Why your bank cannot afford to wait on digital transformation

4 min read

Digital transformation: Banks must adapt to stay relevant

The demand for digitalization in the financial sector is more pressing than ever. In 2024, the shift towards digital transformation is not only shaping consumer behaviors but also influencing how enterprise organizations operate. 

Young digital banking users demand the same level of convenience and user experience offered by major tech companies such as Google or Apple. With Gen-Z and Millennials setting the bar high for technology-driven experiences from financial institutions, it is crucial for traditional banks to undergo a digital transformation.

Traditional banks cannot afford to ignore digital transformation in banking. Financial institutions must adapt to meet the expectations of this younger generation or risk losing them.


Increase profitability with a digital banking solution

McKinsey highlights that major banks often fall behind their competitors in terms of innovation speed and productivity. Relying on traditional operating models and lacking the adoption of agile work methods can impede the progress of their digital transformation journey.

If traditional banks desire to keep up with neo-banks and big tech players, they must find a faster way to cater to their client’s needs without expending costs. With an out-of-the-box digital solution that is composable and core-agnostic, banks can quickly transition to digital banking channels and thanks to Open APIs have a continuously innovative roadmap. 

By partnering with solution providers, banks can accelerate their digital transition and improve customer experience while remaining competitive in the digital era. According to a study by KPMG, the return on investment after undergoing a digital transformation is exceptionally high. In fact, hardly anyone mentioned experiencing flat returns. 

Choosing low-code digital banking solutions is also a very effective way to accelerate digital transformation. 


The path to a successful digital banking transformation 

In 2024 banks continue to face a turbulent global economy, fierce competition, and changing consumer behavior. In this sense, CIOs need to prioritize budget-driven quality in software development.

ebankIT delivers a digital transformation that provides banking CIOs with a future-proof roadmap. Empower your institutions with the tools to get ahead of the competition quickly.

Select and implement only the modules that suit your business strategy. Thanks to ebankIT Studio, a low-code tool, you can develop digital channels without requiring additional IT support

With ebankIT, financial institutions can confidently embrace the digital age while ensuring their customers’ utmost security and efficiency. Discover the key strategies to successfully navigate a digital banking transformation and transition from a digital novice to a digital pioneer.




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