# C-Suite collaboration is key to moving the financial services sector into the new era of digital transformation
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-03-04
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Overcoming Challenges in Digital Transformation for the
Meta Description: Discover how the C-Suite can adapt to the digital revolution in the finance sector, with insights on driving change and overcoming challenges.
URL: https://financedigest.com/c-suite-collaboration-is-key-to-moving-the-financial-services-sector-into-the-new-era-of-digital-transformationhtml

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_By **Nick Gold,** founder and Chief Executive of Speaker’s Corner_

**Responsibility lies with the C-Suite to construct a digital transformation plan**

_To successfully undergo digital transformation, companies must construct a clear plan. Responsibility for driving [digital transformation](https://www.financedigest.com/digital-transformation-for-the-world-of-finance-the-rise-in-collaboration-tools-and-saas-applications.html "Digital transformation for the world of finance: The rise in collaboration tools and SaaS applications ") across the enterprise lies with the C-suite. The CEO, [chief marketing officer](https://www.financedigest.com/future-market-insights-appoints-aditi-basu-as-chief-marketing-officer.html "Future Market Insights Appoints Aditi Basu as Chief Marketing Officer") (CMO), chief human resources officer (CHRO) and chief operations officer (COO), among others, must work together to make the transformation happen. However, this can be difficult to achieve as certain members of the C-Suite are more proficient with technology than others. This article will look at how to overcome resistance/challenges at a senior level to any [digital transformation](https://www.financedigest.com/world-class-finance-digital-transformation-and-analytics-based-decision-making-among-key-imperatives-for-creating-finance-agility.html "World-Class Finance: Digital Transformation and Analytics-Based Decision Making Among Key Imperatives for Creating Finance Agility") strategy._

**Technology meets disruption and what this means for the [finance](https://www.financedigest.com/why-the-finance-sector-must-prioritise-mobile-security-over-innovation.html "Why the finance sector must prioritise mobile security over innovation") sector**

The fourth industrial revolution, where technology meets disruption via the Internet of Things, robotics, virtual reality and [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence"), fundamentally changed the way we live and work.  This journey is taking us further into a world which we are only starting to understand.

_We can see this most clearly in the [finance sector](https://www.financedigest.com/the-technologies-set-to-boost-the-finance-sector-in-2022.html "The technologies set to boost the finance sector in 2022"), where at every stage of this revolution an area of this industry has been targeted and disrupted.   As leading thinkers and exponents from the finance sector have shared their stories through their speeches, explaining the current impact and forecasting what will happen next,  it is clear that for both the most established companies alongside the new wave of digitally lead [fintech](https://www.financedigest.com/7-cyber-threats-fintech-companies-should-watch-out-for.html "7 Cyber Threats FinTech Companies Should Watch Out For") companies, change is part of the regular business cycle._

_But having the processes and procedure in place to encourage change and be at the forefront of the [digital revolution will be critical to the continued](https://www.financedigest.com/the-fintech-digital-revolution-will-continue-in-2022.html "The Fintech Digital Revolution Will Continue in 2022") survival, let alone success, of companies within this sector._

As such, companies have realised that their processes, their products and even the reason for their entire existence [needs to change in order to survive this revolution](https://www.financedigest.com/hospitality-needs-to-join-the-contactless-revolution.html "Hospitality needs to join the contactless revolution "). However, the C-suite are struggling to adapt because this isn’t a clearly defined problem and there isn’t a historical precedent to follow.

**The [finance sector’s](https://www.financedigest.com/time-to-act-as-cybercriminals-hot-on-the-heels-of-finance-sector.html "Time to act as cybercriminals hot on the heels of finance sector") process for dealing with change**

In days of old, a business problem would have been identified and a decision would be made to implement a [technological solution](https://www.financedigest.com/grain-and-cereal-crop-market-novel-technological-solutions-will-create-lucrative-growth-opportunities.html "Grain And Cereal Crop Market : Novel Technological Solutions Will Create Lucrative Growth Opportunities").  With the recommendation approved, the C suite, usually the [Chief Technology Officer](https://www.financedigest.com/deutsche-bank-names-eigendorf-new-chief-sustainability-officer.html "Deutsche Bank names Eigendorf new chief sustainability officer"), would be tasked to deliver the project.  This suited all the C suite members as it meant that the expertise of each member of the executive was clear and there was a clear delineation between their roles and responsibilities.

_What fascinates me, especially in the finance sector, is for those established companies who historically have dealt with change (especially in the [digital or technology](https://www.financedigest.com/how-banks-can-use-digital-technology-to-become-more-sustainable.html "How banks can use digital technology to become more sustainable") space) by acquiring companies to utilise their technological systems and processes, this ‘traditional’ process for dealing with a changing marketplace is no longer as straight forward as it used to be._

_Why is this?  As I’m sure the reader is aware, the new [fintech companies which disrupted the market](https://www.financedigest.com/2021-and-the-fintech-market-bonanza.html "2021 and the fintech market bonanza"), with their digital led strategy and processes, need to retain their cultural DNA to keep innovating and growing revenue._

_But this doesn’t sit comfortable with the [traditional model](https://www.financedigest.com/insurers-must-reimagine-traditional-risk-models-to-adapt-to-climate-change.html "Insurers Must Reimagine Traditional Risk Models to Adapt to Climate Change ") of acquiring a company and then integrating them into the processes of the buying company.  The strengths of the new fintech company are being put at risk by this absorption and integration such that the company is [potentially putting at risk the positive](https://www.financedigest.com/grab-and-go-containers-market-anticipated-to-have-positive-potential-during-the-forecast-period-fmi.html "Grab and Go Containers Market anticipated to have positive potential during the forecast period.: FMI") benefits for the acquisition._

_The question is then posed for the acquirer, how do you integrate the new processes with all their benefits into the existing processes in an environment where the incumbents will be treating both the new company, new processes and new technological with a  level of disdain and certainly a high level of suspicion, they are after all [companies that have been leading](https://www.financedigest.com/multigrain-bread-mix-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2029.html "Multigrain Bread Mix Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2029") the finance sector for many years_

**The role of the C-Suite**

That mission sits squarely at the feet of the C Suite.  Their role is to provide strategic direction for the company, understand the opportunities for the [business and shape the vision and direction in order for the wonderful people who work for that company to deliver in their specific areas and for these people to see the challenge](https://www.financedigest.com/global-lycopene-market-outlook-business-challenges-investment-opportunities-progression-status-revenue-expectation-and-forecast-2022-2029.html "Global Lycopene Market Outlook Business Challenges, Investment Opportunities, Progression Status, Revenue Expectation and Forecast 2022-2029") of change as an opportunity to develop and grow.

This [moves the discussion at a C Suite level away](https://www.financedigest.com/exclusive-eu-to-move-away-from-emergency-phase-of-covid-pandemic-document.html "Exclusive-EU to move away from emergency phase of COVID pandemic – document") from a technological based discussion, away from a place where there might be reticence due to an individual’s relationship with technology to either be part of the discussion or even worse, not commit to their viewpoints as they defer to other who they view as experts.  It moves the [transformation away from digital](https://www.financedigest.com/can-ai-supercharge-your-banks-digital-transformation-strategy.html "Can AI supercharge your bank’s digital transformation strategy?") to strategic.

**Delivering digital transformation is about building a strategic path**

But digital transformation is nothing to do with the build and delivery of the systems, it is nothing to do with the evolution of the business [processes](https://www.financedigest.com/what-businesses-can-achieve-with-microsofts-full-suite-of-process-automation-tools.html "What businesses can achieve with Microsoft’s full suite of process automation tools") to work with the new transformed business, but it is everything to do with the strategic path that the company needs to take in this new era.

The fourth industrial revolution, where change is happening at an ever increasing pace, requires the C Suite to have a clear understanding of critical milestones from a business perspective, with diversity of business views based on expertise and experience, to ensure large scale digital transformation programs stay on track to deliver the requirements for the survival, [growth and success of their business](https://www.financedigest.com/uk-needs-to-make-politically-unpopular-reforms-to-boost-growth-business-group-says.html "UK needs to make politically unpopular reforms to boost growth, business group says").


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