(from left to right): Moderator Stephen Elliot, Vice President of Research, DevOps, IDC. George Papp, Executive Director, Head of Core Banking Technology, DBS; Manish Joshi, Vice President, Information Technology, Credit Suisse; Keith Carter, Actionable Intelligence Expert, Author and Senior Visiting Fellow, National University of Singapore.
Customer-centric experiences are crucial to digital transformation (DX), and therefore it is important to understand what the customer wants.
To millennials, digital is about having their lives fulfilled on the screen. This differs from customers from previous generations, as digital is not what they grew up with during their nurturing years.
To understand what digital means to the younger customers, organisations "need to reach out to that generation," said Keith Carter, Actionable Intelligence Expert, Author and Visiting Senior Fellow, National University of Singapore. "[Businesses need to ask millennials] how would they like our services to be presented in a way that they are most comfortable with."
He was speaking at a panel discussion at the CIO Summit Singapore 2016, held on 29 September 2016.
Besides Carter, the panel discussion was participated by Manish Joshi, Vice President, Information Technology, Credit Suisse; and George Papp, Executive Director, Head of Core Banking Technology of DBS.
Early successes are important for establishing a foundation to leap off
The panelists also agreed that it is important to bring some early successes in.
"You have to go and either succeed or fail fast," said Carter. "To be able to get early success, [you have to first] define what is digital. The senior leadership has to understand it, and then pick out the success that can be established immediately."
With the early success achieved in transformation, by "looking at the products strategy and data, your job will be made easier," said Joshi. It will establish a foundation to leap off and to continue to grow.
Papp also added that it is important to transform an organisation's technology in the DX process really early to make it agile. This is because DX is about "the way we deliver a technology that adapts to the new demands."
Moreover, "to transform businesses themselves, the business units themselves need to think in terms of digital offering to our clients," said Papp. "[They] need to move away from the traditional way to offer financial services, to take advantage of what digital allows them to do."
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