Financial services firms "poorly prepared" for digital change

Financial services firms are poorly prepared when it comes to digital transformation, due to a big disconnect between how ready businesses say they are and the actual levels of investment in training and development, according to learning provider AVADO.

Related topics:  Finance News
Rozi Jones
16th December 2016
Social media business tech
"To really grasp the digital opportunity, it takes serious commitment from leadership and the right levels of investment in the right kinds of training programmes"

Its research found that fewer than three in ten businesses invest in digital-specific training across the organisation and over half of learning and development professionals say that chief executives "only pay lip service to digital transformation".

Measured across 17 criteria of preparedness, the financial services sector scored third lowest for digital preparedness.

For over a fifth (22%) of respondents the digital training undertaken to date hasn’t delivered tangible and measurable ROI. The data also found that a quarter of businesses fail to benchmark and measure the impact of digital training programmes and almost a fifth (18%) report low levels of employee engagement in these programmes.

For 43% of businesses, the Chief Information Officer is heading up digital change with just under a quarter (24%) assigning responsibility to a Chief Digital Officer. For a fifth (22%) of businesses the CEO is leading the drive towards digital transformation.

Lisa Barrett, managing director at AVADO, commented: "We’ve learned that for businesses to really grasp the digital opportunity, it takes serious commitment from leadership and the right levels of investment in the right kinds of training programmes – ones that deliver business impact. Put simply, companies need to take their whole organisation on a learning journey. And for the ones that get this right, the results can be transformational."

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