According to the firm, the financial services have embarked on an unprecedented Digital Transformation journey in the UK, driven by regulatory imperatives, disruptive technologies and cost pressures. The majority of the CIOs believe that their organisation will “transform to re-emerge” or surge in the coming years. Complexity involved in managing the end-of-life risk and introduction of the disruptive technologies mean that Digital Transformation has become more expensive and riskier as a growing volume of investment is being prioritised to drive growth and deliver strategic ambitions. The market and customers expect businesses to launch innovate solutions to help improve services in a secure and user-friendly manner. That’s why successful and cost-effective Digital Transformation is the ultimate strategic objective across the industry. However, KPMG shares further, the failure to deliver Digital Transformation successfully results in a significant financial loss, reputational damage, dilution of customer confidence and displeasure of the regulators. Therefore, maintaining delivery confidence is highly desired by the board and the senior leadership.
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