Many financial services organizations have already embarked on their digital transformation journeys, and for those yet to take the initial step, each passing year has presented a new challenge or delivered further disruption that underlines the necessity to start that journey. Customer-centric, data-fluent businesses have greater agility, greater capacity to adapt to change, and a wider suite of processes, systems and potential solutions to meet challenges head-on.

An organization that can claim to be digital by default is in total control of the totality of its data. When data can be corralled and shared across a business, without impediment, it enables all employees to innovate, share ideas and provide insights. And when data and insights start driving a business forward, that organization moves closer and closer to its customers.

The arrival of generative AI means that banks and financial services organizations need to transform if they are going to truly move the needle with this technology.

And this is because GenAI adoption and integration must be viewed as something greater than an IT project. It can create new processes and improve existing operations, but it also changes traditional ways of working and can impact overall business culture. As such, it’s as much about change management, upskilling and reskilling as it is about systems integration. And this, in turn, means it’s a project that requires executive-level sponsorship and a clear roadmap.