What does Digital mean to you?

Apr 15th, 2014 | Posted by

Celent held a client roundtable on the subject of “Digital.” We had a sneaking suspicion that there wasn’t a lot of consensus on what that word actually means, so just prior to the event we asked participants “to list three words or initiatives that you associate with digital in your organization.”

Here’s what we found: of 30 responses from 10 people, only two terms were mentioned twice: “mobile” and “customer experience” (which isn’t quite a single word). Every other word was unique.

Digital WordCloud

I find this fascinating: there’s no agreement on what digital means, and yet it’s one of the hottest topics in financial technology today. How are we going to deal with this issue when we can’t even agree on what it is? We’d suggest that defining what digital means in your organization is a vital first step to refining your digital strategy.

My colleague Will Trout has also blogged on what we found during our roundtable.  You can find his thoughts here: http://wealthandcapitalmarketsblog.celent.com/2014/04/12/celent-roundtable-exploring-digital-in-financial-services/

 

  1. Mark Arnold
    Apr 16th, 2014 at 02:16
    Reply | Quote | #1

    Dan,

    Great insights! Digital certainly is a hot buzzword in banking today, yet we can’t even determine what it means! Digital seems to mean something to different to different people. I tend to agree that “digital” refers to a combination of experience and mobile. However, a true digital strategy encompasses every touch point of a bank and credit union.

    So what does digital mean to me? More than just what one word can summarize.

    Mark