In this thought-leadership paper, we delve into the significance of an elevated employee experience and its direct impact on customer satisfaction
Key Takeaways
01
Gain insights about the latest trends and best practices in leveraging modernized techniques to accelerate your transformation initiatives.
02
Discover how modern approaches to application delivery, integration, and testing are empowering organizations to achieve digital excellence.
03
Learn how to capitalize on modern technologies for a seamless EX that places CX at the center.
04
Explore the common hurdles and roadblocks faced by organizations on their digital transformation journeys.
Get Your Report
Get The Full Report Here
Of financial services institutions lost between $1M and $50M due to unsuccessful digital transformation efforts.
Digital Transformation Failures
80%
Employees’ availability of time devoted to digital transformation execution around their other job responsibilities
13.30%
Lack of technology skills or knowledge
11.50%
Change resistance
8.80%
Legacy technologies
Security
8.80%
8.80%
The business and IT Leaders identified and ranked the top 5 challenges that contributed to poor execution of the digital transformation initiatives.
On the contrary, the survey also identified the top 3 areas in which financial institutions were largely successful in their efforts to transform their organizations digitally.
Restructuring our organization to increase agility
36.40%
Moving applications to the cloud/deploying SaaS
49.53%
Training employees and executives to improve digital skills
50.50%
Read Full Report
41.8%
Top 4 challenges your organization faces in modern application development
34.2%
34.2%
34.2%
Transform our organization to become a digital business
Business and IT priorities needs alignment
Improve overall customer experience and satisfaction
Streamline business operations and costs
Create an organizational culture that embraces innovation and customer-centricity
Improve governance strategy and processes
1
2
3
4
5
Except for improving Customer experience, both Business and IT priorities are not in alignment. It's important for both business and IT leaders to sit together and evolve priorities for maximum alignment for organizational success. Else, we’ll be facing the same challenges as lack of collaboration and organizational silos, which will hamper their digital transformation efforts.
Read Full Report
Improve our use of data insights in business decision making
Improve security and privacy of organization
Migrate our IT infrastructure
Improve IT capabilities to enhance employee experience
Improve IT capabilities to enhance customer experience
Top 5 IT Priorities
1
2
3
4
5
Collaborate with a strategic vendor while building your modern enterprise.
As your organization confronts challenges, the objective is to evolve into an adaptive entity capable of responding swiftly to the rapid changes in the age of the customer. Although many firms can attract creative talent, only a select few can establish the ideal environment, structures, and incentives for that talent to flourish flexibly. Forge a close partnership with a strategic ally who can guide your organization in approaching change management for people and skills in an unconventional manner, aligning with the modernization practices you aim to accomplish.
65.08%
RPA
64.06%
Testing services, including automated testing services
To learn how to do agile software development
62.00%
Cloud native development services
74.07%
Top 5 application development areas do you expect your organization to work with a service provider over the next 12 months.
72.20%
Modern application development services
72.20%
Modern Application Development Services
The challenges & successes in the realm of digital transformation within financial institutions underscore the critical need for strategic planning and collaborative efforts. The alarming statistic that almost 80% of institutions faced significant financial losses due to unsuccessful digital transformation initiatives serves as a stark reminder of the hurdles organizations encounter. It also emphasizes the importance of modern application development techniques, yet the existence of organizational silos and a lack of collaboration hinders progress. Lastly, the recommendation to collaborate with a strategic vendor highlights the necessity of external partnerships to navigate the complexities of modern enterprise building. As organizations strive to adapt and thrive in the digital age, these insights serve as valuable guideposts for future endeavors.
Quinnox unlocks the hidden potential of your business across your digital value chain and helps you to accelerate success.
The leaders understand the importance of modern application development (MAD) techniques that can contribute to higher revenue growth & customer experience and drastically improve business agility and business efficiency in terms of processes, resources, and operational Quinnox commissioned Forrester Consulting to conduct a custom study to explore the evolution of digital transformation and the effectiveness of aligning their modernization efforts to business outcomes, especially in the areas of integration, testing and modern application delivery capabilities.
Quinnox commissioned Forrester Consulting to conduct a custom study to explore the evolution of digital transformation and the effectiveness of aligning their modernization efforts to business outcomes, especially in the areas of integration, testing, and modern application delivery capabilities. Forrester conducted an online survey with 546 businesses and IT decision-makers at organizations in the US and UK.
FEATURING
The MAD Conundrum
Learn More