Following a report on the state of digital banking that found a “recipe for failure” in today’s banking ecosystem in regard to digital transformation, The Financial Brand turned to digital analyst Brian Solis for his assessment of the reason behind the industry’s stall.

The Financial Brand writes:

“According to Solis, companies that say their digital transformation efforts are focused on specific business units or disciplines are typically in the early stages of digital transformation. In these companies, resources are concentrated on a single unit of the organization — either on its own or as an executive sponsored effort — that is undergoing transformation based on a specific goal.”

Solis continues, “The more advanced organizations are working on inter-departmental goals, with many areas of focus. Over time, it is hoped that digital transformation efforts at less mature organizations expand across the organization to provide all of the benefits that can be achieved through an overarching process.”