Key Points
Banking and financial services organizations have been at the forefront of digital transformation. The success rate, however, has been uneven. Digital transformation discussions are often hijacked by conversations around the latest technologies and ignore the building blocks on which these technologies must rest. Moreover, initiatives that are not rooted in the organizational vision and that lack a well-thought-out framework are likely to miss their goals.
Yorkshire Building Society, a 150-year-old organization based in the UK, took measured steps to embrace digital as a way to reaffirm its commitment to its core businesses of mortgage and savings. The challenging market conditions, largely owing to disruptions caused by FinTechs, led Yorkshire Building Society on this path. High dependence on paper-based processes made the business slow, adding unnecessary layers of complexity.