Digital Transformation: Time To Wake Up?

The figures that Dr. Sebastian Walter has brought to lecture hall K-001 must make you think: Only about twelve percent of companies undergoing M&A transformation are actually doing so successfully. Two thirds do not. With the digital transformation currently underway, the figures look even worse. There, only about one percent of the companies are really successful in adapting - the rest are mediocre or below. Walter is Expert Vice President at Bain & Company in Berlin, one of the three largest management consultancies in the world. In his guest lecture "Digital Transformation in the Finance Industry" as part of the master course "Financial Technologies", he explained why some companies in the finance industry are sometimes poorly prepared for the digital transformation and lack a clear goal.

"Can you help us to make our company more digital?" According to Sebastian Walter, anyone who asks this question has not yet understood the first thing about digital transformation. Because it is not an end in itself. It is often a useful means of pursuing corporate ambitions, but these must be clearly defined. What matters is a solid business model and a vision for the upcoming ten to twenty years. The digital transformation will contribute to achieving these goals. Those who pursue it for its own sake will not achieve sustainable success with it, according to the expert.

There are a whole range of examples of how digital transformation can be used profitably: Artificial intelligence, augmented reality or robotic process automation. For banks that have sought advice from Dr. Sebastian Walter and his team in the past, it was often a matter of gaining access to new markets. Since the establishment of an extensive branch network would have been extremely costly, the solution there was a direct bank via app. The newly developed application, which was limited solely to the customer's requests that were important for opening the account, meant a huge time saving for both sides. An example of a successful digital transformation in the financial industry.

No transformation is like the other and individual solutions must be sought again and again. However, once the initial skepticism has been overcome and a sound business model has been established, digital transformation can offer companies faster, simpler and cheaper marketing solutions.