Chris Skinner's blog

Shaping the future of finance

Realising the digital dream (free research)

Chris Skinner Author Avatar

I recently did a podcast and webinar with the Institute for International Finance (IIF). The timing was great because they’ve just produced a set of three reports about digital transformation in partnership with Deloitte.

I can thoroughly recommend the three reports so here they are:

Oh, and if you’re interested in what they’re about, here's the low-down:

The Top Nine Challenges to Digital Transformation for Financial Institutions

The IIF and Deloitte have launched a three-part series to explore how financial institutions are embracing digital innovation to tackle shifting market dynamics and disruptive forces, such as open data, changing customer expectations and disintermediation of the value chain.

The first paper in this three-part series, The Top Nine Challenges to Digital Transformation for Financial Institutions​, draws from interviews with more than 60 executives, regulators, and policymakers at leading financial institutions globally, asking what digital transformation means and what challenges financial institutions may experience along the transformation journey. This paper frames nine factors that can shape the success of digital transformation. We look at these factors from internal and external perspectives to see how they are commonly impacting the digital transformation journey of financial institutions.

The second paper explores how digital transformation is essential to future-proofing the business and improving customer experience, employee capabilities, operational efficiency, and business economics. This point is particularly relevant in light of the COVID-19 crisis and the ability of FIs to respond.

To understand what digital transformation success in financial services, the IIF and Deloitte gathered insights from 80+ executives and transformation leaders, from across banks, insurers, regulators and supervisors, and policy makers around the world. This second paper in a three-part series , "Realizing the Digital Promise: Key Enablers for Digital Transformation in Financial Services," examines the key enablers for overcoming the challenges that were set out in our first report.

These enablers center on five key themes:

  • Customer centricity
  • Organizational foundations
  • Talent and culture for an innovation mindset
  • Successful transformation strategy and execution capabilities
  • External collaboration and proactive engagement

Looking ahead, our third paper will explore the external ecosystem, including regulatory and policy factors that influence financial institutions’ digital transformation journey.

Then, the final paper, looks in depth at the response to COVID-19. In a matter of weeks, COVID-19 has forced radical changes in customer behavior, moved significant portions of the economy online, and increased customers’ comfort and willingness to engage digitally. Moreover, for many financial institutions, COVID-19 has unlocked hidden potential, stripping away many of the barriers that organizations traditionally face in realizing the digital promise.

The Institute of International Finance and Deloitte have joined together to explore digital transformation in financial institutions. In this supplement, we examine the four fundamental shifts brought on by COVID-19 that have accelerated digital transformation in the financial services industry, discuss the role digital has played in financial institutions’ pandemic response, and explore the implications for these institutions as they navigate the uncharted waters ahead. We also offer 10 “no regret” actions across customers, businesses, shareholders and stakeholders, and employees/workforce that financial institutions can take today to thrive in the new normal.

The four fundamental shifts brought on by COVID-19 are:

  • Forced adoption of online, mobile, and call center
  • Overnight virtualization of workforce and ways of working
  • Tipping point for digital and contactless payments
  • Evolution of underlying market structure and economics



Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Intelligent Money: Our Future Is Where We Do Not Think About Money, As Our Money Thinks For Us

What is the future?

Learn more

Learn more about Chris

About Chris Skinner

The Past, Present And Future Of Banking, Finance And Technology

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Join me on Linkedin

Follow Me on X!

Hire Chris Skinner for dinners, workshops and more

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Chris’s latest book

Order now

Chris Skinner’s ‘Intelligent Money’ Book Launch Event

Top 50 Global Thought Leaders and Influencers on FinTech 2023

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Global Awards

Lifetime Achievement Award

Global 100 - 2024 Winner

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best Financial Markets Advisor of the Year 2023

30 Best Regtech Blogs and Websites 2023

Kids creating the future bank | TEDxAthens

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award


Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser