In order to remain competitive in today’s fast-moving financial landscape, enterprises need to meet rising consumer expectations for on-demand resolutions (this is particularly urgent when courting the preferences of younger digitally native demographics1); increase operational efficiencies via automation, augmentation, and amplification2; and keep ahead—or, at least, apace—of an increasingly crowded field that includes traditional players, hungry fintech start-ups, and steady encroachment from big tech.
Many banks have prioritized digital transformation, creating a landscape where fully digitized offerings aren’t only advisable, but a requirement3.
Going digital, however, isn’t for the faint of heart—particularly in a complex and highly-regulated sector such as consumer and commercial banking. According to a recent survey of banking leaders, only 12% of respondents considered their organizations to be digital transformation “leaders,” with a full 25% considering themselves to be “laggards.”
Custom enterprise software requires the upgrading and integrating of legacy systems4, complying with an evolving patchwork of oversight, and competing for scarce IT talent5. Factoring all these challenges together, developing enterprise software can be a painfully inefficient affair with 85% of projects going over schedule and 70% of large-scale digital IT programs failing to even reach their stated goals.
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