London is one of the most competitive business cities in the world. With so many businesses vying for attention, making a name for yourself can be challenging. Established businesses have to work harder than ever before to stay ahead of the curve and keep up with the latest trends.
According to Contino’s 2021 digital transformation report, some businesses have found success by embracing digital transformation, and here are some of the tech leaders and how they managed to successfully implement digital transformation strategies.
As the Head of Cloud Engineering at Lloyds Banking Group, Matt is responsible for building out their cloud services and technologies and overseeing the delivery of new features regularly. Lloyds Banking Group is one of the most established businesses in London with Lloyds Bank being able to trace its establishment back to 1765.
“It’s not just about building the technologies, but about building systems that engineers want to use and can scale as the transformation journey progresses,” said Matt. Matt can prove the value of fully cloud-native solutions at a major retail bank, which is no easy feat considering the regulatory environment of financial institutions. He recommends that you give your experts space to work, take your security team with you, and pick your battles when it comes to digital transformation.
To keep up with the latest trends and remain competitive, Lloyds Banking Group embraced digital transformation. Their cloud-first strategy allowed them to increase their agility and improve their customer experience. Lloyds now has a highly secure and more robust digital capability, enabling engineers to release new code in just 15 minutes, whereas previously, it took over a month. For example, the bank used the platform to build a scalable chatbot that has served millions of customers during the COVID-19 pandemic, reducing pressure on call centres.
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Geoffrey Horrell is the Head of Refinitiv Labs at Refinitiv. He is responsible for developing new software and technology that will help solve customer problems in financial markets. They are known for their data-driven platform, which provides valuable insights into the financial markets and their commitment toward digital transformation.
“People want the MVP to be as real as possible; seeing a prototype brings an idea to life for customers, who in turn give us honest and insightful feedback,” said Geoffrey.
It was leading by example with relentless customer focus to transform financial services by designing digital solutions that unlock new opportunities for companies in the industry. The team used this model with great success during COVID-19 when they needed rapid development of new products and services to support customers facing unprecedented challenges.
The outcome is that Refinitiv Labs not only provided data products that enabled weeks of high-value data science work to be done in seconds, but the close partnerships they develop with clients are a conduit for showing them how to transform themselves digitally.
At the time of the digital transformation report, Anant Patel was the Head of Market Risk at Investec. He has over 20 years of experience in the financial sector and has been with Investec for over 15 years.
Anant worked hand-in-hand with the technology and the business to help drive digital transformation forward. He says that “When you are in the most competitive industry in the most competitive location for that industry on the planet, you need to be nimble.”
Defragmenting and unifying across people, processes, and technology is a crucial component of digital transformation, which Anant is excited about. Anant suggests that it’s critical to bring your staff along as a group, and integration is non-negotiable; with customer-centricity, you must be clever. The entire company could transition seamlessly to remote working overnight without a single employee or customer being affected.
Digital transformation is a process that all businesses must undergo to stay competitive in the current market regardless of size or industry. While it can be daunting, many success stories of businesses have managed to make the transition successfully.