Digital transformation is not a new concept. But it’s also not an easy feat.

Even the biggest banks with the biggest teams and budgets are struggling to keep pace.

What is holding banks back?

To get to the bottom of this issue, we spoke to over 300 banking leaders and managers at global banks. We set out to learn where they are in their transformation journey, their perception of progress, and where they prioritise time and resource.

Key statistics

The research reveals a direct correlation between the rate of a bank’s digital transformation and its ability to win and retain customers:

• 20% of customers are lost by banks due to poor customer experience
• 64% of banks admit that slow digital transformation has directly resulted in them missing out on winning new customers
• 74% of banks are attempting to accelerate their digital transformation this year due to economic uncertainty