Successful digital transformation seems elusive. According to a study by Mckinsey, it was found that less than one-third of organisational transformations succeed at improving a company’s performance and sustaining those gains, and the success rate of digital transformations is even lower.
Little over a month back, we talked about the next frontier of digital transformation in the banking industry as banks gear up to tackle competition from Fintechs - one that would be fueled by new digital business models, agile processes, data-driven culture and design thinking.
The modern banknote was formalized in the 17th century. Paper currency, however, dates as far back as the 7th century.
Modern banking came into existence in the late 16th century.
Cut to a couple of centuries later -
Commercialized Internet happened to us in the 1990s.
Digital Transformation became a buzzword probably in 2017.
So what really happens when a centuries-old established world order meets a new paradigm shift in human behaviour, just shy of two decades old?
Last month I shared about the surge of suits from consultancy firms on agency turf and how that has forced us in the industry to ask “Is it time to Change the Client-Agency Conversation?”
Let’s start with a little trivia. Which is the largest digital advertising network in the world?
If your answer was any of the top five usual suspects - the WPPs and Omnicoms of the world - then you should definitely consider giving me the next four minutes of your time!