Discover the top six obstacles preventing the banking sector from embracing digital transformation and fully leveraging its benefits.
The is going through a big change at the moment. Customers want different things, competition is tough, shareholders expect more, and there are lots of new technical advances. As a result, banks have to change the way they do things digitally. It's not that banks don't want to change — it's that there are big hurdles in the way. In this article, we'll take a close look at these hurdles.
However, these expectations can sometimes put banks under pressure, making them wary of investing in digital transformation – an initiative that usually requires time to show a return on investment. Similarly, in Q3 2022, Wells Fargo slower-than-expected progress on its digital transformation initiatives. This led to disappointment from investors and analysts, with the bank's stock price falling over 5%.
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