Published by Jessica Weisman-Pitts
Posted on March 22, 2022
4 min readLast updated: February 8, 2026
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By Michael Norring, GCSIT’s CEO,
The current pace of digital innovation across industries is revolutionizing the playing field—especially in banking. The ability to adapt quicker than the competition and provide what customers truly need, sets an organization apart. A recent study found that 43% of those looking to switch banks are looking to move in the next 90 days, and one in three of these consumers were not considering switching prior to the onset of COVID-19.
The past two years taught us many things and for consumers, it changed priorities and plans. The importance of being able to transform to remain relevant is key. Agility should be the main focus across an organization to ensure the business thrives. When its implemented broadly and treated with system thinking in mind—acknowledging the interconnected and dynamic nature of everything, financial leaders can start to make micro-decisions with macro-consequences.
A digital banking transformation must start from the top down. Innovative leaders must make decisions focused on calculated risks to lead to long-term advantages rather than short-term changes. Digital transformation is more than moving the same product to an app. In order to do so, leaders should prioritize these three principles:
US banks have 1 exabyte of stored data, typically from credit cards, transaction records, bank visits, call logs, support chats, and web interactions. For reference, some technologists estimate that all of the words ever spoken by mankind is equal to five exabytes. The problem is that this data is mostly unstructured. Currently, the US and the EU can only capture a fraction of value from open financial data, McKinsey estimates less than 10% because of the lack of standardization.
As the banking industry works to normalize structured data to fully realize the potential, banks will find a need to also expand the breadth of data sharing. By doing so, the sector is poised to recognize impressive gains in customer risk management, client relationship improvements, understanding customer needs, gaining insights for product development, and scoring credit risks.
2020 should be a case study for all banks to reinforce that understanding and analyzing what customers want and need should be the driving force behind any digital transformation. Seamless delivery of service and personalized product experiences based on continual customer engagement and satisfaction scores, leads to making the right decision about advances.
New solutions can be daunting to the ‘old guard’ in the business, but by leading the way with real results and assuaging relevant concerns, IT teams can truly revolutionize banking. It’s not just about the infrastructure, however, it’s also about providing employees the ability to understand and upskill themselves to support the transformation. The World Economic Forum estimates that more than 55% of finance sector employees will need to upgrade their skillset to meet existing and future demands. Hiring can solve some of these challenges but leadership should empower their teams for long-term success through technology training and cross-functional implementation.
Digital transformation is a project that promises great returns but requires great investment—not just with big budgets but with systemic support. Remaining agile while prioritizing data and customers, modernizing systems will become much more attainable. Technology advancement is required to remain relevant and with the right resources and perspective, leaders can ensure their own success.
Digital transformation refers to the integration of digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Customer-centric innovation focuses on creating solutions that meet the needs and expectations of customers, enhancing their experience and satisfaction.
In banking, data refers to the information collected from various sources, such as transactions and customer interactions, which is used to make informed decisions and improve services.
Agile methodology is an approach to project management that emphasizes flexibility, collaboration, and customer feedback, allowing teams to adapt quickly to changes.
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