Why There is No Digital Transformation of Banking Yet

In his weekly Forbes column Ron Shevlin takes on the issue of the digital transformation of banking; while there has been much written about the acceleration of digital initiatives at banks due to Covid-19 Shevlin argues that not much has really changed; “Reductions in branch usage, incremental adoption of digital banking tools, and bank employees working from home didn’t come anywhere close to qualifying as evidence of digital transformation”; he cites four requirements for digital transformation in banking: 1) complete overhaul of legacy technology, 2) maturation of AI, 3) a new generation of senior execs, 4) more shocks to the system; these changes will not happen quickly nor will progress be made in a straight line. Forbes.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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