2019 CULytics Digital Transformation Study

Welcome to the CULytics and Cornerstone Advisors Digital Transformation study, focusing on financial institutions' initiatives and plans regarding digital transformation.

The survey will take approximately 15 minutes to complete, and if you enter your email address at the end, we'll send you the completed report when it's published. Please note that the report will not be made available to non-participating financial institutions.

We greatly appreciate your participation and help with this research. Thank you.

Naveen Jain Ron Shevlin
President/Founder Director of Research
CULytics Cornerstone Advisors

1. Which definition of the term "digital transformation" best resonates with you?

Digital transformation is.....

Please enter an 'other' value for this selection.

2. What outcomes have your organization achieved so far from its digital transformation efforts, and what outcomes are you expecting to achieve in the next 12 to 24 months?

Space Cell	Achieved to-date	Have not achieved to date, but expect to achieve in the next 12 to 24 months	Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Improved efficiency (e.g., cost reduction, reduced cycle time, etc.)	Improved efficiency (e.g., cost reduction, reduced cycle time, etc.): Achieved to-date	Improved efficiency (e.g., cost reduction, reduced cycle time, etc.): Have not achieved to date, but expect to achieve in the next 12 to 24 months	Improved efficiency (e.g., cost reduction, reduced cycle time, etc.): Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Improved member experience/service delivery across channels	Improved member experience/service delivery across channels: Achieved to-date	Improved member experience/service delivery across channels: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Improved member experience/service delivery across channels: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Increased revenue generation opportunities	Increased revenue generation opportunities: Achieved to-date	Increased revenue generation opportunities: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Increased revenue generation opportunities: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Better fraud and risk management	Better fraud and risk management: Achieved to-date	Better fraud and risk management: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Better fraud and risk management: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
More value from existing technologies and vendor relationships	More value from existing technologies and vendor relationships: Achieved to-date	More value from existing technologies and vendor relationships: Have not achieved to date, but expect to achieve in the next 12 to 24 months	More value from existing technologies and vendor relationships: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Replacement of critical systems (e.g., core, online, EFT)	Replacement of critical systems (e.g., core, online, EFT): Achieved to-date	Replacement of critical systems (e.g., core, online, EFT): Have not achieved to date, but expect to achieve in the next 12 to 24 months	Replacement of critical systems (e.g., core, online, EFT): Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Partnerships with fintech startups	Partnerships with fintech startups: Achieved to-date	Partnerships with fintech startups: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Partnerships with fintech startups: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Invest in new systems (e.g., mobile, loan origination, CRM)	Invest in new systems (e.g., mobile, loan origination, CRM): Achieved to-date	Invest in new systems (e.g., mobile, loan origination, CRM): Have not achieved to date, but expect to achieve in the next 12 to 24 months	Invest in new systems (e.g., mobile, loan origination, CRM): Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Invest in infrastructure upgrades	Invest in infrastructure upgrades: Achieved to-date	Invest in infrastructure upgrades: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Invest in infrastructure upgrades: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months
Improved data management and analytics capabilities	Improved data management and analytics capabilities: Achieved to-date	Improved data management and analytics capabilities: Have not achieved to date, but expect to achieve in the next 12 to 24 months	Improved data management and analytics capabilities: Have not achieved to date, and don't expect to achieve in the next 12 to 24 months

3. How important are the following digital transformation objectives to your organization?

Space Cell	Not important	Somewhat important	Very important
Improve operational efficiency	Improve operational efficiency: Not important	Improve operational efficiency: Somewhat important	Improve operational efficiency: Very important
Generate more revenue from existing products and services	Generate more revenue from existing products and services: Not important	Generate more revenue from existing products and services: Somewhat important	Generate more revenue from existing products and services: Very important
Create new revenue streams	Create new revenue streams: Not important	Create new revenue streams: Somewhat important	Create new revenue streams: Very important
Improve/enhance the member experience	Improve/enhance the member experience: Not important	Improve/enhance the member experience: Somewhat important	Improve/enhance the member experience: Very important
Attract new members	Attract new members: Not important	Attract new members: Somewhat important	Attract new members: Very important
Reinvent our product and service offerings	Reinvent our product and service offerings: Not important	Reinvent our product and service offerings: Somewhat important	Reinvent our product and service offerings: Very important

4. What does your organization do to oversee or govern its digital transformation efforts? (select all that apply)

Developed a digital transformation roadmap
Appointed a digital transformation steering committee
Identified relevant key performance indicators
Hired senior manager(s) with relevant skills
Appointed board member(s) with relevant skills
Engaged a consulting firm

5. To what extent are the following factors barriers or impediments to digital transformation in your organization?

Space Cell	Not a barrier or impediment	Somewhat of a barrier or impediment	A significant barrier or impediment
Cultural and behavioral factors	Cultural and behavioral factors: Not a barrier or impediment	Cultural and behavioral factors: Somewhat of a barrier or impediment	Cultural and behavioral factors: A significant barrier or impediment
Lack of understanding of digital trends	Lack of understanding of digital trends: Not a barrier or impediment	Lack of understanding of digital trends: Somewhat of a barrier or impediment	Lack of understanding of digital trends: A significant barrier or impediment
Lack of digital skills	Lack of digital skills: Not a barrier or impediment	Lack of digital skills: Somewhat of a barrier or impediment	Lack of digital skills: A significant barrier or impediment
Inadequate IT infrastructure	Inadequate IT infrastructure: Not a barrier or impediment	Inadequate IT infrastructure: Somewhat of a barrier or impediment	Inadequate IT infrastructure: A significant barrier or impediment
Organizational structure not aligned	Organizational structure not aligned: Not a barrier or impediment	Organizational structure not aligned: Somewhat of a barrier or impediment	Organizational structure not aligned: A significant barrier or impediment
Lack of dedicated funding	Lack of dedicated funding: Not a barrier or impediment	Lack of dedicated funding: Somewhat of a barrier or impediment	Lack of dedicated funding: A significant barrier or impediment
Lack of data	Lack of data: Not a barrier or impediment	Lack of data: Somewhat of a barrier or impediment	Lack of data: A significant barrier or impediment
Lack of executive/senior management support	Lack of executive/senior management support: Not a barrier or impediment	Lack of executive/senior management support: Somewhat of a barrier or impediment	Lack of executive/senior management support: A significant barrier or impediment

6. To what extent would the following help your organization accelerate its digital transformation journey?

Space Cell	Would not help	Would help to some extent	Would help to a great extent
Knowing where to invest to drive value	Knowing where to invest to drive value: Would not help	Knowing where to invest to drive value: Would help to some extent	Knowing where to invest to drive value: Would help to a great extent
Identifying and vetting appropriate digital transformation technologies	Identifying and vetting appropriate digital transformation technologies: Would not help	Identifying and vetting appropriate digital transformation technologies: Would help to some extent	Identifying and vetting appropriate digital transformation technologies: Would help to a great extent
Access to digital skills to implement digital transformation strategies	Access to digital skills to implement digital transformation strategies: Would not help	Access to digital skills to implement digital transformation strategies: Would help to some extent	Access to digital skills to implement digital transformation strategies: Would help to a great extent
Defining organization structure and processes to extract value from digital transformation technologies that have been implemented	Defining organization structure and processes to extract value from digital transformation technologies that have been implemented: Would not help	Defining organization structure and processes to extract value from digital transformation technologies that have been implemented: Would help to some extent	Defining organization structure and processes to extract value from digital transformation technologies that have been implemented: Would help to a great extent

7. How "future-ready" are the following functions in your organization? (By "future-ready," we mean agile enough to deal with the technological, consumer-related and industry-related changes that are coming down the pike)

Space Cell	Not at all future-ready	Not future-ready, and we're falling behind	Not future-ready, but we're making progress	Somewhat future-ready	Very future-ready
Analytics	Analytics: Not at all future-ready	Analytics: Not future-ready, and we're falling behind	Analytics: Not future-ready, but we're making progress	Analytics: Somewhat future-ready	Analytics: Very future-ready
Branch delivery	Branch delivery: Not at all future-ready	Branch delivery: Not future-ready, and we're falling behind	Branch delivery: Not future-ready, but we're making progress	Branch delivery: Somewhat future-ready	Branch delivery: Very future-ready
Consumer lending	Consumer lending: Not at all future-ready	Consumer lending: Not future-ready, and we're falling behind	Consumer lending: Not future-ready, but we're making progress	Consumer lending: Somewhat future-ready	Consumer lending: Very future-ready
Contact center	Contact center: Not at all future-ready	Contact center: Not future-ready, and we're falling behind	Contact center: Not future-ready, but we're making progress	Contact center: Somewhat future-ready	Contact center: Very future-ready
Digital banking	Digital banking: Not at all future-ready	Digital banking: Not future-ready, and we're falling behind	Digital banking: Not future-ready, but we're making progress	Digital banking: Somewhat future-ready	Digital banking: Very future-ready
Fraud/Risk management	Fraud/Risk management: Not at all future-ready	Fraud/Risk management: Not future-ready, and we're falling behind	Fraud/Risk management: Not future-ready, but we're making progress	Fraud/Risk management: Somewhat future-ready	Fraud/Risk management: Very future-ready
IT	IT: Not at all future-ready	IT: Not future-ready, and we're falling behind	IT: Not future-ready, but we're making progress	IT: Somewhat future-ready	IT: Very future-ready
Marketing	Marketing: Not at all future-ready	Marketing: Not future-ready, and we're falling behind	Marketing: Not future-ready, but we're making progress	Marketing: Somewhat future-ready	Marketing: Very future-ready
Payments	Payments: Not at all future-ready	Payments: Not future-ready, and we're falling behind	Payments: Not future-ready, but we're making progress	Payments: Somewhat future-ready	Payments: Very future-ready
Wealth management	Wealth management: Not at all future-ready	Wealth management: Not future-ready, and we're falling behind	Wealth management: Not future-ready, but we're making progress	Wealth management: Somewhat future-ready	Wealth management: Very future-ready

8. For each of the technologies listed, please select the statement that best describes where your organization with that technology

Space Cell	Deployed before 2019	Expect to deploy in 2019 or 2020	No current plans to deploy
APIs (application programming interfaces)	APIs (application programming interfaces): Deployed before 2019	APIs (application programming interfaces): Expect to deploy in 2019 or 2020	APIs (application programming interfaces): No current plans to deploy
AI (artificial intelligence)	AI (artificial intelligence): Deployed before 2019	AI (artificial intelligence): Expect to deploy in 2019 or 2020	AI (artificial intelligence): No current plans to deploy
Blockchain	Blockchain: Deployed before 2019	Blockchain: Expect to deploy in 2019 or 2020	Blockchain: No current plans to deploy
Chatbot	Chatbot: Deployed before 2019	Chatbot: Expect to deploy in 2019 or 2020	Chatbot: No current plans to deploy
Cloud computing	Cloud computing: Deployed before 2019	Cloud computing: Expect to deploy in 2019 or 2020	Cloud computing: No current plans to deploy
IoT (Internet of things)	IoT (Internet of things): Deployed before 2019	IoT (Internet of things): Expect to deploy in 2019 or 2020	IoT (Internet of things): No current plans to deploy
Machine learning	Machine learning: Deployed before 2019	Machine learning: Expect to deploy in 2019 or 2020	Machine learning: No current plans to deploy
RPA (robotic process automation)	RPA (robotic process automation): Deployed before 2019	RPA (robotic process automation): Expect to deploy in 2019 or 2020	RPA (robotic process automation): No current plans to deploy
Video collaboration/marketing	Video collaboration/marketing: Deployed before 2019	Video collaboration/marketing: Expect to deploy in 2019 or 2020	Video collaboration/marketing: No current plans to deploy
Virtual (or augmented) reality	Virtual (or augmented) reality: Deployed before 2019	Virtual (or augmented) reality: Expect to deploy in 2019 or 2020	Virtual (or augmented) reality: No current plans to deploy
Voice technologies (e.g., Alexa skills)	Voice technologies (e.g., Alexa skills): Deployed before 2019	Voice technologies (e.g., Alexa skills): Expect to deploy in 2019 or 2020	Voice technologies (e.g., Alexa skills): No current plans to deploy

9. How important will fintech partnerships, collaborations, or investments be to your organization over the next two to three years? (Please think of "fintech" as startups in the financial space--either B2C-focused like Chime, Digit, Lending Club, etc. or B2B-focused like Abe.AI, Personetics,etc.--and NOT established vendors like FIS, Fiserv, Jack Henry, etc.)

How important will the following functional/product areas be to your fintech partnership, collaboration, and/or investment plans over the next two to three years?

Space Cell	Not at all important	Not very important	Somewhat important	Very important
Personal financial management (e.g., tools that analyze spending, or help consumers automatically save)	Personal financial management (e.g., tools that analyze spending, or help consumers automatically save): Not at all important	Personal financial management (e.g., tools that analyze spending, or help consumers automatically save): Not very important	Personal financial management (e.g., tools that analyze spending, or help consumers automatically save): Somewhat important	Personal financial management (e.g., tools that analyze spending, or help consumers automatically save): Very important
New banking products	New banking products: Not at all important	New banking products: Not very important	New banking products: Somewhat important	New banking products: Very important
Digital account opening	Digital account opening: Not at all important	Digital account opening: Not very important	Digital account opening: Somewhat important	Digital account opening: Very important
Payments	Payments: Not at all important	Payments: Not very important	Payments: Somewhat important	Payments: Very important
Lending and credit	Lending and credit: Not at all important	Lending and credit: Not very important	Lending and credit: Somewhat important	Lending and credit: Very important
Investment management	Investment management: Not at all important	Investment management: Not very important	Investment management: Somewhat important	Investment management: Very important
Insurance	Insurance: Not at all important	Insurance: Not very important	Insurance: Somewhat important	Insurance: Very important
International remittances	International remittances: Not at all important	International remittances: Not very important	International remittances: Somewhat important	International remittances: Very important
Fraud/risk management	Fraud/risk management: Not at all important	Fraud/risk management: Not very important	Fraud/risk management: Somewhat important	Fraud/risk management: Very important

Regarding your plans for fintech partnerships, collaborations, and investments, how important are the following business objectives?

Space Cell	Not at all important	Not very important	Somewhat important	Very important
Strengthen existing core competencies/competitive positions	Strengthen existing core competencies/competitive positions: Not at all important	Strengthen existing core competencies/competitive positions: Not very important	Strengthen existing core competencies/competitive positions: Somewhat important	Strengthen existing core competencies/competitive positions: Very important
Create new capabilities or competencies	Create new capabilities or competencies: Not at all important	Create new capabilities or competencies: Not very important	Create new capabilities or competencies: Somewhat important	Create new capabilities or competencies: Very important
Expand product line	Expand product line: Not at all important	Expand product line: Not very important	Expand product line: Somewhat important	Expand product line: Very important
Expand geographic reach	Expand geographic reach: Not at all important	Expand geographic reach: Not very important	Expand geographic reach: Somewhat important	Expand geographic reach: Very important
Reach new consumer segments	Reach new consumer segments: Not at all important	Reach new consumer segments: Not very important	Reach new consumer segments: Somewhat important	Reach new consumer segments: Very important
Reduce fraud	Reduce fraud: Not at all important	Reduce fraud: Not very important	Reduce fraud: Somewhat important	Reduce fraud: Very important
Reduce operating expenses	Reduce operating expenses: Not at all important	Reduce operating expenses: Not very important	Reduce operating expenses: Somewhat important	Reduce operating expenses: Very important
Improve the customer experience	Improve the customer experience: Not at all important	Improve the customer experience: Not very important	Improve the customer experience: Somewhat important	Improve the customer experience: Very important