EY and Oxford University recently published an article on banks transformation projects highlighting significant gaps between promised transformation project outcomes and actual results.
EY reported that 67% of surveyed bank executives had experienced at lease one transformation project that had significantly under performed and under delivered in terms of business outcomes.
Yet two-thirds of banking executives also say that transformation projects are critical to their bank’s ongoing and future success.
The most commonly identified causes of under performance in transformation projects were:
- Lack of senior executive involvement.
- No strong communication of the connection between the banks business strategy and the transformation project(s).
- Lack of focus on the transformation’s impact on employee experience and customer experience.
- Poorly defined and too narrow measures of success.
EY found that many banks limit the scope of transformation to the refinement and streamlining of business activities rather than taking the opportunity to re-think how the business operates.
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