Bengaluru: Though digital transformation plays a significant role in the financial sector, the latest report revealed that only 17 per cent of banks have succeeded in digitally transforming at scale.
According to sources, more than 350 banks and financial services companies globally took part in the 2019 edition of the “Innovation in Retail Banking” report.
The majority of banks are not confident about how digital transformation has successfully impacted their organisational objectives.
Only 39 per cent of banks believe their digital transformation strategy has had a high or very high impact in accelerating product and service delivery and 33 per cent say it has helped enhance innovation processes, showed the findings.
More than 75 per cent of the banks said open banking will attract a lot of new investment.