Transforming an Analog Firm into a Digital Enterprise

Rob Llewellyn By Rob Llewellyn

Transforming an Analog Firm into a Digital Enterprise

Several years ago, the leadership team at BBVA Bank saw many of the risks and opportunities associated with digital disruption, and they needed to transform themselves into a knowledge-driven digital enterprise. It was clear that customers were changing and that new competitors were appearing.
But the transformation of a 158-year old global group whose 100k staff have 51 million customers to look after, was destined for complexity and the need for world-class transformation capability.
The BBVA Chairman & CEO Francisco González explained, “At BBVA we soon became aware of the depth and reach of the change faced by the banking industry when many still thought our field would be perpetually shielded by regulations and user conservatism.”
Serious consideration of disrupters like Bitcoin, Bitstamp, Xapo, Kickstarter and Apple is vital for banks like BBVA. As in any industry, regardless of how strong their past has been, a new future is being shaped by disruptive start-ups, and no company can afford not to sit up, take notice and transform themselves accordingly. As the BBVA CEO article states, “those banks that let the challenge of transformation go unmet, or fail in the attempt, are doomed to disappear“.
As McKinsey reported in this article on Digital Banking in Asia the rapid shift toward digital banking presents far-reaching consequences for the entire financial-services industry as attackers could potentially use digital banking as an innovative way to capture market share. Traditional banks need to drive innovation to enhance customer engagement and offer new value to customers.
In addition to digital technologies such as Cloud, Mobile and Social Media, banks need to take the lead in Big Data techniques if they wish to take advantage of their current status and create new competitive advantages for themselves. These digital technologies need to underpin better customer centricity, a more effective workforce, and operational excellence.
Here is the full account of BBVA’s transformation by Chairman & CEO Francisco González.

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About Me

With over 20 years helping managers and leaders generate commercial value from technology, Rob Llewellyn is dedicated to helping the new breed of digital economy professionals write the next digital economy success stories.

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