"Financial institutions are under fire to complete their digital transformation journey to meet the expectations of tech-savvy customers. The route to take is anything but clear.
The most valuable digital transformation for many banks, insurers and wealth managers starts with customer acquisition and onboarding, to improve customer engagement, loyalty and reduce abandonment.
Traditional routes of building digital engagement capabilities in house are proving to take years to complete and months to change. Buying off-the-shelf systems does not meet the complex needs of a large institution.
For big banks, wealth managers and insurers, the question is not Build vs. Buy, but build from scratch vs. build on a digital business platform that has a much higher chance of timely success."