The banking industry is the most likely to be negatively impacted if it does not embrace digital transformation, a new report has found.

The report conducted by Alfresco and Dimensional Research asked more than 300 IT professionals living in the U.S. and United Kingdom who work at companies with more than 500 employees.

According to the results, 40 percent of respondents said banking would suffer the most if it did not digitally transform. Eighteen percent of respondents said government and 10 percent insurance.

“Today’s corporate leaders must realize that digital disruption is happening, and it’s happening right now,” Alfresco Founder and CTO John Newton said in a statement. “Those who don’t have a digital strategy in place and IT modernization initiatives underway are not likely to survive.”

The industries mostly likely to improve from digital transformation include retail, health care, manufacturing and airlines.

Furthermore, 70 percent of IT stakeholders believe business executives are taking too long to make the digital transformation leap; only 38 percent feel the technology team is holding them back. Another 78 percent feel that people changes are the most difficult, while 22 percent feel the technology changes are the most difficult.

The survey also found that top predictors of success for digital transformation are IT vision (62 percent) and ability to implement new technologies (58 percent). On the other hand, the companies most likely to be disrupted are those that are lacking the vision and right levels of investment to succeed.

Banking Industry Must Embrace Digital Transformation

by Banker & Tradesman time to read: 1 min