Drive Transformational Changes

Finally, bank executives should identify the four to five transformational changes that align with their strategy and transform their positions, the ABA report says. It's important to track technologies — both those that become a barrier to change and the innovative platforms that will change the game three years from now but are just starting to be developed.

Solution providers that partner with vendors of leading-edge platforms could stand to gain here. In its own study, solution provider giant Cognizant cited the potential payoffs of bank investments in digital technology. A blog post this week cited a project with a U.S.-based multinational financial services organization that wanted to create a personalized web-based experience to help customers select products that best matched their needs. The results? A jump of 8 to 10 percent per year in credit applications and a 20 percent reduction in customer drop-off.