Managing change and Risk in the age of digital Transformation for Executives.
At the same time, the rise of new technologies, new competitors and high customer expectations compounds the massive pressure on financial institutions to rethink the way they run their business. In response, industry leaders are embarking on a digital transformation journey. The move towards transformational change requires executives to rethink their established and successful traditional business models and explore new and fundamentally different ideas. This takes foresight, courage and determination. Primarily, digital transformation on this scale is not an issue of technology — but of culture. It requires executives to overcome internal and external resistance, overturn operational traditions and remove technology legacies. The digital transformation journey involved is long and difficult — beset with many pitfalls and likely to involve numerous wrong turns. This Course offers critical themes for executive institutions to consider when developing their digital transformation strategy. On the basis of interviews with senior executives from banking, insurance, wealth and asset management institutions, it identifies the major roadblocks to, as well as challenges and risks of, digital transformation and examines how these institutions are responding.
Learning Outcomes
• Describes the continuous process of adapting to changing customer needs by leveraging digital competencies — such as mobile, social, cloud, and big data — to innovate business models, products, and services
• Creates an efficient way to deliver a digital value proposition in an organization increasingly based on process automation and straight-through processing
• Depends on organizational culture to fuel the transformation with the right talent, incentives, and objectives as well as new approaches to generate ideas and develop new digital initiatives
• It requires a comprehensive change agenda permeating the entire organization. The starting point for a new digital initiative is no longer how to improve existing capabilities, products and services. Instead, it should start from the premise of how to increase value to customer