I am back with blog 3 in this series! In blog 1 I introduced the concept of the Digital Complexity Paradigm (DCP), and in blog 2, I broke down the DCP by focusing on the Technical Complexity factor of that formula. As covered in blog 2, using my favorite “digital transformation of the broom” example, the Technical Complexity enabling today’s digital is getting more and more challenging, and there is no end in sight. That in itself can be a mountain to climb.

Challenger Banks are the new age banks that have come into existence riding on the waves of technological and regulatory enablement. These banks, in general, are completely digital and don’t have a branch, saving loads of money, which makes the entire process convenient and cost-effective for the customer. Every year, they are gaining more and more popularity and have already taken over some categories like payments and transfers.

Digitalization is a challenge for wealth management firms and will provide an inevitable change in the coming decade. It is an essential aspect of modern investors’ premium service to include high-quality digital tools. Wealth management firms are facing challenges such as addressing the threat of fintech challengers, measurable success metrics, KPIs, and the advantages of life after paper, which are essential elements of a successful digitalization plan.

Core (Centralized Online Real-time Exchange) Banking is a system that enables a group of bank’s branches to perform transactions between accounts in different branches and share the data in real time.

On-Premise SAP Human Capital Management (HCM) was considered one of the most powerful Human Resource Managements (HRMs) until the relevance and necessity of cloud-based SAP SuccessFactors came into the picture. The two most prominent reasons for the growing popularity of cloud-based (Software as a Service) SaaS applications are (1) changes in the Gen Y and Gen Z workforce at offices, and (2) the developing culture of remote work.