Successful digital transformation in the crowded digital banking industry is an ongoing race with a record high failure rate of 75% as digitization initiatives are failing to meet customer-centric KPIs.

1. Successful digital transformation in the crowded digital banking
industry is an ongoing race with a record high failure rate of
75% as digitization initiatives are failing to meet customer-
centric KPIs. US banks alone are expected to spend more than
$90 Billion for IT investments in 2023, while ECB discovered
that nearly all surveyed European institutions in 2022 allocate
at least a fifth of their IT budget to digitization strategies. Yet
the success rates remain alarmingly low.
Deficient cybersecurity risk measures, affecting 64% of
supervisory authorities as per the IMF, and customer
expectation gaps are certain major threats facing digital plans
for emerging banks. As a result, banks are struggling to build
agile defenses against fierce competition.
Read on as Jasper Colin's Sector Spark explores the growing
conundrum of failing digital transformations in an era of
technological imperatives for digital banking.
Fearful and Directionless- Banks scout for
secrets of Digital accelerators