systematic implementation. As Ingrid Creten, Head of Change and Communication at
KBC BANK, said:
“Innovation generates resistance. So, as we have built a new way of thinking, we have also sought to foster acceptance for change.”
2.1. New mindset needed
This new mindset includes:
2.2. Six rules to bear in mind
The following six rules are crucial for steering a successful business project:
2.3. Digital information system
Company information systems become a paradox in digital transformation: The new digital system needs to be agile, responsive, and positioned for the short term, whereas the traditional company system long-term oriented. The solution to this problem, as discussed in detail in the whitepaper, is introducing a digital IS that includes a system of record, a system of automation, a system of engagement, and a system of mediation.
Speed is one of the most crucial aspects of a digital transformation platform. The Digital Booster Platform is the digital platform that accelerates the project, driving a constant connection between the business and its partners. With agility key to driving digital transformation projects, IT infrastructure is a key component in digital transformation approaches.
How can we supervise security?
The IS is much more open, data is unstructured and increasingly less compartmentalised and arrives in even greater volumes. There is also a larger and more diverse user population and older applications sit alongside new technologies. With this in mind, digital transformation will not be a success unless digital trust accompanies it. Security issues are being dealt with through constant vigilance and the highest level of professionalism.
As we can see, digital transformation is not just about technology; it drastically changes how our business operates. The digital transformation process is only possible with a holistic iterative approach, where having fun is all part of the adventure!
That’s why Sopra Banking Software is working hand-in-hand with Sopra Steria in order to offer the most digital end-to-end solution to financial institutions.
The whitepaper can be downloaded from Sopra Banking’s website.
About Sopra Banking
Sopra Banking Software is a trusted, long-term partner of over 600 banks in more than 70 countries. Sopra Banking is a subsidiary of the Sopra Steria Group, a world leader in digital transformation, with more than 38,000 employees. In 2015, Sopra Steria Group achieved a turnover of €3.6 billion.
Disclaimer: Sopra Banking is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.