TMCnet News
Magenic-Sponsored Forrester Study Highlights the Struggle Financial Services Firms Have with Digital Innovation and TransformationMINNEAPOLIS, Nov. 29, 2016 /PRNewswire/ -- Magenic, a business technology consulting company, today released the results of a Forrester Research study it commissioned to better understand the extent to which financial services firms are embracing digital business offerings and the barriers they face in doing so. The study overwhelmingly concluded that while many financial services firms are on the right path, the majority of firms surveyed lack digital transformation readiness, best practices and processes. The study also found that those firms that do adopt digital innovation strategies achieve significant organizational benefits. "Our lifetime of personal experience and nearly 10 years of professional experience with insurance, banking and wealth management firms suggest that they are slow to fully embrace digital transformation," said Heather Zimmerman, Magenic's Financial Services Practice partner. "The results of this Forrester study confirm that belief but, more importantly, they provide us with key insights into why, and they highlight recommended steps those firms can take to improve and accelerate their digital innovation going forward." Magenic's Forrester study included in-depth online surveys with 201 decision-makers involved in or responsible for digital transformation at their financial services firm. Questions focused primarily on how ready respondents believe their firm is to transform digitally, what digital transformation best practices they employ, what barriers they face in pursuing or achieving digital transformation, and what benefits they achieve as a result of digital transformation. The responses to those questions led to three key findings, including:
In addition to identifying these three key findings, Magenic's Forrester study also provided a number of recommendations for financial services firms as they look at creating or improving their digital innovation strategies. Among those recommendations is to take a disciplined, consistent approach to digital innovation to help drive success; to identify the key barriers to success and strategically work to overcome them; and to consider working with an external partner who can guide the digital transformation from start to finish. "No company and no industry is pursuing digital transformation flawlessly," said Zimmerman. "I think what this study ultimately shows is that financial services firms want to transform, they recognize a need to transform, and they are, in fact, on that journey toward digital transformation. They just need a bit of guidance and support to make the journey a success." Magenic's Forrester study, "Digital Innovation: The Readiness of Financial Services Firms," is available in its entirety on the company's website. About Forrester Research About Magenic  To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/magenic-sponsored-forrester-study-highlights-the-struggle-financial-services-firms-have-with-digital-innovation-and-transformation-300369824.html SOURCE Magenic |