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C-suite leadership of the bank and not just the conventional leaders. In fact, according to Altimeter research, digital transformation is led 34% of the time by the CMO. On the contrary, the CIO and CTO, who are the expected leaders, only led the effort in 19% of companies, while the CEO led in 27%.”
Kamat adds: “While these figures cut across industries, it reinforces our point of view that the concern is not so much of CEOs being more in tune with the digital agendas of tech staff, but more whether there is collective C-suite ownership of digital transformation to ensure an integrated enterprise-wide approach across functions and even lines of business. Digital transformation is ultimately about reengineering every aspect of the bank around digital technology with a focus on delivering unprecedented value to the customer.”
He rams his point home: “It is absolutely imperative for CEOs and other C-suite members to understand the importance of digital transformation and not treat it like another project. And its success requires the entire C-suite to own and lead it, front and centre.”
No secret recipe to digital success
What are the most important components of a digital bank? “There is no secret recipe that goes into making a successful digital bank,” he says. “It is the age-old components – people, process, technology and the right planning and execution – that make a successful digital bank.
“People. This is often the most overlooked component of successful digital transformation. To be successful, there must be a cultural shift in people and organisational behaviour. It requires a change in how a bank attracts and empowers the right talent, both from within the enterprise and from outside. Additionally, successful transformation also entails leveraging of inputs from other stakeholders, such as customers and partners, and potentially changing the status quo in terms of the way things are done.
“Process is a key component. Effective organisational structures, management systems and governance frameworks that are tweaked regularly are also essential to the success of a digital bank. Also, as mentioned earlier, collective C-suite and management ownership of digital transformation are needed to ensure an enterprise-wide approach that spans organisational siloes and functions.”
Then there is technology. “As always, the right technology architecture and solution landscape is an important component of a successful digital bank,” says Kamat. “Modern, interoperable and scalable solutions can help drive the required customer centricity, mastery
new drivers for all banks and fintechs of the future. Partnerships are the new disruption
“
www.ibsintelligence.com | © IBS Intelligence 2018 Partnerships are the
of data, agility and flexibility and the ability to efficiently collaborate – key aspects that help drive successful digital transformation and digital leadership. Again, working with the right technology partners can help a bank significantly in this area.”
Just how important is omnichannel? Was it more than a buzzword? “The numbers are very clear,” says Kamat. “McKinsey research reveals that in some regions up to 65% of customers now interact with their banks via multiple channels.
“Therefore, ensuring an omnichannel experience for customers will no longer be a differentiator but instead will be a minimum requirement. Increasingly the question will also shift to how a bank can leverage digital and omnichannel experiences to differentiate themselves from traditional competitors, fintechs and provide true value to customers. A bank will need to take omnichannel to the next level by optimising experiences and integrating real-time data across all channels to deliver innovation, customer value and outdo competition.
“Additionally, as banks increasingly collaborate and partner in interconnected ecosystems that span value chains, successful digital leaders will also need to drive an omnitouch point and omnivalue chain strategy where banks will embed relevant banking services across multiple value chains within the business lifecycle of enterprises, as well as day-to day life of retail consumers.”
Kamat finishes the interview with a warning for the future: “Partnerships are the new drivers for all banks and fintechs of the future. Partnerships are the new disruption.”
We should examine that statement carefully. It comes from a man who is always learning. Out of that learning process came his love of photography. You may have wondered why the photograph of the leopard on the opening page. It was taken by Kamat. The leopard was hunting for its lunch. Chet Kamat may have been close to it but he wasn’t about to become its prey. As he said – leopard and photographer in a perfect partnership.
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