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by James Robert Lay on February 15, 2021
Brief Summary of Episode #67
Many out there understand that traditional banks need to digitally transform or die.
It’s one thing to say you are going to transform…
But it’s meaningless without first answering the question: Into what?
In this #ExponentialInsights episode, I sit down with Chris Skinner, Author of Doing Digital, and discuss what it really means to digitally transform traditional banking.
Chris and I both agree, digital transformation is not about technology alone.
It's about people.
Which is why — especially in traditional banking — it’s not something you can just delegate to a CFO or a CTO.
You can’t give them a budget and a project and send them on their way to “do digital transformation” in their silo and report back.
If you do that, your bank is not going to survive. And if it does, it’s only because it’s been acquired by a competitor who didn’t delegate digital transformation.
Digital transformation needs to be something everyone in your organization lives and breathes. Leadership needs to be on board, committed, and instilling a digitally transformative culture into everyone below them.
Otherwise, your organization will be trapped in the cave of complacency and, when the future arrives, you won’t be ready.
If you want to transform digitally, you need to transform your people first.
Key Insights and Takeaways
- Why digital transformation can’t be delegated to a department
- Why digital transformation really isn’t about technology at all
- Why the digitally-native fintechs will always have a leg up on traditional banks