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Liferay Releases Survey Results on Digital Transformation Progress in the Financial Industry

Among the findings: silos drive away customers, CIOs need bigger roles, back-end integration remains a major barrier

LOS ANGELES – (August 30, 2016) – Liferay, which makes software for enterprises, today announced the results of WBR Digital’s report, Assessing the Digital Landscape for Financial Institutions: How to Lead the Charge with People and Technology. The survey shows where financial institution executives now stand with their companies’ digital transformation initiatives, where the biggest challenges lie, and which digital strategies they are adopting in order to better present a unified customer experience across channels.

Full survey results are available in the benchmark report, Assessing the Digital Landscape for Financial Institutions: How to Lead the Charge with People and Technology, which can be downloaded at liferay.com/financial-digital-landscape.

The findings show financial institutions are experiencing momentum in their digital transformation initiatives (49% report being halfway through their rollouts) with real challenges remaining for delivering connected customer experiences. These include silos within organizations among business units that prevent addressing the entire customer life cycle and a lack of backend integration, which blocks progress in delivering omnichannel experiences.

“The results of this survey make it clear that digital strategy and marketing leaders in the financial industry view technology as essential to achieving digital transformation,” said John Choi, Director of U.S. Operations at Liferay. “Delivering engaging, personal customer experiences is critical for businesses to succeed going forward, and it’s imperative that financial institutions embrace the technology leadership, cross-functional team work and integration technology necessary to make those experiences possible.”

Key findings of the financial services digital business report include:

• The clock is ticking on digital transformation: Financial institutions as a whole are racing to implement advanced customer experience management and complete their digital transformations, with only 1% of respondents stating that they have yet to begin this process. On the other hand, only 4% of respondents reported completing their digital transformations; 37% are currently beginning a roll out, 49% are halfway through, and 9% are close to finished. Those lagging behind in this race risk falling behind in the competitive marketplace as well – and are in large part scrambling to properly empower and equip their IT teams to help them pick up the pace.

• Seamless omnichannel customer experiences and addressing the full customer lifecycle are common industry goals: The survey found 94% of financial services businesses are at some stage of coordinating a cohesive customer experience across channels, with only 6% not pursuing this course. At the same time, 92% are at some stage of addressing the full customer lifecycle. Three-fourths either have or are working on integrating customer acquisition and retention channels.

• Technology leadership is key, but all departments must work together: A full 87% of executives believe technology is intrinsic to digital transformation, and must be considered in tandem with strategy – suggesting that CIOs should play an influential role. However, while technology is considered essential, more than half of respondents say that access to IT resources is an obstacle. Signaling that clear and dedicated leadership across business units is a necessity for properly guiding a financial industry business through its digital transformation, 32% looked to the C-suite as the business unit that should own digital strategy, while 41% believed a cross-departmental digital team would be most effective.

• To address the full customer lifecycle, eliminate silos: When asked what the most pressing barrier to addressing the full customer lifecycle is within their company, 46% of respondents cited different business units owning different parts of the lifecycle (and another 16% cited budget constraints or budget spread across different departments). This is why creating and empowering a cross-departmental digital team is viewed as an effective solution.

• Backend integration is seen as a huge barrier: A plurality of 21% of respondents name a lack of back-end integration across systems as the greatest barrier to achieving an omnichannel customer experience. Further demonstrating the need for IT to play a leadership role as a driver of digital transformation, 18% cite unclear or competing ownership of customer experience with conflicting goals for the customer as a barrier.

Survey Methodology

The results analyzed in this report were gathered from responses to an on-site benchmarking survey delivered at NetFinance Interactive 2016, a Worldwide Business Research conference. Seventy executives at financial services companies participated in the survey.

关于Liferay

Liferay产品通过全渠道内网、门户、电子商务和集成解决方案帮助公司解决数字化挑战。我们的平台是开源的,因此它是更加可靠、创新和安全的。我们努力通过业务和技术为世界带来积极的影响。来自金融服务业、医疗保健业、政府、保险业、零售业和制造业等多个行业的公司都在使用Liferay。Liferay,同一个平台,无数种解决方案。访问我们请点击 www.liferay.com

About WBR Digital WBR Digital connects solution providers to their target audiences with year-round online branding and engagement lead generation campaigns. We are a team of content specialists, marketers, and advisors with a passion for powerful marketing. We believe in demand generation with a creative twist. We believe in the power of content to engage audiences. And we believe in campaigns that deliver results. Visit WBR Digital at www.digital.wbresearch.com.

联系

Rebecca Shin
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