Rewired 6 Flashcards
What time frame did the research cover?
2018—2022
How many digital leaders and laggards were studied?
20 digital leaders and 20 digital laggards
What financial metric did digital leaders outperform laggards in?
Return on tangible equity (ROTE)
What was the annual total return to shareholders (TSR) for digital leaders?
8.2%
What was the annual total return to shareholders (TSR) for laggards?
4.9%
What does competitive advantage in banking come from?
End-to-end business model transformation
What is the first metric of business model transformation in banking?
Customer adoption of a mobile banking app
What are considered table stakes in banking?
Mobile apps
What are the three other metrics reflecting operational outperformance?
Digital sales, staffing levels in branch network, staffing levels in contact centers
What do leading banks integrate at the front end of their process?
Personalization analytics and digital marketing campaigns
What experience do leading banks create in the middle of the process?
Omnichannel experience
What capability do leading banks provide in real-time?
Customer approvals through automated credit risk decisioning
What do digital leaders drive at the back end of the process?
Customer self-servicing through well-designed digital workflows
What is essential for digital leaders to realign sales and servicing capacity?
Shift in incentives and performance management
What is core to differentiating digital winners in any industry?
Cross-functional alignment
What do digital leaders focus on building in their organizations?
Quality digital talent bench
What operating model do digital leaders adopt?
Agile teams that continuously improve customer experience
What kind of architecture do digital leaders build?
Modern and distributed technology and data architecture grounded in the cloud
What do leadership teams at digital winners do differently?
Reimagine their core business and break out of traditional silos
What do digital leaders invest in that creates competitive advantage?
Differentiating capabilities — both organizational and technological
True or False: Digital transformation opportunities are limited to certain industries.
False
Fill in the blank: Digital leaders create ever-improving customer experiences and drive lower unit _______.
cost
What is the outcome of investing in capabilities for digital leaders?
Great digital experiences and continuous improvement
