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Digital transformation for financial service providers

Portrait of Dominik Löber
Senior Partner
Frankfurt Office, Central Europe
+49 69 29924-6105
4 december 2019

Successful execution of a digital transformation strategy for financial service providers

With an outbreak of multiple digitization ideas and lack of implementation strategies, organizations often encounter digital transformation roadblocks. However, for financial service providers to survive as well as thrive amongst the transformation, a coherent digital change management approach – one that is deeply embedded in contextual intelligence, integrated planning and a tangible execution – becomes both essential and urgent.

The Made-to-Measure Model (MMM): An integrated approach for a successful digital transformation.
The Made-to-Measure Model (MMM): An integrated approach for a successful digital transformation.

Key challenges for digital transformation

In our view, the challenges for the digital transformation are clustered into four main dimensions:

  1. Rules of the digital game: finding a common strategic vision,
  2. Business & IT architecture: ensuring a seamless integration,
  3. Methods & procedures: applying agile methods in an integrated way,
  4. Culture & organization: embracing the digital transformation and fostering agile culture.

Our core beliefs

Addressing the above challenges in an integrated and pragmatic manner is the key to the survival of organizations. We believe that companies need to recognize that agile is the only approach that properly addresses the current business process shortcomings. Moreover, any solution needs to be tailored to the organization’s internal and external context, at the same time both ensuring an overarching framework and safeguarding a level of flexibility. Finally, for a true digital change, emphasis should be put on productive and tangible solutions.

Made-to-Measure Model (MMM)

Based on the above beliefs and thorough analysis of the business and digital landscape, we have developed a model that addresses the key challenges and provides an actionable digital transformation strategy for the financial services organizations.

We believe that by following the four dimensions in a parallel and integrated manner, financial service providers will not only survive the digital "chaos", but they will also be wholly equipped to capitalize on the digital transformation.

White paper

Digital transformation for financial service providers

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Integrated digital change management is the key to survival of organizations. How can financial service providers capitalize on the digital transformation?

Published December 2019. Available in
Further reading
Portrait of Dirk Möbus
Partner
Frankfurt Office, Central Europe
+49 69 29924-6579
Portrait of Sebastian Steger
Partner
Berlijn Office, Central Europe
+49 30 39927-3488