1 Introduction

In recent report by McKinsey, shocking and frightening facts about the global banking sectors were discussed and presented; Banking is in a flat and uninspiring performance rut, for the last 7 years, the industry return on equity (ROE) has remained between 8-10%, for the first time since the subprime crisis, industry growth has slowed down to just 3% year to year (down from 6% in 2015), banking revenues in the EU and the US are nearly flat, gaining only around 1%, margins are narrowing while the costs are on the rise, bank shares are trading at low multiples, highlighting investor concerns for the future of banks, technology companies are disrupting financial services, the drivers for bank valuations have changed, the Fintech digital threat is greater than first anticipated. As a conclusion, McKinsey suggests that in order to be successful, banks must go digital, banks need to embark on a comprehensive digital transformation to prepare themselves for a data and digital world. McKinsey added, the warning is stark “A full-scale digital transformation is essential, not only for the economic benefits but also because it will earn banks the right to participate in the next phase of digital banking”.

2 Workshop Description and Objectives

Digital transformation is a multidisciplinary process that introduces enormous changes in most if not all facets of an organization to revive its game plans, to face the fierce competitions and to capture the new opportunities of the digital world. Digital transformation is not about deploying the cutting-edge digital technologies in all aspects of the organization, however, it is about the change of the mindsets of the decision makers to realize the important fact of “going digital” became the only option left to cope with the challenges of the digital economy. Going-Digital requires the decision makers to change their visions, their strategies and obviously the ways business is being operated in order to break down barriers, to improve efficiency cost-effectiveness, and dramatically enrich customer engagement and experience. Leaders have to realize, digital can impact business strategy, user experiences, marketing channels, technology platforms, product development, human resources, communications, customer services, operations, and so on. Last but not least, disruption in innovation, in technology or in business models is very hot and critical subject, where leaders and decision makers may consider it threat or opportunity.

The objective of this workshop is to introduce to the participants the main components and elements for a successful digital transformation roadmap in organizations in general and in the banking sector in particular. Participants will learn what are the barriers and the challenges that most of the organizations face in their journey of the digital transformation.

Digital masters organizations managed to build their capabilities to be digital masters without which their survival could have been at stake. The answer to the question: How those organizations managed to overcome difficulties and obstacles, will be part of the workshop for more discussions using famous cases in different sectors to gain more insights and to get a wider picture about the digital transformation execution and implementation.

Moreover, various digital transformation enabling, and disruptive technologies, innovations and business models will be covered such as platforms, mobile technology, analytics, Internet of Things, big data, social media, sensors, apps, and cloud computing, Fintech, blockchain, big data analytics, Artificial Intelligent, Machine Learning, Smart City.

3 Learning Objectives

After the workshop participants will be able to:

· Define Digital Transformation concept

· Understand the Digital Transformation methodology and framework

· Assess the current digital transformation maturity level of an organization

· Understand the 4 levels of Digital Mastery

· Understand how to develop the digital masters capabilities

· Identify who should lead the journey of the digital transformation

· Understand how to deliver happier customer experiences

· Know what are the 3 paradoxes of the internal operations improvement

· Know what are the 5 archetypes for business model reinvention

· Understand the impact of disruptive technology and innovation

· Develop a digital strategy that leverages the organizational competitive advantage and preserves it for the future

· Explore how to promote employee productivity, creativity, and engagement

· Roll out the capability development process to support the digital change in an organization

· Recognize new digital technologies that will impact the business

4 Didactic approach

During the workshop, different approaches will be deployed to help the participants acquire the maximum learning from the workshop. Below is the list of different types of didactic approaches that will be adopted in the workshop. For example:

- Presentation

- Case study analysis

- Group work

- Discussions

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