Where digital transformations create value — and what businesses can do to beat the competition.
“Show me the money!” Cuba Gooding Jr., playing Rod Tidwell, made those words a cultural touchstone in the movie. He was not just voicing his concerns about committing to a sports agent, played by Tom Cruise in this case; he was also questioning Cruise’s commitment.
. But using proprietary data, we’ve found just how and where digital transformations create value — and what businesses can do to beat the competition.Hard evidence that directly ties digital and AI transformation to improvements in operational KPIs and financial performance is scant. Next, we combined this data with McKinsey’s Corporate Performance Analytics to see how banks ultimately perform against financial metrics . We then ran a blind assessment of the maturity of digital and AI capabilities of the leading and lagging banks.
Turning to digital sales provides a much more insightful answer. Here, the gap between leaders and laggards is growing fast, with leaders almost doubling their advantage over laggards over the five-year period. In fact, digital leaders grew digital sales from 40% to 70%, while digital laggards grew from 8% to 17%.
The value of this approach to transformation is also revealed in contact center staffing. Laggards saw an increase of 20% over the past five years, as they were unable to contain inbound calls from customers that enter digital channels. In contrast, digital leaders were able to decrease contact center staffing by 11% as they benefited from their ability to fully fulfill customer demand online and provide effective self-servicing capabilities.
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