$27.5 million, and 70%.
The former is the average cost of a digital transformation project, according to the International Data Corporation's Worldwide Digital Transformation Spending Guide.
The latter is the percentage of digital deployments which, according to McKinsey, fail or fall short.
Those aren't great odds, for any organization, including large international banks with deep budgets. But when you're an organization with limited resources, such as a regional bank or a credit union, it can become a chicken and egg situation.
On the one hand, a better digital experience is increasingly one of the primary reasons Americans switch banks.
On the other hand, the dearth of widely available, easily accessible digital banking best practices means product managers and UX teams must spend huge amounts of time and energy trying to figure out the basics via trial and error. And if you have limited resources and budget to work with, the poor odds may not make it feasible.
This is exactly the problem one of our clients faced before they signed up to our digital banking research platform FinTech Insights.
Here's a rundown of how our platform helped them...
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