Digital Transformation: A Strategy Framework for Digital Transformation in Legacy Banks
Guide S Guruprasad
The project aimed to understand the scenarios of digital transformations that the banking industry is going through and how these digital transformations can be made successful in the face of constantly changing dynamics. The current approach to digital transformation and the rate of failure is as high as 70 percent. Organizations are just jumping into the fray by replicating competitor models without really understanding the contextual requirement. The objective of the project was to develop strategic design interventions for legacy banks, to create a value-chain-driven, holistic digital banking experience.
The scope involved thorough research of the banking industry and understanding of the value chain with systems thinking, followed
by design intervention explorations. Pankaj developed key strategic directions for banks to seamlessly integrate digital and physical processes to create a memorable experience for the customer and remodel their business operations to deliver new customer value propositions effectively, efficiently and in innovative ways.