Likhit Wagle, Global Industry Leader, Banking & Financial Markets, IBM Global Business Services, IBM Industry Academy Member, speaks about digital.
Mr. Wagle comments: A digital is very much a must for three main reasons:
1. Customers are demanding it more and more. The customers of the financial services industry are getting very used to digital. They are getting a great experience in everything they do through digital and they are expecting the same type of experience from their financial services companies. So digital is essential from that perspective.
2. If you look at the financial performance of these companies, there must be substantial improvement, particularly substantial reduction in cost. I think digital is the way to do that through automation of processes and also to get to the next generation of infrastructure which will radically reduce the level of operations and IT cost that the industry is facing.
3. The industry continues to be under regulatory pressure, and if you look at the compliance that is required – once again, I think digital will enable financial services companies to be able to comply much more effectively, efficiently and at significantly lower levels of cost.
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