Why are some companies lagging behind in the race for digital transformation?
“We have new entrants like Google, Facebook and others setting up shop and expanding their operations in Canada, which is putting further pressure on technology talent,” says Tilaksingh.
Beyond its strategic partnership with IGM, which was unveiled in 2020, Capco is working with more financial institutions, recognizing the need to grow itself. More and more banks, credit unions and wealth managers are embracing the theme of taking on the “three-headed monster” of improving customer experience, process automation and digitization.
Yet, says Tilak Singh, there is a difference between adopting something and implementing it. “You can make incremental improvement, or you can change, this type of change is change,” he says. “We are very fortunate to have customers beyond IGM, including two large banks in Canada and a very large credit union, who have made the decision to transition their business.”
To help drive that change for its customers, Capco is working with a large US banking technology provider to streamline, automate processes from start to finish through the customer experience. So that the information can be digitized in all respects as required.
While those changes can provide significant benefits for both the financial services enterprise and the end customers, it is not at the top of every financial firm’s priority list. In the money space, he pointed to a very important regulatory regime, a tighter focus on new product launches and a shift towards T+1, which are taking the firm’s attention and dollars.
