The need for financial institutions to embrace technology and innovation has become increasingly apparent over the past two year. In order for financial institutions to achieve their strategic goals, the need to reexamine existing information technology infrastructures, third party relationships, and access to data is critical. With mounting pressure in the form of increased competition from large banks, fintech companies, and community institutions with advanced online capabilities, the time to explore digital transformation is now. This presentation explains the concept of digital transformation, as well as opportunities that can enable results, and threats if ignored. In this session, we’ll cover:
• Characteristics of an innovative information technology infrastructure
• How digital transformation compliments existing core competencies
• Threats caused by the failure to take action
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