Updating talent banks dating going through the motion
(See Exhibit 1.)In addition, many banks’ strategic approach to digitalization fails to consider potential pitfalls or how to address unexpected problems.Many projects are characterized by initial bursts of enthusiasm that are followed by a long tail of diminishing interest.The pace of delivery is slower than initially expected, it is difficult to scale digital solutions across the bank and end-to-end, or the impact on the bottom line is insufficient.Of the three areas of concern, slow delivery is the problem most widely cited: almost two-thirds of the banks in our survey reported that delivery was not as fast as they’d anticipated, one-quarter said that scaling up is the primary issue, and 15% reported that they are most disappointed in the impact on the bottom line.We decided from the beginning that if we spent all our time and resources on engineering the “pipes under the floorboards,” we would lose the confidence of customers, even if we met our objectives in the long term.We’ve found that a balanced portfolio of short-term, high-impact—predominantly channel-based—projects, along with long-term restructuring, is the way to go.this after multiple attempts to hire a comedian failed. The top 3 candidates were Marlon Wayans, Brandon Mychal Smith and Tone Bell.Marlon was asking for more loot than producers would pay, and then Brandon was tapped but we're told some of the honchos just weren't down with it.
Exhibit 2 shows those challenges, which include the following: Two banks that have recently taken the lead in digital transformation are HSBC and National Australia Bank (NAB).
Banks with stretched project timelines cited such challenges as problems attracting appropriate talent to the right locations and the operational difficulties of implementing across multiple locations.