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2019 CULytics Digital Transformation Study

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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.....
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-dateHave not achieved to date, but expect to achieve in the next 12 to 24 monthsHave 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 member experience/service delivery across channels
Increased revenue generation opportunities
Better fraud and risk management
More value from existing technologies and vendor relationships
Replacement of critical systems (e.g., core, online, EFT)
Partnerships with fintech startups
Invest in new systems (e.g., mobile, loan origination, CRM)
Invest in infrastructure upgrades
Improved data management and analytics capabilities
3. How important are the following digital transformation objectives to your organization?
Space Cell Not importantSomewhat importantVery important
Improve operational efficiency
Generate more revenue from existing products and services
Create new revenue streams
Improve/enhance the member experience
Attract new members
Reinvent our product and service offerings
4. What does your organization do to oversee or govern its digital transformation efforts? (select all that apply)
5. To what extent are the following factors barriers or impediments to digital transformation in your organization?
Space Cell Not a barrier or impedimentSomewhat of a barrier or impedimentA significant barrier or impediment
Cultural and behavioral factors
Lack of understanding of digital trends
Lack of digital skills
Inadequate IT infrastructure
Organizational structure not aligned
Lack of dedicated funding
Lack of data
Lack of executive/senior management support
6. To what extent would the following help your organization accelerate its digital transformation journey?
Space Cell Would not helpWould help to some extentWould help to a great extent
Knowing where to invest to drive value
Identifying and vetting appropriate digital transformation technologies
Access to digital skills to implement digital transformation strategies
Defining organization structure and processes to extract value from digital transformation technologies that have been implemented
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-readyNot future-ready, and we're falling behindNot future-ready, but we're making progressSomewhat future-readyVery future-ready
Branch delivery
Consumer lending
Contact center
Digital banking
Fraud/Risk management
Wealth management
8. For each of the technologies listed, please select the statement that best describes where your organization with that technology 
Space Cell Deployed before 2019Expect to deploy in 2019 or 2020No current plans to deploy
APIs (application programming interfaces)
AI (artificial intelligence)
Cloud computing
IoT (Internet of things)
Machine learning
RPA (robotic process automation)
Video collaboration/marketing
Virtual (or augmented) reality
Voice technologies (e.g., Alexa skills)
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 importantNot very importantSomewhat importantVery important
Personal financial management (e.g., tools that analyze spending, or help consumers automatically save)
New banking products
Digital account opening
Lending and credit
Investment management
International remittances
Fraud/risk management
Regarding your plans for fintech partnerships, collaborations, and investments, how important are the following business objectives?
Space Cell Not at all importantNot very importantSomewhat importantVery important
Strengthen existing core competencies/competitive positions
Create new capabilities or competencies
Expand product line
Expand geographic reach
Reach new consumer segments
Reduce fraud
Reduce operating expenses
Improve the customer experience