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Global Banking & Finance Review
The Pressures of Digital Transformation

By Bob Mudhar, Partner, Citihub Consulting

A firm can have a thin veneer of a digital transformation perhaps by a new website or a mobile offering. Behind this can be a mixed bag of legacy and current systems with inconsistent approach to technology management and operations. Businesses can be content with this approach as the public image is of a firm that has transformed itself digitally. However, in Citihub Consulting’s experience, a digital transformation will deliver more for a business and be more sustainable if it is backed by the transformation that goes throughout a technology organisation. This means ensuring a software development lifecycle is fully aligned to the digital offering.

The use of development toolchains ensures automation at every step and eliminates any need for manual intervention in the build, test, and deployment of software. Technology services should become automated and self-service. For developers to request development servers, the process should be automated, servers are hosted in the public cloud and then controls must be put in place to ensure they are taken down when finished. A digital transformation is much more effective when it sweeps through an organisation and aligns everything to the more public image of many transformations.

Why are relationships straining between different c-suite decision-makers?

Traditional technology representation at C-level is breaking down. It was common for all technology and related services to be represented by a single C-level person – be that a CTO, CIO. Underneath that title would be technology infrastructure, internal applications, IT security, data, and a…

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Why are banks struggling to meet SMEs’ needs?

An interview with Łukasz Rozlach, Head of Banking Industry, Comarch

Being a vast majority among businesses worldwide, SMEs generate only about a fifth of banks’ income. Looks like a great big pool of unmet needs.

Something’s wrong here.As reported by J.D. Powerlast year, only 32% of SMEs in the US feel that their bank understands their business.  The UK market, according to Ipsos, faces a similar challenge in 2019: 30% of the local SMEs look for financing opportunities outside of the banking realm. According to World Bank, overall approximately 70% of all micro, small and medium-sized enterprises (MSMEs) in emerging markets lack access to credit.

It doesn’t stop there. Globally, as many as 25% of SMEs have turned to finte chat some point – and that number may hit a staggering 64% in 2020– or so say the companies surveyed by EY in the ‘Global FinTech adoption 2019’ report.

The adoption is not just about new products or services;it’s about new technologies, which makes the figures even more impressive. Fintechs seem to be easing pains banks can’t.

According to McKinsey, small business owners spend more time struggling with red tape than doing actual business. More than 70% of what they do is administrative-related. Isn’t that disappointing?

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