Digital transformation (DX) trends in the financial industry include technologies such as artificial intelligence (AI), cognitive analytics, internet of things (IoT), augmented reality (AR) and robotics. According to a survey conducted by MIT Sloan Management Review and Deloitte, 93% of financial institutions are investing in these technologies to improve customer experience and engagement.
Two challenges of DX in the financial industry are determining which technologies will have the biggest impact, and - especially for small and mid-sized firms - how to keep up using limited budgets.
DX is a big undertaking, which requires investments in IT infrastructure, networking solutions, collaboration applications and more besides. Although these are absolutely critical for any transformation initiative, employee computing devices are equally important. Organizations that ignore end-user devices are taking a big risk, jeopardizing 90% of their investment by not paying heed to the all-important 10% - a smaller but important piece.
Digital Transformation and Computing Devices
Ensuring employees have the right tools with the right features to deliver effectively on your business objectives, will be crucial to success. Consider three key objectives for endpoint devices in your overall strategy:
- Enable ANYWHERE working: In today’s organizations, almost 40% of the workforce is mobile*, and that number is only increasing. This mobile workforce doesn’t have a designated place of work, and depending on their role, might be working from ANYWHERE: their home, customer site, café; the list is endless. Enabling this kind of work environment requires not only a strong IT backbone, but also smart endpoint devices that are adaptable, connected and productive from anywhere, just like their users.
- Enable ANYTIME working: Work culture has evolved from the need for work-life balance to the need for work-life integration. This is primarily because of increased globalization in the product-service delivery model. Employees, customers and suppliers are often located in different time zones. So to avoid compromising productivity, business continuity and quality, employees must be empowered to collaborate across different time zones—and hence must have the flexibility to work ANYTIME.
- Enable ANY-WAY working: Another essential work requirement is the ability to create, collaborate and present when required. While today’s organizations must rationalize their workforce, employees often have varied responsibilities. For example, a marketing specialist in a B2B company could be required to join the sales team for a customer presentation, along with managing the financials for a business initiative, working with training teams, and more. Such job roles need the flexibility to work ANY-WAY, as needed.
* Gina Luk and Andrew Brown, "The Global Workforce is Set to Increase to $1.87 Billion People in 2022" Strategy Analytics, Nov 2016