FSI Digital Transformation Weekly - Tactics and Playbooks for Financial Services and Insurance Executives
I have 20 years of experience operating and consulting for banks, payments players, insurers, and money managers, both incumbents and startups, with a primary focus on digital transformation. I define 'digital transformation' as the acceleration of business value creation & delivery through the effective leverage of technology & data capabilities. Therefore, the success of digital transformation is measured by its impact on the P&L compared to the baseline trend, as well as by the ROI of digital transformation efforts.
The reason for this newsletter is that I find popular digital transformation perspectives too theoretical and biased while proven practices are poorly understood. A typical FSI executive doesn’t know how to measure the outcomes of digital transformation, and those results tend to be underwhelming. Instead of building more effective operating muscles, FSI executives are usually counting on expensive external solutions or more internal buffers
This weekly newsletter synthesizes industry news, debunking myths and identifying proven tactics and playbooks for active FSI executives. This newsletter is for you if you are looking to drive a significant measurable P&L impact by transforming your FSI, leveling up yourself and your team while discovering your “blind spots” and being challenged.
The newsletter includes:
Digital transformation weekly news from the financial services and insurance (FSI) industry
Analysis and data points from proven and ineffective digital transformation practices in FSIs
Exclusive interviews with FSI practitioners
Content recommendations by other authors in this space
FSI Digital Transformation Weekly Sitemap
Digital Transformation Objectives
Goals: Transformation Definition, Metrics, Inevitability, Technology Modernization, Doing Good
Value: Business Model, Differentiation, Monetizing Platforms vs. Data
Macro: Digital Saturation, Changing Circumstances, Arms Race, Business Cycles, Expanding Entropy
Path to Target State
Target State: Best Operating Model, Required Maturity
Path: Digital Bubble, TradFi Derangement Syndrom (TDF), Transformation Theatre, From Digitization to Digital Transformation
Scalability: What To Scale, Cutting Bloat, Terminating Initiatives
Leadership Team Involvement
Stakeholders: Key Roles, Enterprise vs. LOB Heads
Responsibilities: CEO, CFO, Head of Digital Transformation, Business Head, CIO, Combining Roles
Operational Tactics
Organizational design: Insourcing, Team Structure, Project vs. Product Managers, Agile/Scrum Roles, Talent Selection
Software Development: R&D, Productivity
Support: Service Desk and Customer Support
Vendor Management: Partner Selection, Consultant Selection
Routines: Combatting Rot, WFH vs. RTO, Meetings, Learning, Training
Technology & Information pillars
Software: No-Code, Legacy Replacement, Buy vs. Build
Hardware: Cloud vs. Self-Hosting, Cloud Repatriation
Information: Data & Analytics, AI
Segment, Product, and Size Nuances
Segment: Latinos, Small Businesses
Product: Difference across Products, Home Insurance, Payments (Crypto, Blockchain)
Size: Smaller FSIs
Myths
Objectives: Always Transforming, No Physical Footprint
Disruption: Digital Revolution, Disapearnce vs. Losing Market Share, Failing FSIs
Organization: Value of Restructuring, Importance of Culture, Agility is Good
Focus areas: Cloud-first, Customer Experience, Generative AI
Accelerators: Partnerships, Subsidiaries
Case Studies
Banking: Citi, Bank of America, Raiffeisen, TD Bank, JPMorgan
Payments: PayPal
Money Management: Blackrock Aladdin
Insurance: MIB (Life), Young Alfred (Home)
FinTech: Ramp
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