When it comes to digital transformation in the financial industry, insurance companies have been lagging far behind in some ways. Encumbered with many of the problems besetting the banks, such as legacy systems, statutory and governance requirements and business models that are up to 300 years old, they see transforming into a digital presence as an uphill task. Yet in some ways, insurers have leapfrogged new technological hurdles, especially when assimilating the Internet of Things by using...

While digital transformation for a retail bank requires a new appreciation of the customer as an individual, a total redesign of the bank's business model, and an engaged workforce, there is a lot of work to be done in the tech space too. Of course, this will be unique to each bank, and defined by its range of products and services, current core banking systems, IT budget and vision for a digital future. However, there are some common issues to deal with for every bank. Once there is a clear...